Eastern Bank Sells 131,058 Shares of Intercontinental Exchange Inc. $ICE

Key Points

• Eastern Bank cut its Intercontinental Exchange stake by 58.6% in the second quarter, selling 131,058 shares and retaining 92,551 shares worth approximately $11.4 million. Institutional investors collectively own 89.3% of ICE.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $183.33, although one firm downgraded the stock to “Sell” and Goldman Sachs lowered its target to $180.
• ICE exceeded quarterly expectations, reporting adjusted earnings of $1.90 per share versus the $1.84 consensus estimate and revenue of $3.61 billion, up 4.8% year over year.

Eastern Bank lessened its stake in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 58.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 92,551 shares of the financial services provider's stock after selling 131,058 shares during the period. Eastern Bank's holdings in Intercontinental Exchange were worth $11,394,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in ICE. Western Wealth Management LLC grew its position in Intercontinental Exchange by 275.0% in the first quarter. Western Wealth Management LLC now owns 8,952 shares of the financial services provider's stock worth $1,408,000 after acquiring an additional 6,565 shares in the last quarter. Lombard Odier Asset Management Europe Ltd purchased a new stake in Intercontinental Exchange during the first quarter valued at about $11,498,000. First National Bank of Mount Dora Trust Investment Services lifted its stake in Intercontinental Exchange by 5.3% during the first quarter. First National Bank of Mount Dora Trust Investment Services now owns 27,108 shares of the financial services provider's stock worth $4,264,000 after purchasing an additional 1,360 shares during the last quarter. Parallel Advisors LLC lifted its stake in Intercontinental Exchange by 3.5% during the first quarter. Parallel Advisors LLC now owns 7,042 shares of the financial services provider's stock worth $1,108,000 after purchasing an additional 236 shares during the last quarter. Finally, NewEdge Advisors LLC boosted its holdings in shares of Intercontinental Exchange by 41.3% in the 1st quarter. NewEdge Advisors LLC now owns 39,775 shares of the financial services provider's stock worth $6,256,000 after purchasing an additional 11,624 shares in the last quarter. Institutional investors own 89.30% of the company's stock.

Analyst Upgrades and Downgrades

ICE has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $178.00 price objective on shares of Intercontinental Exchange in a research report on Friday. Wall Street Zen lowered Intercontinental Exchange from a "hold" rating to a "sell" rating in a research note on Saturday. The Goldman Sachs Group reduced their price target on shares of Intercontinental Exchange from $208.00 to $180.00 and set a "buy" rating on the stock in a research report on Tuesday, June 30th. Raymond James Financial set a $208.00 price target on shares of Intercontinental Exchange in a research note on Monday, July 6th. Finally, UBS Group restated a "buy" rating and issued a $195.00 price objective (up from $190.00) on shares of Intercontinental Exchange in a report on Friday. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $183.33.

Insider Buying and Selling at Intercontinental Exchange

In other Intercontinental Exchange news, CFO Warren Gardiner sold 2,490 shares of the firm's stock in a transaction on 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. This trade represents a 9.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Andrew J. Surdykowski sold 4,573 shares of the business's stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $151.56, for a total transaction of $693,083.88. Following the completion of the transaction, the general counsel owned 45,473 shares in the company, valued at $6,891,887.88. The trade was a 9.14% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 13,425 shares of company stock worth $2,046,324 over the last ninety days. 0.84% of the stock is owned by company insiders.

Intercontinental Exchange Trading Down 0.3%

Shares of ICE stock opened at $151.97 on Tuesday. The business has a 50-day moving average of $139.46 and a 200 day moving average of $153.50. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.01 and a quick ratio of 1.01. Intercontinental Exchange Inc. has a 1-year low of $121.79 and a 1-year high of $189.35. The stock has a market capitalization of $85.32 billion, a PE ratio of 21.47, a P/E/G ratio of 1.86 and a beta of 0.92.

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 the consensus estimate of $1.84 by $0.06. Intercontinental Exchange had a return on equity of 14.95% and a net margin of 30.08%.The firm had revenue of $3.61 billion during the quarter, compared to the consensus estimate of $2.63 billion. During the same quarter in the previous year, the company posted $1.81 earnings per share. The business's revenue was up 4.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Intercontinental Exchange Inc. will post 7.98 earnings per share 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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