---
title: "Bank of New York Mellon Corp Has $67.13 Million Stake in WEX Inc. (NYSE:WEX)"
description: "Bank of New York Mellon Corp has increased its stake in WEX Inc. by 5.0%, owning 378,969 shares as of its latest SEC filing. Other hedge funds are also adjusting their positions in WEX. The stock saw "
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/213009866.md"
published_at: "2024-08-30T09:15:01.000Z"
---

# Bank of New York Mellon Corp Has $67.13 Million Stake in WEX Inc. (NYSE:WEX)

> Bank of New York Mellon Corp has increased its stake in WEX Inc. by 5.0%, owning 378,969 shares as of its latest SEC filing. Other hedge funds are also adjusting their positions in WEX. The stock saw insider selling from Ann Elena Drew and CFO Jagtar Narula. Analyst ratings for WEX vary, with recent price targets being adjusted by firms such as Wells Fargo and JPMorgan. Currently, WEX has a market cap of $3.99 billion and a consensus rating of "Moderate Buy."

Bank of New York Mellon Corp raised its stake in shares of WEX Inc. (NYSE:WEX - Free Report) by 5.0% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 378,969 shares of the business services provider's stock after purchasing an additional 17,989 shares during the period. Bank of New York Mellon Corp owned approximately 0.90% of WEX worth $67,131,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Rise Advisors LLC acquired a new position in WEX during the 1st quarter valued at about $29,000. GAMMA Investing LLC acquired a new position in WEX during the 4th quarter valued at about $27,000. Principal Securities Inc. acquired a new position in WEX during the 4th quarter valued at about $31,000. Covestor Ltd boosted its stake in WEX by 233.9% during the 1st quarter. Covestor Ltd now owns 187 shares of the business services provider's stock valued at $44,000 after purchasing an additional 131 shares during the last quarter. Finally, Blue Trust Inc. lifted its position in shares of WEX by 456.1% during the 2nd quarter. Blue Trust Inc. now owns 228 shares of the business services provider's stock worth $40,000 after buying an additional 187 shares in the last quarter. Institutional investors and hedge funds own 97.47% of the company's stock.

## Insider Buying and Selling

In related news, insider Ann Elena Drew sold 1,182 shares of the company's stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $172.73, for a total value of $204,166.86. Following the completion of the transaction, the insider now directly owns 5,584 shares in the company, valued at $964,524.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other WEX news, CFO Jagtar Narula sold 540 shares of the business's stock in a transaction on Monday, July 8th. The shares were sold at an average price of $180.00, for a total value of $97,200.00. Following the completion of the sale, the chief financial officer now directly owns 8,168 shares of the company's stock, valued at $1,470,240. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ann Elena Drew sold 1,182 shares of the firm's stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $172.73, for a total transaction of $204,166.86. Following the transaction, the insider now directly owns 5,584 shares of the company's stock, valued at approximately $964,524.32. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,477 shares of company stock worth $993,307. Corporate insiders own 1.10% of the company's stock.

## Analyst Ratings Changes

Several research firms have commented on WEX. Wells Fargo & Company dropped their target price on shares of WEX from $200.00 to $190.00 and set an "equal weight" rating on the stock in a research report on Friday, July 26th. JPMorgan Chase & Co. lowered their price target on shares of WEX from $210.00 to $200.00 and set a "neutral" rating on the stock in a report on Tuesday, August 20th. William Blair upgraded shares of WEX to a "strong-buy" rating in a research note on Friday, July 26th. Finally, Keefe, Bruyette & Woods reduced their price objective on shares of WEX from $275.00 to $230.00 and set an "outperform" rating for the company in a research note on Monday, July 8th. Six equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, WEX currently has a consensus rating of "Moderate Buy" and an average target price of $239.58.

**Get Our Latest Stock Analysis on WEX**

## WEX Stock Up 1.9 %

WEX opened at $190.67 on Friday. The company has a fifty day moving average price of $179.59 and a 200-day moving average price of $201.87. The firm has a market capitalization of $7.99 billion, a P/E ratio of 31.00, a price-to-earnings-growth ratio of 1.11 and a beta of 1.54. The company has a debt-to-equity ratio of 1.66, a current ratio of 1.03 and a quick ratio of 1.03. WEX Inc. has a one year low of $161.95 and a one year high of $244.04.

WEX (NYSE:WEX - Get Free Report) last released its quarterly earnings results on Thursday, July 25th. The business services provider reported $3.29 EPS for the quarter, beating analysts' consensus estimates of $3.20 by $0.09. The firm had revenue of $673.50 million during the quarter, compared to analyst estimates of $677.44 million. WEX had a net margin of 9.32% and a return on equity of 31.05%. Equities research analysts expect that WEX Inc. will post 13.75 earnings per share for the current fiscal year.

## WEX Profile

(Free Report)

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.

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*This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.*

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.
