Procyon Advisors LLC Reduces Position in WEX Inc. (NYSE:WEX)

Procyon Advisors LLC reduced its position in WEX Inc. (NYSE:WEX) by 10.1% in the 4th quarter, Holdings Channel.com reports. The fund owned 3,317 shares of the business services provider’s stock after selling 374 shares during the quarter. Procyon Advisors LLC’s holdings in WEX were worth $582,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Venturi Wealth Management LLC boosted its stake in WEX by 206.1% during the 3rd quarter. Venturi Wealth Management LLC now owns 150 shares of the business services provider’s stock worth $31,000 after purchasing an additional 101 shares during the period. Quarry LP boosted its stake in shares of WEX by 717.4% during the second quarter. Quarry LP now owns 188 shares of the business services provider’s stock worth $33,000 after buying an additional 165 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in shares of WEX during the third quarter worth about $35,000. Covestor Ltd increased its position in WEX by 47.3% in the 3rd quarter. Covestor Ltd now owns 277 shares of the business services provider’s stock valued at $58,000 after acquiring an additional 89 shares during the period. Finally, Brooklyn Investment Group purchased a new stake in WEX during the 3rd quarter valued at approximately $59,000. 97.47% of the stock is currently owned by hedge funds and other institutional investors.

WEX Stock Up 0.4 %

WEX opened at $184.40 on Friday. WEX Inc. has a one year low of $165.51 and a one year high of $244.04. The company has a market cap of $7.34 billion, a price-to-earnings ratio of 23.40, a PEG ratio of 1.23 and a beta of 1.58. The business’s fifty day moving average is $178.78 and its two-hundred day moving average is $186.07. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.04 and a current ratio of 1.04.

WEX (NYSE:WEX) last issued its quarterly earnings data on Thursday, October 24th. The business services provider reported $4.35 EPS for the quarter, beating analysts’ consensus estimates of $3.82 by $0.53. The firm had revenue of $665.50 million for the quarter, compared to analysts’ expectations of $688.03 million. WEX had a net margin of 12.45% and a return on equity of 31.35%. The firm’s revenue was up 2.2% on a year-over-year basis. During the same period in the prior year, the company earned $3.44 EPS. Analysts anticipate that WEX Inc. will post 13.09 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

WEX has been the topic of a number of recent research reports. Keefe, Bruyette & Woods dropped their target price on WEX from $247.00 to $220.00 and set an “outperform” rating on the stock in a report on Monday, January 6th. Wolfe Research cut shares of WEX from an “outperform” rating to a “peer perform” rating in a research note on Monday, October 28th. Bank of America raised their target price on shares of WEX from $238.00 to $255.00 and gave the stock a “buy” rating in a research note on Tuesday, October 15th. Robert W. Baird dropped their price target on shares of WEX from $285.00 to $230.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Finally, Citigroup downgraded shares of WEX from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $260.00 to $190.00 in a research report on Tuesday, January 14th. Eight investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $219.55.

Insider Buying and Selling

In related news, COO Robert Joseph Deshaies sold 175 shares of the stock in a transaction on Friday, November 29th. The stock was sold at an average price of $189.44, for a total transaction of $33,152.00. Following the sale, the chief operating officer now owns 7,582 shares of the company’s stock, valued at $1,436,334.08. This trade represents a 2.26 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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.