123,592 Shares in Intercontinental Exchange Inc. $ICE Bought by Commerce Bank

Key Points

• Commerce Bank bought 123,592 shares of Intercontinental Exchange during the second quarter, worth approximately $15.2 million. Institutional investors collectively own 89.3% of ICE’s outstanding stock.
• Analysts maintain a generally positive outlook, with one Strong Buy, nine Buy and two Hold ratings. ICE has a “Moderate Buy” consensus rating and an average price target of $183.33.
• ICE reported quarterly EPS of $1.90, beating estimates of $1.84, while revenue reached $3.61 billion and increased 4.8% year over year. The stock opened at $161.29, with a 12-month range of $121.79 to $181.65.

Commerce Bank bought a new position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 123,592 shares of the financial services provider's stock, valued at approximately $15,215,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Ares Financial Consulting LLC bought a new stake in shares of Intercontinental Exchange in the fourth quarter worth about $25,000. Rakuten Securities Inc. acquired a new stake in shares of Intercontinental Exchange during the second quarter worth about $26,000. Brooklands Fund Management Ltd bought a new position in shares of Intercontinental Exchange during the 4th quarter valued at about $28,000. Swiss RE Ltd. bought a new position in shares of Intercontinental Exchange during the 4th quarter valued at about $28,000. Finally, Lloyd Advisory Services LLC. acquired a new position in shares of Intercontinental Exchange in the 4th quarter valued at approximately $30,000. 89.30% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently issued reports on ICE. Piper Sandler lowered their target price on Intercontinental Exchange from $211.00 to $190.00 and set an "overweight" rating for the company in a research note on Wednesday, July 15th. Barclays reaffirmed an "overweight" rating and issued a $182.00 price target (up from $180.00) on shares of Intercontinental Exchange in a research note on Friday, July 31st. UBS Group reissued a "buy" rating and set a $195.00 price objective (up from $190.00) on shares of Intercontinental Exchange in a research report on Friday, July 31st. Rothschild & Co Redburn set a $177.00 price objective on shares of Intercontinental Exchange in a report on Thursday, June 11th. Finally, Morgan Stanley cut their price objective on shares of Intercontinental Exchange from $187.00 to $163.00 and set an "equal weight" rating on the stock in a research report on Friday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, Intercontinental Exchange presently has an average rating of "Moderate Buy" and an average price target of $183.33.

Insider Transactions at Intercontinental Exchange

In other news, CFO Warren Gardiner sold 2,491 shares of the firm's stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $156.30, for a total transaction of $389,343.30. Following the transaction, the chief financial officer directly owned 22,698 shares of the company's stock, valued at approximately $3,547,697.40. This trade represents a 9.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William Jefferson Hague sold 1,333 shares of Intercontinental Exchange stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $139.46, for a total transaction of $185,900.18. Following the completion of the sale, the director owned 20,132 shares of the company's stock, valued at approximately $2,807,608.72. The trade was a 6.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 20,200 shares of company stock worth $3,035,385. 0.84% of the stock is currently owned by company insiders.

Intercontinental Exchange Price Performance

Shares of NYSE ICE opened at $161.29 on Friday. Intercontinental Exchange Inc. has a twelve month low of $121.79 and a twelve month high of $181.65. The business's 50 day moving average price is $142.34 and its two-hundred day moving average price is $151.69. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.63. The company has a market cap of $90.55 billion, a PE ratio of 22.78, a price-to-earnings-growth ratio of 1.58 and a beta of 0.92.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.84 by $0.06. The business had revenue of $3.61 billion during the quarter, compared to the consensus estimate of $2.63 billion. Intercontinental Exchange had a return on equity of 14.95% and a net margin of 30.08%.The company's quarterly revenue was up 4.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.81 EPS. On average, analysts predict that Intercontinental Exchange Inc. will post 8.1 EPS for the current year.

About Intercontinental Exchange

Intercontinental Exchange NYSE: ICE is a global operator of exchanges, clearing houses and data services that provides infrastructure for the trading, clearing, settlement and information needs of financial and commodity markets. Founded in 2000 by Jeffrey C. Sprecher as an electronic energy trading platform, the company has grown through organic expansion and acquisitions to operate a broad portfolio of assets spanning listed equities, futures and options, fixed income, and over-the-counter derivatives.

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