American International Group Inc. Has $13.48 Million Position in WEX Inc. (NYSE:WEX)

American International Group Inc. cut its holdings in shares of WEX Inc. (NYSE:WEX) by 2.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 56,738 shares of the business services provider’s stock after selling 1,161 shares during the quarter. American International Group Inc. owned about 0.14% of WEX worth $13,477,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Norges Bank acquired a new position in WEX in the 4th quarter valued at $89,745,000. Kodai Capital Management LP bought a new stake in shares of WEX during the 4th quarter valued at $49,750,000. Wellington Management Group LLP lifted its position in shares of WEX by 6.1% during the 4th quarter. Wellington Management Group LLP now owns 3,122,500 shares of the business services provider’s stock valued at $607,482,000 after acquiring an additional 179,813 shares during the period. Handelsbanken Fonder AB lifted its position in shares of WEX by 2,524.0% during the 4th quarter. Handelsbanken Fonder AB now owns 163,844 shares of the business services provider’s stock valued at $31,876,000 after acquiring an additional 157,600 shares during the period. Finally, Vanguard Group Inc. lifted its position in shares of WEX by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 4,199,017 shares of the business services provider’s stock valued at $816,919,000 after acquiring an additional 67,893 shares during the period. 97.47% of the stock is owned by institutional investors and hedge funds.

WEX Trading Down 1.3 %

Shares of WEX stock traded down $2.39 on Thursday, hitting $176.40. The company had a trading volume of 447,032 shares, compared to its average volume of 330,802. The stock’s 50-day moving average is $181.52 and its two-hundred day moving average is $206.12. WEX Inc. has a twelve month low of $161.95 and a twelve month high of $244.04. The firm has a market cap of $7.39 billion, a P/E ratio of 28.48, a P/E/G ratio of 1.08 and a beta of 1.54. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.06 and a current ratio of 1.06.

WEX (NYSE:WEX) last released its earnings results on Thursday, April 25th. The business services provider reported $2.98 EPS for the quarter, topping the consensus estimate of $2.83 by $0.15. WEX had a return on equity of 30.92% and a net margin of 10.21%. The business had revenue of $652.70 million during the quarter, compared to analysts’ expectations of $653.52 million. On average, equities research analysts anticipate that WEX Inc. will post 13.94 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Jagtar Narula sold 540 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $190.00, for a total value of $102,600.00. Following the transaction, the chief financial officer now owns 7,628 shares in the company, valued at $1,449,320. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Sara Trickett sold 734 shares of WEX stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $210.43, for a total transaction of $154,455.62. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Jagtar Narula sold 540 shares of the firm’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $190.00, for a total value of $102,600.00. Following the completion of the sale, the chief financial officer now directly owns 7,628 shares of the company’s stock, valued at $1,449,320. The disclosure for this sale can be found here. Insiders sold 4,911 shares of company stock valued at $1,008,402 over the last 90 days. Company insiders own 1.10% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on WEX. Barclays upped their target price on WEX from $255.00 to $280.00 and gave the company an “overweight” rating in a research report on Tuesday, April 16th. Citigroup upped their target price on WEX from $240.00 to $280.00 and gave the company a “buy” rating in a research report on Wednesday, April 17th. Wells Fargo & Company assumed coverage on WEX in a research report on Wednesday, June 5th. They set an “equal weight” rating and a $200.00 price objective for the company. Jefferies Financial Group upped their price objective on WEX from $235.00 to $240.00 and gave the stock a “hold” rating in a research report on Friday, April 12th. Finally, Keefe, Bruyette & Woods dropped their price objective on WEX from $275.00 to $230.00 and set an “outperform” rating for the company in a research report on Monday, July 8th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $238.85.

About WEX

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.