State Board of Administration of Florida Retirement System Has $8.32 Million Position in WEX Inc. (NYSE:WEX)

State Board of Administration of Florida Retirement System reduced its stake in WEX Inc. (NYSE:WEX) by 4.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 45,259 shares of the business services provider’s stock after selling 2,150 shares during the period. State Board of Administration of Florida Retirement System owned 0.11% of WEX worth $8,323,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Townsquare Capital LLC grew its stake in shares of WEX by 1.8% in the fourth quarter. Townsquare Capital LLC now owns 2,945 shares of the business services provider’s stock valued at $482,000 after acquiring an additional 51 shares in the last quarter. Global Retirement Partners LLC grew its stake in shares of WEX by 41.1% in the first quarter. Global Retirement Partners LLC now owns 213 shares of the business services provider’s stock valued at $36,000 after acquiring an additional 62 shares in the last quarter. M&T Bank Corp grew its stake in shares of WEX by 3.9% in the first quarter. M&T Bank Corp now owns 1,641 shares of the business services provider’s stock valued at $301,000 after acquiring an additional 62 shares in the last quarter. Toroso Investments LLC grew its stake in shares of WEX by 3.7% in the first quarter. Toroso Investments LLC now owns 2,156 shares of the business services provider’s stock valued at $396,000 after acquiring an additional 76 shares in the last quarter. Finally, Spire Wealth Management grew its stake in shares of WEX by 55.6% in the first quarter. Spire Wealth Management now owns 221 shares of the business services provider’s stock valued at $41,000 after acquiring an additional 79 shares in the last quarter. 97.47% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of WEX in a research note on Friday, July 7th. They issued a “hold” rating and a $190.00 price target on the stock. StockNews.com began coverage on shares of WEX in a research report on Thursday, August 17th. They set a “hold” rating for the company. Mizuho upped their price objective on shares of WEX from $200.00 to $225.00 in a research report on Monday, July 31st. Jefferies Financial Group upped their price objective on shares of WEX from $180.00 to $195.00 in a research report on Tuesday, July 18th. Finally, Robert W. Baird upped their price objective on shares of WEX from $236.00 to $252.00 in a research report on Friday, July 28th. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $213.38.

WEX Stock Up 0.4 %

Shares of NYSE WEX opened at $201.13 on Monday. The company has a 50 day simple moving average of $193.25 and a 200 day simple moving average of $183.30. The firm has a market cap of $8.64 billion, a PE ratio of 42.08, a price-to-earnings-growth ratio of 1.61 and a beta of 1.60. WEX Inc. has a 1 year low of $125.00 and a 1 year high of $204.05. The company has a debt-to-equity ratio of 1.41, a current ratio of 1.04 and a quick ratio of 1.04.

WEX (NYSE:WEX) last issued its quarterly earnings data on Thursday, July 27th. The business services provider reported $3.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.07 by ($0.01). The business had revenue of $621.30 million during the quarter, compared to the consensus estimate of $620.63 million. WEX had a net margin of 8.42% and a return on equity of 31.60%. On average, research analysts forecast that WEX Inc. will post 12.27 EPS for the current year.

Insider Activity at WEX

In related news, CEO Melissa D. Smith sold 41,107 shares of the firm’s stock in a transaction that occurred on Thursday, July 13th. The shares were sold at an average price of $195.00, for a total value of $8,015,865.00. Following the completion of the transaction, the chief executive officer now owns 81,998 shares in the company, valued at approximately $15,989,610. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other WEX news, COO Robert Joseph Deshaies sold 1,000 shares of the stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $196.22, for a total transaction of $196,220.00. Following the completion of the sale, the chief operating officer now owns 8,070 shares of the company’s stock, valued at approximately $1,583,495.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Melissa D. Smith sold 41,107 shares of the stock in a transaction that occurred on Thursday, July 13th. The shares were sold at an average price of $195.00, for a total transaction of $8,015,865.00. Following the sale, the chief executive officer now directly owns 81,998 shares of the company’s stock, valued at approximately $15,989,610. The disclosure for this sale can be found here. Insiders sold a total of 47,464 shares of company stock worth $9,197,026 in the last quarter. 1.10% of the stock is owned by insiders.

About WEX

WEX Inc operates a commerce platform in the United States and internationally. The Fleet Solutions segment offers fleet vehicle payment solutions, transaction processing, and information management services. It also provides account and account retention services; authorization and billing inquiries, and account maintenance services; account management; credit and collections services; merchant services; analytics solutions; and ancillary services and tools to fleets to manage expenses and capital requirements.