State of Alaska Department of Revenue Trims Stock Position in WEX Inc. $WEX

State of Alaska Department of Revenue cut its stake in shares of WEX Inc. (NYSE:WEX) by 15.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,856 shares of the business services provider’s stock after selling 725 shares during the quarter. State of Alaska Department of Revenue’s holdings in WEX were worth $566,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently made changes to their positions in WEX. Thurston Springer Miller Herd & Titak Inc. boosted its position in WEX by 282.1% during 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 buying an additional 158 shares during the period. Farther Finance Advisors LLC boosted its position in WEX by 161.5% during the 1st quarter. Farther Finance Advisors LLC now owns 272 shares of the business services provider’s stock valued at $44,000 after buying an additional 168 shares during the period. Quarry LP purchased a new stake in WEX during the 1st quarter valued at $44,000. SVB Wealth LLC bought a new position in WEX in the 1st quarter worth $49,000. Finally, UMB Bank n.a. lifted its position in shares of 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 purchasing an additional 68 shares during the period. Hedge funds and other institutional investors own 97.47% of the company’s stock.

Insider Buying and Selling

In other news, COO Carlos Carriedo sold 875 shares of WEX 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 in the company, valued at $904,753.60. The trade was a 14.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available 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 stock was sold at an average price of $171.69, for a total transaction of $331,533.39. Following the completion of the sale, the insider owned 7,295 shares of the company’s stock, valued at $1,252,478.55. This represents a 20.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.40% of the company’s stock.

Analyst Upgrades and Downgrades

WEX has been the subject of several research analyst reports. Barclays raised their target price on shares of WEX from $135.00 to $170.00 and gave the stock an “equal weight” rating in a research report on Monday, July 28th. Zacks Research cut shares of WEX from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 15th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of WEX in a research report on Thursday, July 17th. They issued a “hold” rating and a $150.00 target price for the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of WEX in a research report on Wednesday. Finally, Mizuho raised their target price on shares of WEX from $150.00 to $185.00 and gave the stock an “outperform” rating in a research report on Friday, August 1st. Three equities research analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $180.91.

WEX Stock Performance

Shares of WEX stock opened at $159.25 on Thursday. The company has a 50 day moving average price of $167.90 and a 200-day moving average price of $150.17. WEX Inc. has a 52 week low of $110.45 and a 52 week high of $217.47. The firm has a market capitalization of $5.46 billion, a PE ratio of 20.13, a P/E/G ratio of 1.47 and a beta of 1.26. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 3.99.

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.