Bank of Nova Scotia Takes Position in Intercontinental Exchange Inc. $ICE

Key Points

• Bank of Nova Scotia purchased 163,723 shares of Intercontinental Exchange in the second quarter, valued at approximately $20.2 million. Institutional investors collectively own 89.3% of ICE’s outstanding shares.
• Analysts maintain a generally positive outlook, with one Strong Buy, nine Buy, and two Hold ratings. The stock has a “Moderate Buy” consensus and an average price target of $183.33.
• ICE exceeded quarterly expectations, reporting $1.90 in earnings per share versus the $1.84 estimate and $3.61 billion in revenue, up 4.8% year over year. Meanwhile, company insiders sold 20,200 shares worth roughly $3.0 million during the last quarter.

Bank of Nova Scotia purchased a new position in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 163,723 shares of the financial services provider's stock, valued at approximately $20,156,000.

A number of other hedge funds have also recently made changes to their positions in ICE. Ares Financial Consulting LLC bought a new position in shares of Intercontinental Exchange during the 4th quarter worth approximately $25,000. Brooklands Fund Management Ltd acquired a new stake in Intercontinental Exchange in the fourth quarter valued at approximately $28,000. Swiss RE Ltd. purchased a new position in Intercontinental Exchange in the fourth quarter worth $28,000. Lloyd Advisory Services LLC. purchased a new position in Intercontinental Exchange in the fourth quarter worth $30,000. Finally, Rakuten Securities Inc. acquired a new position in shares of Intercontinental Exchange during the second quarter worth $26,000. 89.30% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ICE. Morgan Stanley decreased their price objective on Intercontinental Exchange from $187.00 to $163.00 and set an "equal weight" rating for the company in a report on Friday, July 10th. TD Cowen restated a "buy" rating and set a $177.00 target price (up from $159.00) on shares of Intercontinental Exchange in a research note on Friday, July 31st. UBS Group reiterated a "buy" rating and issued a $195.00 price target (up from $190.00) on shares of Intercontinental Exchange in a research note on Friday, July 31st. Weiss Ratings downgraded Intercontinental Exchange from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday, August 11th. Finally, Raymond James Financial set a $208.00 price target on Intercontinental Exchange in a research note on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $183.33.

Insider Buying and Selling

In other Intercontinental Exchange news, SVP Douglas Foley sold 7,300 shares of the firm's stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $148.88, for a total transaction of $1,086,824.00. Following the completion of the transaction, the senior vice president directly owned 19,063 shares of the company's stock, valued at approximately $2,838,099.44. This trade represents a 27.69% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CTO Mayur Kapani sold 4,271 shares of Intercontinental Exchange stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $151.20, for a total transaction of $645,775.20. Following the sale, the chief technology officer owned 67,988 shares of the company's stock, valued at approximately $10,279,785.60. The trade was a 5.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 20,200 shares of company stock worth $3,035,385 in the last quarter. 0.84% of the stock is currently owned by corporate insiders.

Intercontinental Exchange Stock Performance

Shares of ICE opened at $161.29 on Monday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a 50-day moving average of $142.34 and a two-hundred day moving average of $151.54. The stock has a market cap of $90.55 billion, a P/E ratio of 22.78, a P/E/G ratio of 1.57 and a beta of 0.92. Intercontinental Exchange Inc. has a one year low of $121.79 and a one year high of $181.65.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The financial services provider reported $1.90 earnings per share for the quarter, beating analysts' consensus estimates of $1.84 by $0.06. Intercontinental Exchange had a return on equity of 14.95% and a net margin of 30.08%.The business had revenue of $3.61 billion for the quarter, compared to analyst estimates of $2.63 billion. During the same period in the prior year, the company earned $1.81 earnings per share. The company's revenue was up 4.8% on a year-over-year basis. As a group, research analysts predict that Intercontinental Exchange Inc. will post 8.1 EPS for the current year.

Intercontinental Exchange 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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