Bank of New York Mellon Corp Sells 150,860 Shares of WEX Inc. (NYSE:WEX)

Bank of New York Mellon Corp decreased its stake in shares of WEX Inc. (NYSE:WEX – Get Rating) by 25.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 434,824 shares of the business services provider’s stock after selling 150,860 shares during the period. Bank of New York Mellon Corp owned approximately 1.00% of WEX worth $55,196,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of WEX. CWM LLC boosted its stake in shares of WEX by 99.2% during the 3rd quarter. CWM LLC now owns 265 shares of the business services provider’s stock valued at $34,000 after purchasing an additional 132 shares in the last quarter. Wipfli Financial Advisors LLC bought a new stake in shares of WEX during the 3rd quarter valued at about $43,000. Lazard Asset Management LLC purchased a new position in WEX during the 1st quarter valued at about $44,000. Itau Unibanco Holding S.A. purchased a new position in WEX during the 3rd quarter valued at about $91,000. Finally, Counterpoint Mutual Funds LLC purchased a new position in WEX during the 3rd quarter valued at about $110,000. Institutional investors own 98.65% of the company’s stock.

WEX Stock Down 2.8 %

WEX opened at $180.03 on Friday. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.53. The firm has a 50 day moving average price of $184.31 and a 200-day moving average price of $164.31. WEX Inc. has a twelve month low of $125.00 and a twelve month high of $204.05. The stock has a market capitalization of $7.76 billion, a price-to-earnings ratio of 40.10, a PEG ratio of 2.01 and a beta of 1.59.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on WEX. Morgan Stanley lifted their price target on shares of WEX from $157.00 to $199.00 and gave the company an “equal weight” rating in a research report on Friday, February 10th. Wells Fargo & Company lifted their price target on shares of WEX from $193.00 to $230.00 in a research report on Friday, February 10th. Citigroup lifted their price target on shares of WEX from $190.00 to $230.00 and gave the company a “buy” rating in a research report on Monday, February 13th. Truist Financial lifted their price target on shares of WEX from $190.00 to $215.00 and gave the company a “hold” rating in a research report on Friday, February 10th. Finally, Mizuho lifted their target price on shares of WEX from $200.00 to $220.00 and gave the stock a “buy” rating in a report on Friday, February 10th. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $209.09.

Insider Activity

In other news, insider Hilary A. Rapkin sold 5,270 shares of the business’s stock in a transaction that occurred on Wednesday, January 11th. The shares were sold at an average price of $175.00, for a total transaction of $922,250.00. Following the completion of the transaction, the insider now directly owns 12,203 shares of the company’s stock, valued at $2,135,525. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, COO Robert Joseph Deshaies sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 15th. The shares were sold at an average price of $199.19, for a total transaction of $199,190.00. Following the completion of the sale, the chief operating officer now directly owns 7,537 shares in the company, valued at $1,501,295.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Hilary A. Rapkin sold 5,270 shares of the business’s stock in a transaction that occurred on Wednesday, January 11th. The shares were sold at an average price of $175.00, for a total transaction of $922,250.00. Following the sale, the insider now owns 12,203 shares of the company’s stock, valued at $2,135,525. The disclosure for this sale can be found here. Insiders sold 26,634 shares of company stock valued at $5,126,036 over the last three months. Insiders own 1.00% of the company’s stock.

WEX Company Profile

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WEX Inc provides financial technology services in the United States and internationally. It operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. The Fleet Solutions segment offers fleet vehicle payment processing services. Its services include customer, account activation, and account retention services; authorization and billing inquiries, and account maintenance services; credit and collections services; merchant services; analytics solutions with access to web-based data analytics platform that offers insights to fleet managers; and ancillary services and tools to fleets to manage expenses and capital requirements.