Bank of America Corp DE Sells 680,521 Shares of Intercontinental Exchange Inc. $ICE

Key Points

• Bank of America reduced its Intercontinental Exchange stake by 10.8%, selling 680,521 shares and retaining 5.63 million shares worth approximately $885.6 million. Institutional investors collectively own 89.3% of ICE.
• ICE reported quarterly earnings of $1.90 per share, beating the $1.84 consensus estimate, while revenue rose 4.8% year over year to $3.61 billion. Analysts expect the company to generate $7.97 in earnings per share for the full year.
• Wall Street maintains a generally positive view, with ICE receiving a “Moderate Buy” consensus rating and an average price target of $183.33, above its reported share price of $152.64.

Bank of America Corp DE trimmed its holdings in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 10.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,630,477 shares of the financial services provider's stock after selling 680,521 shares during the quarter. Bank of America Corp DE owned approximately 1.00% of Intercontinental Exchange worth $885,561,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of ICE. Ares Financial Consulting LLC bought a new position in shares of Intercontinental Exchange in the 4th quarter worth $25,000. Steph & Co. lifted its stake in shares of Intercontinental Exchange by 104.7% during the 4th quarter. Steph & Co. now owns 174 shares of the financial services provider's stock worth $28,000 after purchasing an additional 89 shares during the last quarter. Brooklands Fund Management Ltd bought a new stake in Intercontinental Exchange during the fourth quarter valued at about $28,000. Swiss RE Ltd. bought a new stake in Intercontinental Exchange during the fourth quarter valued at about $28,000. Finally, Dorato Capital Management purchased a new position in Intercontinental Exchange in the fourth quarter valued at about $29,000. Institutional investors own 89.30% of the company's stock.

Intercontinental Exchange Price Performance

NYSE ICE opened at $152.64 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. The stock's fifty day moving average price is $139.48 and its 200 day moving average price is $153.69. Intercontinental Exchange Inc. has a 1 year low of $121.79 and a 1 year high of $189.35. The company has a market cap of $86.32 billion, a price-to-earnings ratio of 21.56, a PEG ratio of 1.63 and a beta of 0.94.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The financial services provider reported $1.90 EPS for the quarter, topping analysts' consensus estimates of $1.84 by $0.06. The company had revenue of $3.61 billion during the quarter, compared to analysts' expectations of $2.63 billion. Intercontinental Exchange had a return on equity of 14.95% and a net margin of 30.08%.The firm's revenue was up 4.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.81 EPS. As a group, equities research analysts forecast that Intercontinental Exchange Inc. will post 7.97 earnings per share for the current year.

Insider Activity at Intercontinental Exchange

In other Intercontinental Exchange news, 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 transaction of $693,083.88. Following the completion of the sale, 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 sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CTO Mayur Kapani sold 4,271 shares of the business's stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $155.42, for a total transaction of $663,798.82. Following the completion of the transaction, the chief technology officer owned 64,869 shares of the company's stock, valued at approximately $10,081,939.98. This represents a 6.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 13,425 shares of company stock worth $2,046,324 in the last ninety days. 0.84% of the stock is owned by company insiders.

Key Headlines Impacting Intercontinental Exchange

Here are the key news stories impacting Intercontinental Exchange this week:

• Positive Sentiment: ICE reported second-quarter adjusted earnings of $1.90 per share, exceeding the $1.84 consensus estimate, while revenue reached approximately $2.7 billion, up 5% year over year. Growth in recurring data and mortgage technology helped offset weaker energy-related activity. ICE Q2 Earnings Beat on Data Growth and Mortgage Strength
• Positive Sentiment: The company returned $945 million to shareholders during the quarter, including $651 million in repurchases, and increased its authorized buyback capacity to $4 billion. ICE also raised its quarterly dividend 8% year over year to $0.52 per share. ICE Approves Third Quarter Dividend
• Positive Sentiment: The MarketAxess deal would expand ICE’s electronic fixed-income trading, market-data and distribution capabilities. Management is positioning the acquisition to benefit from the long-term shift from voice-based to electronic bond trading. The transaction is expected to close in the first half of 2027. Rise of Bond E-Trading Underpins ICE’s MarketAxess Deal
• Neutral Sentiment: MarketAxess shares surged roughly 30% after ICE offered a premium of about 33% to its unaffected price, highlighting the strategic value of the target but also making the transaction a significant capital commitment for ICE. NYSE Parent ICE to Purchase MarketAxess
• Negative Sentiment: Investors appear concerned that paying nearly $6 billion in cash could pressure near-term returns, increase execution and integration risk, and limit financial flexibility. The market’s initial reaction was cautious despite the earnings beat, with ICE shares underperforming broader equities.

Wall Street Analyst Weigh In

ICE has been the subject of several analyst reports. Barclays reissued an "overweight" rating and set a $182.00 price target (up from $180.00) on shares of Intercontinental Exchange in a research report on Friday. Piper Sandler reduced their price objective on shares of Intercontinental Exchange from $211.00 to $190.00 and set an "overweight" rating for the company in a research note on Wednesday, July 15th. Morgan Stanley reduced their price objective on shares of Intercontinental Exchange from $187.00 to $163.00 and set an "equal weight" rating for the company in a research note on Friday, July 10th. TD Cowen restated a "buy" rating and issued a $177.00 target price (up from $159.00) on shares of Intercontinental Exchange in a research note on Friday. Finally, UBS Group reaffirmed a "buy" rating and set a $195.00 price target (up from $190.00) on shares of Intercontinental Exchange in a research report on Friday. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Intercontinental Exchange presently has an average rating of "Moderate Buy" and a consensus target price of $183.33.

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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