Allstate Corp Acquires 2,196 Shares of Intercontinental Exchange Inc. $ICE

Key Points

• Allstate Corp increased its holdings in Intercontinental Exchange Inc. by 12.9% during the first quarter, buying an additional 2,196 shares, bringing its total to 19,214 shares valued at approximately $3.31 million.
• Despite recent selling by insiders, institutional investors own approximately 89.30% of Intercontinental Exchange's stock, indicating strong institutional support.
• Intercontinental Exchange reported $1.81 EPS for the latest quarter, beating expectations, with revenues up 9.8% year-over-year, and has announced a quarterly dividend of $0.48.

Allstate Corp grew its holdings in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 12.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 19,214 shares of the financial services provider's stock after acquiring an additional 2,196 shares during the quarter. Allstate Corp's holdings in Intercontinental Exchange were worth $3,314,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Governors Lane LP grew its holdings in shares of Intercontinental Exchange by 88.0% during the fourth quarter. Governors Lane LP now owns 127,100 shares of the financial services provider's stock worth $18,939,000 after buying an additional 59,500 shares in the last quarter. Tema Etfs LLC bought a new position in shares of Intercontinental Exchange during the fourth quarter worth about $1,107,000. Capital Investment Advisory Services LLC bought a new position in shares of Intercontinental Exchange during the first quarter worth about $349,000. Sequoia Financial Advisors LLC grew its holdings in shares of Intercontinental Exchange by 18.3% during the first quarter. Sequoia Financial Advisors LLC now owns 12,168 shares of the financial services provider's stock worth $2,099,000 after buying an additional 1,879 shares in the last quarter. Finally, Lansforsakringar Fondforvaltning AB publ bought a new position in shares of Intercontinental Exchange during the fourth quarter worth about $28,949,000. 89.30% of the stock is currently owned by institutional investors.

Insider Transactions at Intercontinental Exchange

In other Intercontinental Exchange news, General Counsel Andrew J. Surdykowski sold 3,848 shares of Intercontinental Exchange stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $179.12, for a total value of $689,253.76. Following the completion of the transaction, the general counsel directly owned 48,480 shares of the company's stock, valued at $8,683,737.60. The trade was a 7.35% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Douglas Foley sold 1,600 shares of Intercontinental Exchange stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $177.48, for a total value of $283,968.00. Following the completion of the transaction, the senior vice president directly owned 27,313 shares of the company's stock, valued at $4,847,511.24. This represents a 5.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 444,719 shares of company stock worth $80,546,996. Corporate insiders own 1.00% of the company's stock.

Intercontinental Exchange Stock Performance

ICE stock traded down $0.41 during trading hours on Tuesday, hitting $178.73. 2,578,914 shares of the stock were exchanged, compared to its average volume of 3,002,782. The company has a 50-day simple moving average of $182.24 and a two-hundred day simple moving average of $174.31. The firm has a market capitalization of $102.31 billion, a P/E ratio of 34.30, a P/E/G ratio of 2.15 and a beta of 1.11. Intercontinental Exchange Inc. has a 12 month low of $142.29 and a 12 month high of $189.35. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The financial services provider reported $1.81 earnings per share for the quarter, topping the consensus estimate of $1.77 by $0.04. Intercontinental Exchange had a net margin of 23.92% and a return on equity of 13.66%. The business had revenue of $3.26 billion during the quarter, compared to analysts' expectations of $2.50 billion. During the same quarter in the previous year, the company earned $1.52 EPS. The business's revenue was up 9.8% on a year-over-year basis. On average, analysts forecast that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current fiscal year.

Intercontinental Exchange Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be issued a $0.48 dividend. This represents a $1.92 annualized dividend and a yield of 1.1%. Intercontinental Exchange's dividend payout ratio is presently 36.85%.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Morgan Stanley increased their price objective on Intercontinental Exchange from $181.00 to $192.00 and gave the stock an "equal weight" rating in a report on Monday, May 5th. Piper Sandler upped their price objective on Intercontinental Exchange from $180.00 to $202.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 15th. UBS Group raised their target price on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. Keefe, Bruyette & Woods upped their price target on shares of Intercontinental Exchange from $183.00 to $189.00 and gave the stock an "outperform" rating in a research report on Friday, May 2nd. Finally, Barclays boosted their price objective on shares of Intercontinental Exchange from $206.00 to $212.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Ten equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Intercontinental Exchange has a consensus rating of "Moderate Buy" and a consensus target price of $194.92.

Intercontinental Exchange Profile

Intercontinental Exchange, Inc, together with its subsidiaries, engages in the provision of market infrastructure, data services, and technology solutions for financial institutions, corporations, and government entities in the United States, the United Kingdom, the European Union, Singapore, India, Abu Dhabi, Israel, and Canada.