Spinnaker Trust Grows Holdings in WEX Inc. (NYSE:WEX)

Spinnaker Trust grew its stake in WEX Inc. (NYSE:WEX) by 387.3% during the fourth quarter, Holdings Channel.com reports. The fund owned 65,633 shares of the business services provider’s stock after acquiring an additional 52,163 shares during the period. WEX accounts for about 0.9% of Spinnaker Trust’s investment portfolio, making the stock its 27th biggest position. Spinnaker Trust’s holdings in WEX were worth $12,769,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. International Assets Investment Management LLC increased its stake in WEX by 19,044.7% during the 4th quarter. International Assets Investment Management LLC now owns 35,992 shares of the business services provider’s stock worth $7,002,000 after buying an additional 35,804 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA increased its stake in WEX by 2.7% during the 4th quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 866,363 shares of the business services provider’s stock worth $177,076,000 after buying an additional 22,865 shares during the period. Handelsbanken Fonder AB grew its holdings in WEX by 2,524.0% during the 4th quarter. Handelsbanken Fonder AB now owns 163,844 shares of the business services provider’s stock worth $31,876,000 after acquiring an additional 157,600 shares in the last quarter. Schonfeld Strategic Advisors LLC grew its holdings in WEX by 56.1% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 141,287 shares of the business services provider’s stock worth $26,575,000 after acquiring an additional 50,771 shares in the last quarter. Finally, Burney Co. grew its holdings in WEX by 131.1% during the 3rd quarter. Burney Co. now owns 21,120 shares of the business services provider’s stock worth $3,972,000 after acquiring an additional 11,983 shares in the last quarter. 97.47% of the stock is owned by hedge funds and other institutional investors.

WEX Stock Performance

NYSE:WEX traded up $1.55 during trading hours on Friday, reaching $216.58. 427,401 shares of the company’s stock were exchanged, compared to its average volume of 305,160. The firm has a market capitalization of $9.07 billion, a price-to-earnings ratio of 35.35, a P/E/G ratio of 1.51 and a beta of 1.59. The company has a 50-day moving average of $230.69 and a 200 day moving average of $203.58. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.55. WEX Inc. has a 1-year low of $161.95 and a 1-year high of $244.04.

WEX (NYSE:WEX) last issued its quarterly earnings results on Thursday, February 8th. The business services provider reported $3.14 earnings per share for the quarter, missing analysts’ consensus estimates of $3.29 by ($0.15). The business had revenue of $663.30 million for the quarter, compared to analyst estimates of $656.75 million. WEX had a return on equity of 31.33% and a net margin of 10.46%. Research analysts anticipate that WEX Inc. will post 13.55 EPS for the current year.

Wall Street Analysts Forecast Growth

WEX has been the subject of several analyst reports. Mizuho boosted their price target on shares of WEX from $225.00 to $235.00 and gave the stock a “buy” rating in a report on Tuesday, February 13th. TheStreet upgraded shares of WEX from a “c” rating to a “b” rating in a report on Thursday, February 8th. Robert W. Baird boosted their price target on shares of WEX from $272.00 to $285.00 and gave the stock an “outperform” rating in a report on Monday, April 15th. Evercore ISI boosted their price target on shares of WEX from $250.00 to $275.00 and gave the stock an “outperform” rating in a report on Tuesday, March 26th. Finally, William Blair reiterated an “outperform” rating on shares of WEX in a report on Thursday, February 8th. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $240.00.

Insider Buying and Selling

In other WEX news, insider Ann Elena Drew sold 4,531 shares of the company’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $218.03, for a total transaction of $987,893.93. Following the completion of the transaction, the insider now owns 3,653 shares in the company, valued at approximately $796,463.59. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other WEX news, insider Ann Elena Drew sold 4,531 shares of the company’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $218.03, for a total transaction of $987,893.93. Following the completion of the transaction, the insider now owns 3,653 shares in the company, valued at approximately $796,463.59. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Sara Trickett sold 887 shares of the company’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $224.61, for a total transaction of $199,229.07. The disclosure for this sale can be found here. Insiders sold a total of 28,326 shares of company stock worth $6,281,961 in the last 90 days. Company insiders own 1.10% of the company’s stock.

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.