First Citizens Bank & Trust Co. Sells 6,135 Shares of Intercontinental Exchange Inc. $ICE

Key Points

• First Citizens Bank & Trust Co. reduced its stake in Intercontinental Exchange by 16.1%, selling 6,135 shares and ending the quarter with a total of 31,904 shares valued at $5.85 million.
• Intercontinental Exchange reported earnings per share of $1.81 for the last quarter, exceeding analysts' expectations by $0.04, with revenue for the quarter hitting $3.26 billion.
• Equities analysts have shown a positive outlook on Intercontinental Exchange, with several upgrade ratings and a consensus price target of $198.60 from various brokerage firms.

First Citizens Bank & Trust Co. lowered its position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 16.1% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 31,904 shares of the financial services provider's stock after selling 6,135 shares during the quarter. First Citizens Bank & Trust Co.'s holdings in Intercontinental Exchange were worth $5,853,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of ICE. Princeton Global Asset Management LLC acquired a new position in Intercontinental Exchange in the second quarter valued at approximately $28,000. Tsfg LLC lifted its stake in shares of Intercontinental Exchange by 187.3% in the 1st quarter. Tsfg LLC now owns 158 shares of the financial services provider's stock valued at $27,000 after purchasing an additional 103 shares during the period. Activest Wealth Management boosted its holdings in Intercontinental Exchange by 4,050.0% during the first quarter. Activest Wealth Management now owns 166 shares of the financial services provider's stock worth $29,000 after buying an additional 162 shares in the last quarter. Hilltop National Bank acquired a new stake in Intercontinental Exchange during the second quarter valued at $31,000. Finally, McClarren Financial Advisors Inc. acquired a new stake in Intercontinental Exchange during the first quarter valued at $30,000. Institutional investors and hedge funds own 89.30% of the company's stock.

Intercontinental Exchange Trading Down 0.0%

Intercontinental Exchange stock opened at $156.77 on Thursday. Intercontinental Exchange Inc. has a 1 year low of $142.29 and a 1 year high of $189.35. 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 cap of $89.74 billion, a P/E ratio of 30.09, a PEG ratio of 2.19 and a beta of 1.08. The firm's 50-day moving average is $169.23 and its 200-day moving average is $173.34.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The financial services provider reported $1.81 earnings per share (EPS) 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 firm had revenue of $3.26 billion for the quarter, compared to analyst estimates of $2.50 billion. During the same quarter in the previous year, the business posted $1.52 earnings per share. The firm's quarterly revenue was up 9.8% compared to the same quarter last year. On average, equities analysts expect that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently commented on ICE shares. Raymond James Financial upgraded Intercontinental Exchange from an "outperform" rating to a "strong-buy" rating and set a $210.00 target price on the stock in a research report on Monday, October 13th. Keefe, Bruyette & Woods raised Intercontinental Exchange to a "moderate buy" rating in a report on Monday, October 6th. JPMorgan Chase & Co. upped their target price on Intercontinental Exchange from $195.00 to $203.00 and gave the stock an "overweight" rating in a research note on Thursday, September 25th. Weiss Ratings reissued a "buy (b)" rating on shares of Intercontinental Exchange in a research note on Wednesday, October 8th. Finally, Barclays restated an "overweight" rating and set a $201.00 price objective (down from $212.00) on shares of Intercontinental Exchange in a research report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, Intercontinental Exchange currently has a consensus rating of "Moderate Buy" and a consensus price target of $198.60.

Insiders Place Their Bets

In other Intercontinental Exchange news, CEO Jeffrey C. Sprecher sold 150,000 shares of the business's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $183.09, for a total transaction of $27,463,500.00. Following the completion of the transaction, the chief executive officer owned 1,951,705 shares of the company's stock, valued at $357,337,668.45. The trade was a 7.14% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Judith A. Sprieser sold 2,900 shares of Intercontinental Exchange stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $174.51, for a total value of $506,079.00. Following the completion of the transaction, the director owned 18,169 shares in the company, valued at $3,170,672.19. The trade was a 13.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 240,956 shares of company stock worth $43,789,542 in the last ninety days. 1.00% of the stock is owned by insiders.

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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