BTC Capital Management Inc. Sells 2,244 Shares of Intercontinental Exchange Inc. $ICE

Key Points

• BTC Capital Management Inc. reduced its stake in Intercontinental Exchange (ICE) by 4.3%, selling 2,244 shares in the second quarter, leaving it with 50,246 shares worth approximately $9.2 million.
• Several institutional investors, including Vanguard Group and Price T Rowe Associates, increased their holdings in ICE, with Vanguard growing its stake by 1.4% and Price T Rowe by an impressive 491.3% in the first quarter.
• Barclays and Piper Sandler have recently raised their target prices for ICE to $212.00 and $202.00, respectively, with the stock currently receiving an average rating of "Moderate Buy."

BTC Capital Management Inc. cut its stake in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 4.3% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 50,246 shares of the financial services provider's stock after selling 2,244 shares during the quarter. BTC Capital Management Inc.'s holdings in Intercontinental Exchange were worth $9,202,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of Intercontinental Exchange by 1.4% in the first quarter. Vanguard Group Inc. now owns 52,940,356 shares of the financial services provider's stock worth $9,132,211,000 after acquiring an additional 712,179 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of Intercontinental Exchange by 491.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,433,497 shares of the financial services provider's stock worth $1,109,780,000 after acquiring an additional 5,345,388 shares during the period. Amundi grew its position in Intercontinental Exchange by 14.7% during the first quarter. Amundi now owns 6,315,706 shares of the financial services provider's stock valued at $1,060,574,000 after buying an additional 810,938 shares during the period. Independent Franchise Partners LLP grew its position in Intercontinental Exchange by 0.5% during the first quarter. Independent Franchise Partners LLP now owns 6,192,424 shares of the financial services provider's stock valued at $1,068,193,000 after buying an additional 31,588 shares during the period. Finally, Wellington Management Group LLP grew its position in Intercontinental Exchange by 113.9% during the first 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 buying an additional 3,165,381 shares during the period. 89.30% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Judith A. Sprieser sold 2,900 shares of the business's stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $174.51, for a total value of $506,079.00. Following the sale, the director owned 18,169 shares in the company, valued at approximately $3,170,672.19. The trade was a 13.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Stuart Glen Williams sold 939 shares of the business's stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $172.04, for a total transaction of $161,545.56. Following the completion of the sale, the chief operating officer owned 16,624 shares in the company, valued at $2,859,992.96. This represents a 5.35% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 231,669 shares of company stock valued at $42,333,438 in the last three months. Corporate insiders own 1.00% of the company's stock.

Wall Street Analysts Forecast Growth

ICE has been the subject of several recent research reports. Barclays boosted their target price on shares of Intercontinental Exchange from $206.00 to $212.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Piper Sandler boosted their target price on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the company an "overweight" rating in a research report on Tuesday, July 15th. Finally, UBS Group boosted their target price on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the company a "buy" rating in a research report on Tuesday, July 8th. Ten research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Intercontinental Exchange currently has an average rating of "Moderate Buy" and a consensus price target of $194.92.

Intercontinental Exchange Price Performance

ICE stock opened at $169.65 on Friday. Intercontinental Exchange Inc. has a one year low of $142.29 and a one year high of $189.35. The company's fifty day moving average price is $179.58 and its 200-day moving average price is $174.98. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.01. The company has a market capitalization of $97.11 billion, a PE ratio of 32.56, a price-to-earnings-growth ratio of 2.02 and a beta of 1.10.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last announced its quarterly 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. Intercontinental Exchange had a net margin of 23.92% and a return on equity of 13.66%. The company had revenue of $3.26 billion for the quarter, compared to analysts' expectations of $2.50 billion. During the same quarter in the previous year, the business posted $1.52 earnings per share. Intercontinental Exchange's quarterly revenue was up 9.8% on a year-over-year basis. On average, equities analysts anticipate that Intercontinental Exchange Inc. will post 6.73 EPS for the current fiscal year.

About Intercontinental Exchange

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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