Comerica Bank Sells 10,936 Shares of Intercontinental Exchange Inc. $ICE

Key Points

• Comerica Bank has reduced its holdings in Intercontinental Exchange Inc. by 7.6%, selling 10,936 shares and now owning 133,228 shares valued at approximately $22.98 million.
• Insider transactions include CEO Jeffrey C. Sprecher selling 150,000 shares worth over $27 million, reflecting a 7.14% decrease in his ownership of the company.
• Intercontinental Exchange recently reported a quarterly earnings beat with $1.81 EPS compared to the consensus estimate of $1.77, and also announced a quarterly dividend of $0.48 per share.

Comerica Bank decreased its position in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 7.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 133,228 shares of the financial services provider's stock after selling 10,936 shares during the quarter. Comerica Bank's holdings in Intercontinental Exchange were worth $22,982,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Fielder Capital Group LLC increased its holdings in shares of Intercontinental Exchange by 2.2% during the first quarter. Fielder Capital Group LLC now owns 2,808 shares of the financial services provider's stock valued at $484,000 after acquiring an additional 61 shares in the last quarter. E Fund Management Co. Ltd. boosted its position in shares of Intercontinental Exchange by 4.2% during the first quarter. E Fund Management Co. Ltd. now owns 1,500 shares of the financial services provider's stock valued at $259,000 after buying an additional 61 shares during the last quarter. Berkeley Capital Partners LLC boosted its position in shares of Intercontinental Exchange by 1.1% during the first quarter. Berkeley Capital Partners LLC now owns 5,639 shares of the financial services provider's stock valued at $973,000 after buying an additional 62 shares during the last quarter. GPS Wealth Strategies Group LLC boosted its position in shares of Intercontinental Exchange by 17.2% during the first quarter. GPS Wealth Strategies Group LLC now owns 430 shares of the financial services provider's stock valued at $74,000 after buying an additional 63 shares during the last quarter. Finally, Values Added Financial LLC boosted its position in shares of Intercontinental Exchange by 4.4% during the first quarter. Values Added Financial LLC now owns 1,533 shares of the financial services provider's stock valued at $264,000 after buying an additional 64 shares during the last quarter. Institutional investors own 89.30% of the company's stock.

Insider Activity at Intercontinental Exchange

In other Intercontinental Exchange news, CEO Jeffrey C. Sprecher sold 150,000 shares of the firm's stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $183.09, for a total transaction of $27,463,500.00. Following the completion of the sale, the chief executive officer owned 1,951,705 shares of the company's stock, valued at $357,337,668.45. This trade represents a 7.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Sharon Bowen sold 794 shares of the firm's stock in a transaction on Friday, July 25th. The stock was sold at an average price of $185.00, for a total value of $146,890.00. Following the sale, the director directly owned 14,206 shares of the company's stock, valued at approximately $2,628,110. This trade represents a 5.29% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 444,506 shares of company stock valued at $80,507,655 over the last 90 days. Corporate insiders own 1.00% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on ICE shares. Piper Sandler increased their price objective on Intercontinental Exchange from $180.00 to $202.00 and gave the company an "overweight" rating in a research report on Tuesday, July 15th. Keefe, Bruyette & Woods increased their price objective on Intercontinental Exchange from $183.00 to $189.00 and gave the company an "outperform" rating in a research report on Friday, May 2nd. Barclays raised their target price on Intercontinental Exchange from $206.00 to $212.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Morgan Stanley raised their target price on Intercontinental Exchange from $181.00 to $192.00 and gave the stock an "equal weight" rating in a research report on Monday, May 5th. Finally, UBS Group raised their target price on Intercontinental Exchange from $195.00 to $210.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. Ten equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $194.92.

Intercontinental Exchange Price Performance

Shares of Intercontinental Exchange stock opened at $180.6060 on Monday. The business has a 50 day simple moving average of $182.25 and a two-hundred day simple moving average of $174.23. Intercontinental Exchange Inc. has a 12 month low of $142.29 and a 12 month high of $189.35. The stock has a market capitalization of $103.38 billion, a P/E ratio of 34.67, a PEG ratio of 2.15 and a beta of 1.11. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.01 and a quick ratio of 1.01.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The financial services provider reported $1.81 EPS for the quarter, beating the consensus estimate of $1.77 by $0.04. Intercontinental Exchange had a return on equity of 13.66% and a net margin of 23.92%.The firm had revenue of $3.26 billion during the quarter, compared to analysts' expectations of $2.50 billion. During the same quarter last year, the firm earned $1.52 earnings per share. The business's revenue for the quarter was up 9.8% on a year-over-year basis. As a group, analysts predict that Intercontinental Exchange Inc. will post 6.73 EPS for the current fiscal year.

Intercontinental Exchange Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be paid a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 1.1%. Intercontinental Exchange's dividend payout ratio (DPR) is 36.85%.

Intercontinental Exchange 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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