WEX (NYSE:WEX) Coverage Initiated by Analysts at Morgan Stanley

Morgan Stanley assumed coverage on shares of WEX (NYSE:WEX) in a report published on Monday, MarketBeat reports. The firm issued an equal weight rating and a $144.00 target price on the business services provider’s stock.

A number of other research firms have also issued reports on WEX. UBS Group dropped their price objective on shares of WEX from $185.00 to $172.00 and set a “neutral” rating on the stock in a research note on Friday, October 31st. JPMorgan Chase & Co. dropped their price target on shares of WEX from $195.00 to $175.00 and set a “neutral” rating on the stock in a research note on Friday, October 31st. Weiss Ratings reiterated a “hold (c)” rating on shares of WEX in a report on Wednesday, January 21st. Bank of America upgraded WEX from a “neutral” rating to a “buy” rating and set a $178.00 target price for the company in a research note on Wednesday, October 22nd. Finally, Cantor Fitzgerald upgraded WEX to a “hold” rating in a research note on Tuesday, January 27th. Four equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $168.08.

WEX Price Performance

Shares of NYSE WEX opened at $153.10 on Monday. The company has a debt-to-equity ratio of 3.33, a current ratio of 1.05 and a quick ratio of 1.05. WEX has a 1-year low of $110.45 and a 1-year high of $187.44. The company has a market capitalization of $5.25 billion, a price-to-earnings ratio of 19.91, a PEG ratio of 1.14 and a beta of 0.98. The business has a 50-day moving average of $153.56 and a 200-day moving average of $158.36.

Insider Transactions at WEX

In other WEX news, COO Robert Joseph Deshaies sold 1,506 shares of the company’s stock in a transaction that occurred on Wednesday, November 26th. The stock was sold at an average price of $149.62, for a total transaction of $225,327.72. Following the sale, the chief operating officer owned 15,699 shares in the company, valued at $2,348,884.38. This represents a 8.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Stephen Montgomery Smith bought 1,000 shares of the firm’s stock in a transaction dated Thursday, November 13th. The stock was purchased at an average price of $144.25 per share, with a total value of $144,250.00. Following the transaction, the director owned 7,971 shares in the company, valued at approximately $1,149,816.75. This represents a 14.35% increase in their position. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On WEX

Several institutional investors and hedge funds have recently made changes to their positions in WEX. American Century Companies Inc. boosted its holdings in WEX by 1.9% in the second quarter. American Century Companies Inc. now owns 3,205 shares of the business services provider’s stock worth $471,000 after purchasing an additional 60 shares during the period. Johnson Investment Counsel Inc. lifted its position in shares of WEX by 0.7% in the 3rd quarter. Johnson Investment Counsel Inc. now owns 9,615 shares of the business services provider’s stock worth $1,515,000 after buying an additional 70 shares during the last quarter. Vanguard Personalized Indexing Management LLC boosted its holdings in shares of WEX by 3.0% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 2,558 shares of the business services provider’s stock valued at $403,000 after buying an additional 74 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in shares of WEX by 1.9% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 4,985 shares of the business services provider’s stock valued at $785,000 after buying an additional 94 shares during the last quarter. Finally, First Horizon Corp raised its stake in WEX by 65.7% during the fourth quarter. First Horizon Corp now owns 237 shares of the business services provider’s stock worth $35,000 after acquiring an additional 94 shares during the period. 97.47% of the stock is owned by institutional investors and hedge funds.

About WEX

WEX Inc is a global financial technology company specializing in business payment solutions for fleet, travel, and corporate payments. The company delivers software-driven platforms and card-based services that help businesses automate payment processes, manage expenses and improve operational efficiency across a range of industries, including transportation, healthcare and government.

Founded in 1983 as Wright Express in Portland, Maine, the company began by offering fuel card services to trucking fleets.