Fifth Third Bancorp Sells 4,990 Shares of Intercontinental Exchange Inc. $ICE

Key Points

• Fifth Third Bancorp has reduced its stake in Intercontinental Exchange Inc. (ICE) by 6.2%, selling 4,990 shares, leaving it with 75,437 shares valued at approximately $13.84 million.
• Institutional investors collectively own 89.30% of Intercontinental Exchange, highlighting strong interest from larger financial entities.
• The company reported $1.81 EPS for the last quarter, surpassing estimates, with a significant revenue growth of 9.8% year-over-year to $3.26 billion.

Fifth Third Bancorp decreased its position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 6.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 75,437 shares of the financial services provider's stock after selling 4,990 shares during the period. Fifth Third Bancorp's holdings in Intercontinental Exchange were worth $13,840,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of ICE. Brighton Jones LLC raised its position in shares of Intercontinental Exchange by 51.3% in the fourth quarter. Brighton Jones LLC now owns 3,448 shares of the financial services provider's stock valued at $514,000 after buying an additional 1,169 shares in the last quarter. State of Wyoming lifted its stake in Intercontinental Exchange by 55.6% in the 4th quarter. State of Wyoming now owns 476 shares of the financial services provider's stock valued at $71,000 after purchasing an additional 170 shares during the last quarter. Jefferies Financial Group Inc. boosted its holdings in shares of Intercontinental Exchange by 5.5% during the 4th quarter. Jefferies Financial Group Inc. now owns 2,459 shares of the financial services provider's stock valued at $366,000 after acquiring an additional 128 shares in the last quarter. Menard Financial Group LLC acquired a new stake in shares of Intercontinental Exchange during the fourth quarter valued at about $29,000. Finally, Park Square Financial Group LLC bought a new stake in Intercontinental Exchange during the 4th quarter worth approximately $102,000. Institutional investors own 89.30% of the company's stock.

Intercontinental Exchange Trading Down 0.1%

ICE opened at $167.94 on Thursday. The company has a fifty day moving average price of $178.86 and a two-hundred day moving average price of $174.91. Intercontinental Exchange Inc. has a 1-year low of $142.29 and a 1-year high of $189.35. The company has a market cap of $96.13 billion, a P/E ratio of 32.23, a price-to-earnings-growth ratio of 2.00 and a beta of 1.10. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last issued its 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 company had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $2.50 billion. During the same period last year, the business posted $1.52 EPS. The firm's revenue for the quarter was up 9.8% compared to the same quarter last year. Analysts predict that Intercontinental Exchange Inc. will post 6.73 EPS for the current fiscal year.

Insider Activity

In other news, Director Duriya M. Farooqui sold 2,036 shares of the company's stock in a transaction that occurred on Wednesday, August 27th. The stock was sold at an average price of $178.34, for a total transaction of $363,100.24. Following the transaction, the director directly owned 14,299 shares of the company's stock, valued at $2,550,083.66. This represents a 12.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Andrew J. Surdykowski sold 3,850 shares of Intercontinental Exchange stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of $178.33, for a total transaction of $686,570.50. Following the completion of the sale, the general counsel directly owned 46,293 shares of the company's stock, valued at approximately $8,255,430.69. The trade was a 7.68% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 231,669 shares of company stock valued at $42,333,438. Corporate insiders own 1.00% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ICE. Barclays increased 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 report on Tuesday, July 15th. Finally, UBS Group upped their price target 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. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $194.92.

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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