AssuredPartners Investment Advisors LLC Cuts Stock Position in Intercontinental Exchange Inc. $ICE

Key Points

• AssuredPartners Investment Advisors LLC reduced its stake in Intercontinental Exchange Inc. by 51.2%, owning 2,205 shares worth $405,000, after selling 2,315 shares in the second quarter.
• Other hedge funds have also significantly adjusted their positions, with Price T Rowe Associates Inc. increasing its stake by 491.3% and acquiring over 5 million shares.
• Intercontinental Exchange reported earnings per share of $1.81 for the last quarter, exceeding expectations, and analysts have set a consensus price target of $199.60 for the stock.

AssuredPartners Investment Advisors LLC lessened its holdings in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 51.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,205 shares of the financial services provider's stock after selling 2,315 shares during the period. AssuredPartners Investment Advisors LLC's holdings in Intercontinental Exchange were worth $405,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in ICE. Price T Rowe Associates Inc. MD raised its stake in shares of Intercontinental Exchange by 491.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,433,497 shares of the financial services provider's stock valued at $1,109,780,000 after acquiring an additional 5,345,388 shares during the period. Nuveen LLC purchased a new position in shares of Intercontinental Exchange in the 1st quarter valued at $575,383,000. Wellington Management Group LLP raised its stake in shares of Intercontinental Exchange by 113.9% in the 1st quarter. Wellington Management Group LLP now owns 5,943,363 shares of the financial services provider's stock valued at $1,025,230,000 after acquiring an additional 3,165,381 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Intercontinental Exchange by 50.6% in the 1st quarter. Bank of New York Mellon Corp now owns 5,933,532 shares of the financial services provider's stock valued at $1,023,534,000 after acquiring an additional 1,993,084 shares during the period. Finally, Goldman Sachs Group Inc. grew its holdings in Intercontinental Exchange by 31.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,575,859 shares of the financial services provider's stock valued at $616,836,000 after purchasing an additional 861,679 shares in the last quarter. Hedge funds and other institutional investors own 89.30% of the company's stock.

Insider Buying and Selling

In other news, Director Judith A. Sprieser sold 2,900 shares of Intercontinental Exchange stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $174.51, for a total value of $506,079.00. Following the completion of the transaction, the director directly owned 18,169 shares of the company's stock, valued at approximately $3,170,672.19. The trade was a 13.76% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Douglas Foley sold 1,600 shares of Intercontinental Exchange stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $175.62, for a total transaction of $280,992.00. Following the completion of the transaction, the senior vice president directly owned 25,796 shares of the company's stock, valued at $4,530,293.52. This trade represents a 5.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 240,956 shares of company stock worth $43,789,542. 1.00% of the stock is currently owned by insiders.

Intercontinental Exchange Price Performance

ICE opened at $153.52 on Friday. The company has a 50-day moving average of $170.86 and a 200-day moving average of $173.52. The company has a market capitalization of $87.88 billion, a P/E ratio of 29.47, a PEG ratio of 2.14 and a beta of 1.08. Intercontinental Exchange Inc. has a 1-year low of $142.29 and a 1-year high of $189.35. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.01.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last released its earnings results 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. The company had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $2.50 billion. Intercontinental Exchange had a net margin of 23.92% and a return on equity of 13.66%. The company's revenue was up 9.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.52 EPS. Equities analysts expect that Intercontinental Exchange Inc. will post 6.73 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. UBS Group raised their price target on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. Keefe, Bruyette & Woods raised shares of Intercontinental Exchange to a "moderate buy" rating in a report on Monday, October 6th. JPMorgan Chase & Co. raised their price target on shares of Intercontinental Exchange from $195.00 to $203.00 and gave the company an "overweight" rating in a report on Thursday, September 25th. Barclays reaffirmed an "overweight" rating and set a $201.00 price target (down from $212.00) on shares of Intercontinental Exchange in a report on Wednesday, October 8th. Finally, Raymond James Financial raised shares of Intercontinental Exchange from an "outperform" rating to a "strong-buy" rating and set a $210.00 price target for the company in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $199.60.

Intercontinental Exchange Company 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.

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