BB&T Corp boosted its stake in shares of WageWorks, Inc. (NYSE:WAGE) by 9.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,414 shares of the business services provider’s stock after buying an additional 384 shares during the period. BB&T Corp’s holdings in WageWorks were worth $297,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. increased its position in WageWorks by 144,950.2% in the first quarter. BlackRock Inc. now owns 4,392,119 shares of the business services provider’s stock valued at $317,551,000 after buying an additional 4,389,091 shares during the last quarter. Vanguard Group Inc. increased its position in WageWorks by 6.0% in the first quarter. Vanguard Group Inc. now owns 3,254,360 shares of the business services provider’s stock valued at $235,290,000 after buying an additional 183,172 shares during the last quarter. TimesSquare Capital Management LLC increased its position in WageWorks by 7.9% in the first quarter. TimesSquare Capital Management LLC now owns 1,657,169 shares of the business services provider’s stock valued at $119,813,000 after buying an additional 120,860 shares during the last quarter. Stephens Investment Management Group LLC increased its position in WageWorks by 4.9% in the first quarter. Stephens Investment Management Group LLC now owns 913,882 shares of the business services provider’s stock valued at $66,074,000 after buying an additional 42,850 shares during the last quarter. Finally, State Street Corp increased its position in WageWorks by 8.1% in the first quarter. State Street Corp now owns 844,713 shares of the business services provider’s stock valued at $61,076,000 after buying an additional 63,265 shares during the last quarter. 96.51% of the stock is owned by hedge funds and other institutional investors.
WageWorks, Inc. (WAGE) traded down 8.671% during trading on Wednesday, reaching $59.775. The company’s stock had a trading volume of 1,007,023 shares. The firm has a 50-day moving average price of $66.86 and a 200-day moving average price of $71.48. WageWorks, Inc. has a 52 week low of $55.65 and a 52 week high of $80.50. The firm has a market capitalization of $2.23 billion, a P/E ratio of 88.687 and a beta of 0.86.
WageWorks (NYSE:WAGE) last posted its quarterly earnings results on Tuesday, August 1st. The business services provider reported $0.31 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.42 by $0.11. The company had revenue of $119.90 million during the quarter, compared to the consensus estimate of $119.18 million. WageWorks had a net margin of 6.33% and a return on equity of 9.85%. WageWorks’s quarterly revenue was up 36.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.36 EPS. On average, equities analysts anticipate that WageWorks, Inc. will post $1.75 EPS for the current fiscal year.
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Several equities analysts have weighed in on WAGE shares. TheStreet raised WageWorks from a “c+” rating to a “b” rating in a research report on Friday, May 5th. Zacks Investment Research raised WageWorks from a “hold” rating to a “buy” rating and set a $79.00 price target for the company in a research report on Wednesday, May 10th. Stifel Nicolaus reissued a “buy” rating and set a $85.00 price target on shares of WageWorks in a research report on Monday, July 17th. Finally, BidaskClub downgraded WageWorks from a “sell” rating to a “strong sell” rating in a research report on Wednesday, June 14th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the stock. WageWorks has a consensus rating of “Hold” and a consensus price target of $78.37.
In other WageWorks news, CEO Joseph L. Jackson sold 495,148 shares of the company’s stock in a transaction on Friday, June 23rd. The stock was sold at an average price of $69.25, for a total value of $34,288,999.00. Following the transaction, the chief executive officer now owns 103,363 shares of the company’s stock, valued at $7,157,887.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Edgar O. Montes sold 50,000 shares of the company’s stock in a transaction on Friday, June 23rd. The shares were sold at an average price of $69.25, for a total value of $3,462,500.00. Following the completion of the transaction, the chief operating officer now directly owns 71,895 shares in the company, valued at approximately $4,978,728.75. The disclosure for this sale can be found here. 3.54% of the stock is currently owned by corporate insiders.
About WageWorks
WageWorks, Inc is engaged in administering Consumer-Directed Benefits (CDBs). The Company administers CBDs, including pre-tax spending accounts, such as Health Savings Accounts (HSAs), health and dependent care Flexible Spending Accounts (FSAs), and Health Reimbursement Arrangements (HRAs), as well as Commuter Benefit Services, including transit and parking programs, wellness programs, Consolidated Omnibus Budget Reconciliation Act (COBRA) and other employee benefits.
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