Daiwa Securities Group Inc. Raises Stake in Intercontinental Exchange Inc. $ICE

Key Points

• Daiwa Securities Group Inc. increased its stake in Intercontinental Exchange (NYSE:ICE) by 9.4% in the fourth quarter, bringing its holdings to 118,835 shares worth about $19.2 million.
• Several other institutions also boosted positions, and hedge funds and other institutional investors now own 89.30% of ICE’s stock, underscoring strong institutional interest.
• ICE reported better-than-expected quarterly results with EPS of $2.35 and revenue of $3.67 billion, while analysts maintain a Moderate Buy consensus with an average price target of $194.60.

Daiwa Securities Group Inc. raised its position in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 9.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 118,835 shares of the financial services provider's stock after acquiring an additional 10,212 shares during the quarter. Daiwa Securities Group Inc.'s holdings in Intercontinental Exchange were worth $19,245,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the company. Cibc World Market Inc. lifted its stake in Intercontinental Exchange by 152.1% in the fourth quarter. Cibc World Market Inc. now owns 176,335 shares of the financial services provider's stock worth $28,559,000 after acquiring an additional 106,378 shares during the last quarter. Johnson Financial Group LLC lifted its stake in Intercontinental Exchange by 4.0% in the fourth quarter. Johnson Financial Group LLC now owns 1,710 shares of the financial services provider's stock worth $277,000 after acquiring an additional 65 shares during the last quarter. Phillips Wealth Planners LLC lifted its stake in Intercontinental Exchange by 35.8% in the fourth quarter. Phillips Wealth Planners LLC now owns 3,114 shares of the financial services provider's stock worth $535,000 after acquiring an additional 821 shares during the last quarter. CIBC Asset Management Inc lifted its stake in Intercontinental Exchange by 28.3% in the fourth quarter. CIBC Asset Management Inc now owns 249,647 shares of the financial services provider's stock worth $40,421,000 after acquiring an additional 55,075 shares during the last quarter. Finally, Marble Wealth LLC purchased a new position in Intercontinental Exchange in the fourth quarter worth approximately $339,000. Hedge funds and other institutional investors own 89.30% of the company's stock.

Insider Buying and Selling at Intercontinental Exchange

In related news, CTO Mayur Kapani sold 4,271 shares of the company's stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $155.42, for a total value of $663,798.82. Following the completion of the sale, the chief technology officer owned 64,869 shares in the company, valued at $10,081,939.98. This represents a 6.18% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Warren Gardiner sold 2,490 shares of the company's stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $156.64, for a total transaction of $390,033.60. Following the completion of the sale, the chief financial officer owned 25,189 shares of the company's stock, valued at approximately $3,945,604.96. This trade represents a 9.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 12,001 shares of company stock worth $1,847,820 in the last 90 days. Company insiders own 0.84% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ICE. 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. Wall Street Zen upgraded shares of Intercontinental Exchange from a "sell" rating to a "hold" rating in a research report on Saturday, February 7th. Barclays restated an "overweight" rating and set a $201.00 price objective (up from $198.00) on shares of Intercontinental Exchange in a research report on Friday, May 1st. Finally, UBS Group restated a "buy" rating and set a $205.00 price objective on shares of Intercontinental Exchange in a research report on Wednesday, May 20th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $194.60.

Intercontinental Exchange Stock Down 0.5%

Shares of NYSE:ICE opened at $141.36 on Friday. The company has a market capitalization of $79.94 billion, a PE ratio of 20.58, a P/E/G ratio of 1.36 and a beta of 0.92. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.63. Intercontinental Exchange Inc. has a twelve month low of $136.67 and a twelve month high of $189.35. The firm has a 50 day simple moving average of $155.83 and a 200-day simple moving average of $159.72.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The financial services provider reported $2.35 earnings per share for the quarter, topping the consensus estimate of $2.23 by $0.12. The business had revenue of $3.67 billion during 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 company's 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 EPS. On average, equities analysts predict that Intercontinental Exchange Inc. will post 8.16 EPS for the current fiscal 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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