3,086,407 Shares in Intercontinental Exchange Inc. $ICE Purchased by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 3.09 million shares of Intercontinental Exchange in the second quarter, valued at approximately $380 million and representing about 0.55% of the company. Institutional investors collectively own 89.30% of ICE.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $183.33, despite several firms reducing their targets.
• ICE reported quarterly EPS of $1.90, beating estimates of $1.84, while revenue rose 4.8% year over year to $3.61 billion. Shares opened at $161.29, up 1.7%.

Bank of New York Mellon Corp acquired a new position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 3,086,407 shares of the financial services provider's stock, valued at approximately $379,968,000. Bank of New York Mellon Corp owned approximately 0.55% of Intercontinental Exchange as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in Intercontinental Exchange by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 54,153,170 shares of the financial services provider's stock worth $8,770,647,000 after purchasing an additional 413,639 shares during the last quarter. J. Stern & Co. LLP raised its stake in Intercontinental Exchange by 17,398.1% in the fourth quarter. J. Stern & Co. LLP now owns 54,107,273 shares of the financial services provider's stock valued at $8,763,214,000 after purchasing an additional 53,798,055 shares in the last quarter. State Street Corp raised its holdings in shares of Intercontinental Exchange by 3.4% during the 4th quarter. State Street Corp now owns 25,653,952 shares of the financial services provider's stock valued at $4,154,914,000 after buying an additional 837,208 shares in the last quarter. Morgan Stanley lifted its stake in shares of Intercontinental Exchange by 1.0% in the 4th quarter. Morgan Stanley now owns 15,875,593 shares of the financial services provider's stock valued at $2,571,212,000 after acquiring an additional 158,450 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Intercontinental Exchange in the fourth quarter worth about $1,418,228,000. 89.30% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have issued reports on ICE. Morgan Stanley decreased their price objective on Intercontinental Exchange from $187.00 to $163.00 and set an "equal weight" rating for the company in a report on Friday, July 10th. Rothschild & Co Redburn set a $177.00 price target on shares of Intercontinental Exchange in a research note on Thursday, June 11th. Piper Sandler cut their price objective on shares of Intercontinental Exchange from $211.00 to $190.00 and set an "overweight" rating for the company in a research report on Wednesday, July 15th. The Goldman Sachs Group lowered their price target on shares of Intercontinental Exchange from $208.00 to $180.00 and set a "buy" rating on the stock in a report on Tuesday, June 30th. Finally, Weiss Ratings downgraded shares of Intercontinental Exchange from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $183.33.

Insider Activity at Intercontinental Exchange

In other news, General Counsel Andrew J. Surdykowski sold 4,573 shares of the stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $151.56, for a total value of $693,083.88. Following the sale, the general counsel owned 45,473 shares in the company, valued at $6,891,887.88. This represents a 9.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Douglas Foley sold 7,300 shares of the firm's stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $148.88, for a total transaction of $1,086,824.00. Following the transaction, the senior vice president directly owned 19,063 shares of the company's stock, valued at approximately $2,838,099.44. This trade represents a 27.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 20,200 shares of company stock worth $3,035,385 in the last ninety days. 0.84% of the stock is owned by company insiders.

Intercontinental Exchange Trading Up 1.7%

Shares of NYSE:ICE opened at $161.29 on Friday. Intercontinental Exchange Inc. has a 12-month low of $121.79 and a 12-month high of $181.65. The business's fifty day simple moving average is $142.34 and its 200-day simple moving average is $151.69. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $90.55 billion, a PE ratio of 22.78, a P/E/G ratio of 1.56 and a beta of 0.92.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.84 by $0.06. Intercontinental Exchange had a net margin of 30.08% and a return on equity of 14.95%. The business had revenue of $3.61 billion for the quarter, compared to analyst estimates of $2.63 billion. During the same period in the previous year, the company earned $1.81 earnings per share. The business's revenue for the quarter was up 4.8% on a year-over-year basis. As a group, equities research analysts predict that Intercontinental Exchange Inc. will post 8.11 earnings per share for the current fiscal year.

Intercontinental Exchange Company Profile

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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