OVERSEA CHINESE BANKING Corp Ltd Decreases Stock Position in WEX Inc. $WEX

OVERSEA CHINESE BANKING Corp Ltd lessened its stake in shares of WEX Inc. (NYSE:WEX) by 0.6% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 30,275 shares of the business services provider’s stock after selling 173 shares during the period. OVERSEA CHINESE BANKING Corp Ltd owned approximately 0.09% of WEX worth $4,447,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of WEX. Thurston Springer Miller Herd & Titak Inc. increased its stake in WEX by 282.1% in the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 214 shares of the business services provider’s stock worth $31,000 after purchasing an additional 158 shares during the period. Quarry LP purchased a new stake in WEX in the first quarter worth $44,000. SVB Wealth LLC purchased a new stake in WEX in the first quarter worth $49,000. UMB Bank n.a. increased its stake in WEX by 22.1% in the second 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. Finally, Brooklyn Investment Group increased its stake in WEX by 50.7% in the first quarter. Brooklyn Investment Group now owns 422 shares of the business services provider’s stock worth $66,000 after purchasing an additional 142 shares during the period. Hedge funds and other institutional investors own 97.47% of the company’s stock.

Insider Transactions at WEX

In related news, COO Carlos Carriedo sold 875 shares of the firm’s stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $171.68, for a total transaction of $150,220.00. Following the sale, the chief operating officer owned 5,270 shares of the company’s stock, valued at $904,753.60. This trade represents a 14.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Ann Elena Drew sold 1,931 shares of the firm’s stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $171.69, for a total value of $331,533.39. Following the sale, the insider directly owned 7,295 shares in the company, valued at approximately $1,252,478.55. The trade was a 20.93% decrease in their position. The disclosure for this sale can be found here. 1.40% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Barclays increased their target price on WEX from $135.00 to $170.00 and gave the stock an “equal weight” rating in a research note on Monday, July 28th. Mizuho increased their target price on WEX from $150.00 to $185.00 and gave the stock an “outperform” rating in a research note on Friday, August 1st. Zacks Research lowered WEX from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 15th. Robert W. Baird raised their price target on WEX from $198.00 to $210.00 and gave the company an “outperform” rating in a research note on Wednesday, October 1st. Finally, Weiss Ratings restated a “hold (c)” rating on shares of WEX in a research note on Friday. Four equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to MarketBeat.com, WEX has an average rating of “Hold” and a consensus price target of $173.91.

WEX Stock Performance

Shares of WEX stock opened at $159.97 on Monday. WEX Inc. has a 12 month low of $110.45 and a 12 month high of $191.43. The stock’s fifty day moving average price is $163.74 and its 200-day moving average price is $151.11. The firm has a market cap of $5.48 billion, a P/E ratio of 20.22, a P/E/G ratio of 1.39 and a beta of 1.26. The company has a current ratio of 1.04, a quick 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.