Algebris UK Ltd. Takes $16.34 Million Position in Intercontinental Exchange Inc. $ICE

Key Points

• Algebris UK Ltd. acquired 133,149 shares of Intercontinental Exchange in the second quarter, valued at approximately $16.34 million. Institutional investors collectively own 89.30% of ICE.
• Intercontinental Exchange reported quarterly EPS of $1.90, beating estimates of $1.84, while revenue rose 4.8% year over year to $3.61 billion. Analysts expect full-year EPS of $8.11.
• ICE holds a “Moderate Buy” consensus rating with an average price target of $183.33, compared with its recent opening price of $157.04; however, insiders have sold 18,376 shares worth roughly $2.75 million over the past 90 days.

Algebris UK Ltd. bought a new position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 133,149 shares of the financial services provider's stock, valued at approximately $16,340,000. Intercontinental Exchange accounts for about 1.1% of Algebris UK Ltd.'s holdings, making the stock its 26th largest position.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. PNC Financial Services Group Inc. raised its stake in shares of Intercontinental Exchange by 5.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 191,658 shares of the financial services provider's stock worth $31,041,000 after buying an additional 10,742 shares during the last quarter. BlackRock Inc. acquired a new position in shares of Intercontinental Exchange during the 2nd quarter valued at about $6,245,085,000. USS Investment Management Ltd boosted its holdings in shares of Intercontinental Exchange by 37.2% in the 1st quarter. USS Investment Management Ltd now owns 946,920 shares of the financial services provider's stock valued at $148,960,000 after purchasing an additional 256,851 shares during the last quarter. Walter Public Investments Inc. grew its holdings in shares of Intercontinental Exchange by 13.8% during the 4th quarter. Walter Public Investments Inc. now owns 124,993 shares of the financial services provider's stock worth $20,244,000 after purchasing an additional 15,129 shares during the period. Finally, Nicholas Company Inc. increased its position in shares of Intercontinental Exchange by 10.1% in the fourth quarter. Nicholas Company Inc. now owns 437,155 shares of the financial services provider's stock worth $70,802,000 after acquiring an additional 40,240 shares in the last quarter. Hedge funds and other institutional investors own 89.30% of the company's stock.

Insiders Place Their Bets

In other Intercontinental Exchange news, Director Sharon Bowen sold 667 shares of the business's stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $151.28, for a total value of $100,903.76. Following the completion of the sale, the director owned 15,077 shares of the company's stock, valued at $2,280,848.56. The trade was a 4.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Douglas Foley sold 7,300 shares of the stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $148.88, for a total value of $1,086,824.00. Following the sale, the senior vice president directly owned 19,063 shares in the company, valued at approximately $2,838,099.44. This trade represents a 27.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 18,376 shares of company stock worth $2,746,946 in the last 90 days. Corporate insiders own 0.84% of the company's stock.

Intercontinental Exchange Stock Up 0.6%

NYSE:ICE opened at $157.04 on Thursday. 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 firm has a market capitalization of $88.16 billion, a P/E ratio of 22.18, a P/E/G ratio of 1.53 and a beta of 0.92. The stock's fifty day simple moving average is $141.53 and its 200-day simple moving average is $151.73. Intercontinental Exchange Inc. has a 12-month low of $121.79 and a 12-month high of $181.72.

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, beating the consensus estimate of $1.84 by $0.06. Intercontinental Exchange had a return on equity of 14.95% and a net margin of 30.08%.The firm 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 business posted $1.81 EPS. The company's revenue for the quarter was up 4.8% on a year-over-year basis. Equities research analysts expect that Intercontinental Exchange Inc. will post 8.11 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Weiss Ratings downgraded Intercontinental Exchange from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday, August 11th. Piper Sandler dropped their price target on shares of Intercontinental Exchange from $211.00 to $190.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 15th. TD Cowen restated a "buy" rating and set a $177.00 target price (up from $159.00) on shares of Intercontinental Exchange in a report on Friday, July 31st. Raymond James Financial set a $208.00 price target on shares of Intercontinental Exchange in a report on Monday, July 6th. Finally, UBS Group reiterated a "buy" rating and issued a $195.00 price objective (up from $190.00) on shares of Intercontinental Exchange in a research note on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $183.33.

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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