Bank of New York Mellon Corp Lowers Stake in Intercontinental Exchange Inc. $ICE

Key Points

• Bank of New York Mellon cut its stake in Intercontinental Exchange by 41% in the fourth quarter, selling 2.31 million shares and ending with 3.33 million shares worth about $540.1 million.
• Intercontinental Exchange beat quarterly expectations, reporting $2.35 EPS and $3.67 billion in revenue, with revenue up 20.4% year over year.
• Analysts remain generally positive on ICE, with a consensus rating of “Moderate Buy” and an average price target of $194.60, even as the stock traded down 2.7% to $138.49.

Bank of New York Mellon Corp reduced its position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 41.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,334,739 shares of the financial services provider's stock after selling 2,314,828 shares during the quarter. Bank of New York Mellon Corp owned 0.59% of Intercontinental Exchange worth $540,094,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. ICONIQ Capital LLC boosted its position in shares of Intercontinental Exchange by 2.2% during the 2nd quarter. ICONIQ Capital LLC now owns 2,621 shares of the financial services provider's stock worth $481,000 after purchasing an additional 56 shares during the period. Mechanics Financial Corp raised its stake in Intercontinental Exchange by 1.0% during the 4th quarter. Mechanics Financial Corp now owns 6,138 shares of the financial services provider's stock worth $994,000 after acquiring an additional 60 shares in the last quarter. Mission Wealth Management LP raised its stake in Intercontinental Exchange by 2.4% during the 4th quarter. Mission Wealth Management LP now owns 2,611 shares of the financial services provider's stock worth $423,000 after acquiring an additional 62 shares in the last quarter. Aaron Wealth Advisors LLC raised its stake in Intercontinental Exchange by 1.9% during the 4th quarter. Aaron Wealth Advisors LLC now owns 3,384 shares of the financial services provider's stock worth $548,000 after acquiring an additional 63 shares in the last quarter. Finally, Evergreen Capital Management LLC raised its stake in Intercontinental Exchange by 1.5% during the 4th quarter. Evergreen Capital Management LLC now owns 4,207 shares of the financial services provider's stock worth $681,000 after acquiring an additional 63 shares in the last quarter. Institutional investors and hedge funds own 89.30% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on ICE shares. Morgan Stanley lifted their price target on shares of Intercontinental Exchange from $183.00 to $187.00 and gave the stock an "equal weight" rating in a research note on Friday, April 10th. TD Cowen reiterated a "buy" rating on shares of Intercontinental Exchange in a research note on Friday, February 6th. Piper Sandler reiterated an "overweight" rating and set a $211.00 price target (up from $195.00) on shares of Intercontinental Exchange in a research note on Wednesday, April 15th. Deutsche Bank Aktiengesellschaft upgraded shares of Intercontinental Exchange from a "hold" rating to a "buy" rating and set a $188.00 price objective on the stock in a research note on Friday, March 6th. Finally, UBS Group restated a "buy" rating and issued a $205.00 price objective on shares of Intercontinental Exchange in a research note on Wednesday, May 20th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Intercontinental Exchange currently has an average rating of "Moderate Buy" and a consensus target price of $194.60.

Intercontinental Exchange Trading Down 2.7%

NYSE ICE opened at $138.49 on Thursday. The firm has a market cap of $78.31 billion, a PE ratio of 20.16, a P/E/G ratio of 1.37 and a beta of 0.92. The firm's fifty day moving average is $156.42 and its two-hundred day moving average is $159.92. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.01 and a current ratio of 1.01. Intercontinental Exchange Inc. has a one year low of $136.67 and a one year high of $189.35.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last issued its earnings results on Thursday, April 30th. The financial services provider reported $2.35 earnings per share for the quarter, beating the consensus estimate of $2.23 by $0.12. The business had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $2.88 billion. Intercontinental Exchange had a net margin of 30.06% and a return on equity of 14.99%. The business's quarterly revenue was up 20.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.72 earnings per share. Analysts expect that Intercontinental Exchange Inc. will post 8.16 earnings per share for the current year.

Insider Activity

In other news, CFO Warren Gardiner sold 2,490 shares of Intercontinental Exchange stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $156.64, for a total value of $390,033.60. Following the sale, the chief financial officer owned 25,189 shares of the company's stock, valued at $3,945,604.96. The trade was a 9.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Mayur Kapani sold 4,271 shares of Intercontinental Exchange stock in a transaction dated 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 sale, the chief technology officer directly owned 64,869 shares in the company, valued at approximately $10,081,939.98. The trade was a 6.18% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 12,001 shares of company stock worth $1,847,820 in the last ninety days. 0.84% of the stock is currently owned by insiders.

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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