ABN AMRO Bank N.V. Purchases New Position in Intercontinental Exchange Inc. $ICE

Key Points

• ABN AMRO Bank purchased 40,214 shares of Intercontinental Exchange, valued at approximately $4.95 million, during the second quarter. Institutional investors collectively own 89.30% of ICE.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $183.33, although several firms recently reduced their targets.
• ICE exceeded quarterly expectations with adjusted EPS of $1.90 versus $1.84 expected and revenue of $3.61 billion, up 4.8% year over year.

ABN AMRO Bank N.V. purchased a new stake in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 40,214 shares of the financial services provider's stock, valued at approximately $4,947,000.

Several other hedge funds have also modified their holdings of the company. Ares Financial Consulting LLC bought a new stake in Intercontinental Exchange in the fourth quarter worth $25,000. Swiss RE Ltd. bought a new position in Intercontinental Exchange during the fourth quarter valued at $28,000. Brooklands Fund Management Ltd purchased a new stake in shares of Intercontinental Exchange in the fourth quarter valued at $28,000. Lloyd Advisory Services LLC. purchased a new stake in shares of Intercontinental Exchange in the fourth quarter valued at $30,000. Finally, Kemnay Advisory Services Inc. bought a new stake in shares of Intercontinental Exchange in the 4th quarter worth about $37,000. 89.30% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Intercontinental Exchange

In related news, Director William Jefferson Hague sold 1,333 shares of the business's stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $139.46, for a total value of $185,900.18. Following the completion of the transaction, the director owned 20,132 shares of the company's stock, valued at $2,807,608.72. The trade was a 6.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Warren Gardiner sold 2,490 shares of the company's stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $156.64, for a total value of $390,033.60. Following the sale, the chief financial officer owned 25,189 shares of the company's stock, valued at approximately $3,945,604.96. This represents a 9.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 20,725 shares of company stock valued at $3,115,124 over the last quarter. 0.84% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $178.00 price target on shares of Intercontinental Exchange in a research note on Friday, July 31st. Wall Street Zen downgraded shares of Intercontinental Exchange from a "hold" rating to a "sell" rating in a research note on Saturday, August 1st. Rothschild & Co Redburn set a $177.00 target price on Intercontinental Exchange in a research report on Thursday, June 11th. Piper Sandler dropped their target price on Intercontinental Exchange from $211.00 to $190.00 and set an "overweight" rating for the company in a research report on Wednesday, July 15th. Finally, Morgan Stanley cut their target price on Intercontinental Exchange from $187.00 to $163.00 and set an "equal weight" rating on the stock in a research note on Friday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $183.33.

Intercontinental Exchange Stock Performance

ICE stock opened at $154.55 on Friday. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.01 and a quick ratio of 1.01. Intercontinental Exchange Inc. has a 1-year low of $121.79 and a 1-year high of $182.86. The business has a 50-day moving average price of $140.59 and a 200 day moving average price of $152.26. The company has a market capitalization of $86.76 billion, a P/E ratio of 21.83, a PEG ratio of 1.52 and a beta of 0.92.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last posted its earnings results on Thursday, July 30th. The financial services provider reported $1.90 EPS for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $2.63 billion. During the same quarter last year, the firm posted $1.81 EPS. The company's revenue for the quarter was up 4.8% on a year-over-year basis. As a group, equities research analysts forecast that Intercontinental Exchange Inc. will post 8.1 EPS 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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