Fifth Third Bancorp Decreases Position in WEX Inc. $WEX

Fifth Third Bancorp lessened its position in WEX Inc. (NYSE:WEX) by 3.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 7,209 shares of the business services provider’s stock after selling 259 shares during the period. Fifth Third Bancorp’s holdings in WEX were worth $1,059,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Thurston Springer Miller Herd & Titak Inc. lifted its position in WEX by 282.1% in the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 214 shares of the business services provider’s stock valued at $31,000 after acquiring an additional 158 shares in the last quarter. Farther Finance Advisors LLC lifted its holdings in shares of WEX by 161.5% during the first quarter. Farther Finance Advisors LLC now owns 272 shares of the business services provider’s stock valued at $44,000 after purchasing an additional 168 shares in the last quarter. Quarry LP bought a new position in shares of WEX during the first quarter valued at $44,000. SVB Wealth LLC purchased a new stake in shares of WEX during the first quarter valued at $49,000. Finally, UMB Bank n.a. increased its holdings in WEX by 22.1% in the 2nd quarter. UMB Bank n.a. now owns 376 shares of the business services provider’s stock worth $55,000 after buying an additional 68 shares in the last quarter. Institutional investors own 97.47% of the company’s stock.

Insider Buying and Selling

In related news, COO Carlos Carriedo sold 875 shares of the stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $171.68, for a total value of $150,220.00. Following the completion of the sale, the chief operating officer directly owned 5,270 shares of the company’s stock, valued at approximately $904,753.60. This represents a 14.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Ann Elena Drew sold 1,931 shares of WEX stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $171.69, for a total transaction of $331,533.39. Following the transaction, the insider directly owned 7,295 shares in the company, valued at $1,252,478.55. This represents a 20.93% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.40% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Robert W. Baird raised their price target on shares of WEX from $186.00 to $198.00 and gave the company an “outperform” rating in a report on Thursday, July 24th. Mizuho increased their price objective on shares of WEX from $150.00 to $185.00 and gave the company an “outperform” rating in a research report on Friday, August 1st. Zacks Research downgraded shares of WEX from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 15th. Barclays boosted their target price on shares of WEX from $135.00 to $170.00 and gave the company an “equal weight” rating in a research note on Monday, July 28th. Finally, Morgan Stanley raised their price target on WEX from $142.00 to $170.00 and gave the stock an “equal weight” rating in a research note on Friday, July 25th. Three analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $179.82.

WEX Price Performance

NYSE WEX opened at $160.60 on Monday. The business’s fifty day moving average is $169.48 and its 200 day moving average is $149.93. WEX Inc. has a fifty-two week low of $110.45 and a fifty-two week high of $217.47. The company has a debt-to-equity ratio of 3.99, a quick ratio of 1.04 and a current ratio of 1.04. The company has a market capitalization of $5.50 billion, a PE ratio of 20.30, a price-to-earnings-growth ratio of 1.50 and a beta of 1.31.

WEX 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.