Credit Suisse Group Reaffirms “Outperform” Rating for WEX (WEX)

Credit Suisse Group reaffirmed their outperform rating on shares of WEX (NYSE:WEX) in a research report released on Wednesday, The Fly reports. The firm currently has a $167.00 target price on the business services provider’s stock, up from their prior target price of $141.00. The analysts noted that the move was a valuation call.

Other equities research analysts have also recently issued reports about the company. Citigroup upped their price objective on WEX from $120.00 to $125.00 and gave the stock a neutral rating in a research note on Friday, November 3rd. Mizuho reiterated a buy rating and issued a $115.00 price target on shares of WEX in a research note on Sunday, October 15th. SunTrust Banks upgraded WEX from a hold rating to a buy rating and set a $145.00 price target for the company in a research note on Tuesday, October 17th. Zacks Investment Research upgraded WEX from a hold rating to a buy rating and set a $134.00 price target for the company in a research note on Friday, October 13th. Finally, Wedbush reiterated an outperform rating on shares of WEX in a research note on Friday, October 20th. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The company currently has an average rating of Buy and an average price target of $135.69.

Shares of WEX (WEX) traded up $0.39 during midday trading on Wednesday, hitting $144.90. The company had a trading volume of 161,590 shares, compared to its average volume of 311,208. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.20. The stock has a market cap of $6,141.27, a PE ratio of 72.81, a P/E/G ratio of 1.67 and a beta of 1.88. WEX has a 1 year low of $97.26 and a 1 year high of $146.74.

WEX (NYSE:WEX) last issued its quarterly earnings data on Wednesday, November 1st. The business services provider reported $1.43 earnings per share for the quarter, topping analysts’ consensus estimates of $1.29 by $0.14. The firm had revenue of $324.00 million during the quarter, compared to analysts’ expectations of $312.57 million. WEX had a return on equity of 13.16% and a net margin of 7.09%. The firm’s quarterly revenue was up 12.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.25 EPS. analysts predict that WEX will post 4.9 EPS for the current year.

WEX announced that its board has approved a share repurchase plan on Tuesday, September 26th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the business services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

In other news, CEO Melissa D. Smith sold 3,329 shares of the stock in a transaction dated Thursday, November 9th. The stock was sold at an average price of $125.00, for a total value of $416,125.00. Following the transaction, the chief executive officer now directly owns 60,380 shares of the company’s stock, valued at $7,547,500. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Scott Robert Phillips sold 20,000 shares of the stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $127.68, for a total value of $2,553,600.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 200,541 shares of company stock valued at $24,235,190. 9.00% of the stock is currently owned by company insiders.

Several hedge funds have recently made changes to their positions in WEX. Janus Henderson Group PLC increased its holdings in shares of WEX by 1,678.3% in the second quarter. Janus Henderson Group PLC now owns 3,171,873 shares of the business services provider’s stock valued at $330,733,000 after purchasing an additional 2,993,511 shares during the period. Frontier Capital Management Co. LLC acquired a new position in shares of WEX in the fourth quarter valued at about $66,691,000. Atlanta Capital Management Co. L L C increased its holdings in shares of WEX by 18.6% in the second quarter. Atlanta Capital Management Co. L L C now owns 3,003,407 shares of the business services provider’s stock valued at $313,165,000 after purchasing an additional 471,018 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of WEX by 13.3% in the third quarter. JPMorgan Chase & Co. now owns 3,993,322 shares of the business services provider’s stock valued at $452,522,000 after purchasing an additional 468,452 shares during the period. Finally, FMR LLC increased its holdings in shares of WEX by 40.2% in the second quarter. FMR LLC now owns 1,228,277 shares of the business services provider’s stock valued at $128,072,000 after purchasing an additional 352,040 shares during the period.

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WEX Company Profile

WEX Inc is a provider of corporate payment solutions. The Company operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. The Fleet Solutions segment provides customers with payment and transaction processing services designed for the needs of commercial and government fleets.

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