New York Life Investment Management LLC Raises Stock Holdings in WEX Inc. (NYSE:WEX)

New York Life Investment Management LLC grew its stake in shares of WEX Inc. (NYSE:WEX) by 7.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,898 shares of the business services provider’s stock after buying an additional 355 shares during the period. New York Life Investment Management LLC’s holdings in WEX were worth $953,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. VisionPoint Advisory Group LLC lifted its holdings in WEX by 74.7% during the third quarter. VisionPoint Advisory Group LLC now owns 145 shares of the business services provider’s stock valued at $27,000 after purchasing an additional 62 shares in the last quarter. GAMMA Investing LLC purchased a new position in shares of WEX during the 4th quarter valued at $27,000. Cary Street Partners Investment Advisory LLC increased its stake in WEX by 896.8% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 309 shares of the business services provider’s stock worth $58,000 after buying an additional 278 shares in the last quarter. CWM LLC raised its holdings in WEX by 15.6% during the fourth quarter. CWM LLC now owns 377 shares of the business services provider’s stock valued at $73,000 after acquiring an additional 51 shares during the period. Finally, Signaturefd LLC lifted its position in shares of WEX by 131.4% in the third quarter. Signaturefd LLC now owns 516 shares of the business services provider’s stock valued at $97,000 after acquiring an additional 293 shares in the last quarter. 97.47% of the stock is currently owned by institutional investors.

WEX Price Performance

Shares of WEX stock opened at $211.66 on Wednesday. The stock has a market cap of $8.87 billion, a price-to-earnings ratio of 34.42, a price-to-earnings-growth ratio of 1.21 and a beta of 1.60. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.06 and a current ratio of 1.06. The stock has a 50 day moving average price of $229.31 and a 200-day moving average price of $205.01. WEX Inc. has a one year low of $161.95 and a one year high of $244.04.

WEX (NYSE:WEX) last posted its quarterly earnings data on Thursday, February 8th. The business services provider reported $3.14 earnings per share for the quarter, missing analysts’ consensus estimates of $3.29 by ($0.15). The firm had revenue of $663.30 million for the quarter, compared to the consensus estimate of $656.75 million. WEX had a net margin of 10.21% and a return on equity of 30.92%. Equities analysts expect that WEX Inc. will post 13.96 EPS for the current year.

Wall Street Analyst Weigh In

WEX has been the topic of several recent analyst reports. Mizuho lifted their target price on WEX from $225.00 to $235.00 and gave the company a “buy” rating in a research note on Tuesday, February 13th. Truist Financial boosted their target price on shares of WEX from $185.00 to $220.00 and gave the stock a “hold” rating in a report on Friday, February 9th. William Blair reaffirmed an “outperform” rating on shares of WEX in a research note on Thursday, February 8th. JPMorgan Chase & Co. boosted their price target on shares of WEX from $205.00 to $239.00 and gave the stock a “neutral” rating in a research note on Friday, February 9th. Finally, Citigroup lifted their target price on WEX from $240.00 to $280.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. Seven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, WEX currently has an average rating of “Moderate Buy” and a consensus price target of $240.00.

Insiders Place Their Bets

In other news, CFO Jagtar Narula sold 309 shares of the company’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $233.24, for a total transaction of $72,071.16. Following the transaction, the chief financial officer now owns 5,528 shares of the company’s stock, valued at $1,289,350.72. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other WEX news, CFO Jagtar Narula sold 309 shares of the stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $233.24, for a total value of $72,071.16. Following the sale, the chief financial officer now owns 5,528 shares in the company, valued at $1,289,350.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Jennifer Kimball sold 574 shares of the company’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $222.24, for a total transaction of $127,565.76. Following the completion of the transaction, the chief accounting officer now owns 1,297 shares in the company, valued at $288,245.28. The disclosure for this sale can be found here. Insiders sold a total of 32,157 shares of company stock valued at $7,090,562 over the last 90 days. Insiders own 1.10% of the company’s stock.

WEX Company Profile

WEX Inc operates a commerce platform in the United States and internationally. The Mobility segment offers fleet vehicle payment solutions, transaction processing, and information management services; and provides account activation 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 offerings.