Allworth Financial LP Takes Position in Intercontinental Exchange Inc. $ICE

Key Points

• Allworth Financial acquired 8,565 shares of Intercontinental Exchange worth approximately $1.05 million in the second quarter. Institutional investors collectively own 89.3% of ICE’s outstanding stock.
• ICE reported quarterly earnings of $1.90 per share, exceeding analysts’ $1.84 estimate, while revenue reached $3.61 billion and rose 4.8% year over year.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $183.33 versus the reported share price of $161.29; meanwhile, company insiders sold 20,200 shares over the past 90 days.

Allworth Financial LP purchased a new stake in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 8,565 shares of the financial services provider's stock, valued at approximately $1,054,000.

A number of other institutional investors have also added to or reduced their stakes in the stock. PNC Financial Services Group Inc. grew its holdings in 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 acquiring an additional 10,742 shares during the last quarter. BlackRock Inc. bought a new position in shares of Intercontinental Exchange during the second quarter valued at $6,245,085,000. USS Investment Management Ltd raised its stake in shares of Intercontinental Exchange by 37.2% during the first quarter. USS Investment Management Ltd now owns 946,920 shares of the financial services provider's stock valued at $148,960,000 after acquiring an additional 256,851 shares during the last quarter. Walter Public Investments Inc. lifted its holdings in shares of Intercontinental Exchange by 13.8% during the fourth 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. lifted its holdings in shares of Intercontinental Exchange by 10.1% during the fourth quarter. Nicholas Company Inc. now owns 437,155 shares of the financial services provider's stock worth $70,802,000 after purchasing an additional 40,240 shares during the period. 89.30% of the stock is currently owned by institutional investors and hedge funds.

Intercontinental Exchange Trading Up 1.7%

NYSE:ICE opened at $161.29 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 one year low of $121.79 and a one year high of $181.65. The company has a market cap of $90.55 billion, a PE ratio of 22.78, a PEG ratio of 1.58 and a beta of 0.92. The firm has a 50-day moving average of $142.34 and a 200-day moving average of $151.69.

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 for the quarter, beating the consensus estimate of $1.84 by $0.06. The business had revenue of $3.61 billion for the quarter, compared to analysts' expectations of $2.63 billion. Intercontinental Exchange had a net margin of 30.08% and a return on equity of 14.95%. The firm's revenue for the quarter was up 4.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.81 EPS. As a group, equities research analysts expect that Intercontinental Exchange Inc. will post 8.1 EPS for the current fiscal year.

Insider Buying and Selling

In related news, SVP Douglas Foley sold 7,300 shares of Intercontinental Exchange stock in a transaction that occurred 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 owned 19,063 shares of the company's stock, valued at $2,838,099.44. The trade was a 27.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Andrew J. Surdykowski sold 4,573 shares of Intercontinental Exchange stock in a transaction that occurred 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 transaction, the general counsel directly owned 45,473 shares in the company, valued at approximately $6,891,887.88. The trade was a 9.14% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 20,200 shares of company stock valued at $3,035,385. 0.84% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ICE. UBS Group restated 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. Piper Sandler reduced their target price on Intercontinental Exchange from $211.00 to $190.00 and set an "overweight" rating on the stock in a report on Wednesday, July 15th. Barclays reissued an "overweight" rating and set a $182.00 target price (up from $180.00) on shares of Intercontinental Exchange in a research report on Friday, July 31st. Morgan Stanley lowered their price target on shares of Intercontinental Exchange from $187.00 to $163.00 and set an "equal weight" rating for the company in a report on Friday, July 10th. Finally, Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $178.00 price target on shares of Intercontinental Exchange in a research report on Friday, July 31st. One investment 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 data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target 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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