Intercontinental Exchange Inc. $ICE Position Trimmed by Tompkins Financial Corp

Key Points

• Tompkins Financial cut its Intercontinental Exchange stake by 32.4% in the third quarter, selling 10,283 shares and retaining 21,454 shares valued at approximately $3.26 million.
• Institutional investors and hedge funds own roughly 89.3% of ICE’s outstanding stock, while company insiders own only 0.84% and have sold 41,179 shares worth about $6.47 million over the past 90 days.
• ICE shares recently traded near $151.51, with analysts maintaining a “Moderate Buy” consensus and an average price target of $181.77, despite recent rating downgrades and price-target cuts from several firms.

Tompkins Financial Corp trimmed its position in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 32.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 21,454 shares of the financial services provider's stock after selling 10,283 shares during the quarter. Tompkins Financial Corp's holdings in Intercontinental Exchange were worth $3,262,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Rakuten Securities Inc. acquired a new position in shares of Intercontinental Exchange in the 2nd quarter valued at $26,000. Brooklands Fund Management Ltd acquired a new position in shares of Intercontinental Exchange in the fourth quarter worth about $28,000. Gables Capital Management Inc. acquired a new position in shares of Intercontinental Exchange in the second quarter worth about $31,000. Fiduciary Financial Advisors purchased a new stake in shares of Intercontinental Exchange during the 2nd quarter worth about $33,000. Finally, Clearstead Trust LLC acquired a new stake in shares of Intercontinental Exchange during the 2nd quarter valued at about $37,000. Institutional investors and hedge funds own 89.30% of the company's stock.

Trending Headlines about Intercontinental Exchange

Here are the key news stories impacting Intercontinental Exchange this week:

• Positive Sentiment: Freight-market expansion and rising volumes: ICE launched new futures and options tied to very large crude carriers (VLCCs), tankers and container freight. Average daily volume across its freight markets is up 33% year to date, indicating growing customer demand for hedging global shipping exposure and expanding ICE’s derivatives revenue opportunity. ICE freight contracts announcement
• Positive Sentiment: Potential digital-assets growth platform: ICE’s OKXICE joint venture filed with the SEC to create a 24/7 tokenized-securities venue for U.S. stocks, potentially covering more than 60 listed companies. The use of Uniswap v4 technology could broaden ICE’s reach into blockchain-based trading and create a new market-infrastructure opportunity, although the platform remains subject to regulatory and execution risks. Reuters tokenized trading platform article
• Positive Sentiment: Mortgage-market activity is shifting: ICE Mortgage Monitor reported adjustable-rate mortgage demand at a nearly four-year high as mortgage rates rise. Increased refinancing, origination or servicing activity could benefit ICE’s mortgage-technology and data businesses, though higher rates may weaken overall housing demand. ICE Mortgage Monitor article
• Neutral Sentiment: September and third-quarter statistics: ICE reported its latest operating statistics, giving investors an updated view of exchange, clearing and data activity. The release is constructive if volumes remained strong, but the market’s reaction will depend on the detailed figures and their implications for upcoming revenue. ICE September and third-quarter statistics
• Negative Sentiment: Analyst sentiment deteriorated: TD Cowen downgraded ICE from Buy to Hold and reduced its price target to $166 from $177. Wells Fargo also initiated unfavorable coverage with a Strong Sell rating, creating near-term pressure despite ICE’s operating initiatives. TD Cowen downgrade article

Wall Street Analysts Forecast Growth

Several analysts have commented on ICE shares. Weiss Ratings lowered Intercontinental Exchange from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday, September 8th. TD Cowen lowered shares of Intercontinental Exchange from a "buy" rating to a "hold" rating and cut their price target for the stock from $177.00 to $166.00 in a report on Monday. The Goldman Sachs Group reduced their price objective on shares of Intercontinental Exchange from $208.00 to $180.00 and set a "buy" rating for the company in a research report on Tuesday, June 30th. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $178.00 price target on shares of Intercontinental Exchange in a research report on Friday, July 31st. Finally, Morgan Stanley lowered their price objective on Intercontinental Exchange from $187.00 to $163.00 and set an "equal weight" rating on the stock in a report on Friday, July 10th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Intercontinental Exchange presently has a consensus rating of "Moderate Buy" and a consensus target price of $181.77.

Insider Activity at Intercontinental Exchange

In other Intercontinental Exchange news, President Benjamin Jackson sold 12,862 shares of the stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $160.09, for a total transaction of $2,059,077.58. Following the completion of the sale, the president directly owned 164,264 shares of the company's stock, valued at approximately $26,297,023.76. This trade represents a 7.26% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Christopher Edmonds sold 5,000 shares of the stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $160.59, for a total value of $802,950.00. Following the sale, the insider directly owned 14,367 shares of the company's stock, valued at approximately $2,307,196.53. This represents a 25.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 41,179 shares of company stock valued at $6,473,715. Corporate insiders own 0.84% of the company's stock.

Intercontinental Exchange Trading Up 0.9%

Intercontinental Exchange stock traded up $1.36 during midday trading on Monday, reaching $151.51. 935,107 shares of the stock traded hands, compared to its average volume of 3,825,255. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.63. The firm has a market cap of $85.06 billion, a PE ratio of 21.40, a price-to-earnings-growth ratio of 1.45 and a beta of 0.94. The company has a 50-day simple moving average of $155.65 and a two-hundred day simple moving average of $150.91. Intercontinental Exchange Inc. has a 12-month low of $121.79 and a 12-month high of $176.05.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last released its earnings results on Thursday, July 30th. The financial services provider reported $1.90 EPS for the quarter, topping 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 analysts' expectations of $2.63 billion. During the same period in the previous year, the firm posted $1.81 EPS. Intercontinental Exchange's revenue for the quarter was up 4.8% on a year-over-year basis. Research analysts expect that Intercontinental Exchange Inc. will post 8.12 earnings per share for the current fiscal year.

Intercontinental Exchange Company Profile

Intercontinental Exchange, Inc NYSE: ICE operates global exchanges, clearinghouses, data services and technology platforms. The company provides marketplaces and infrastructure that support the trading, clearing and management of risk across financial and commodity markets.

Its businesses include the New York Stock Exchange, ICE Futures exchanges and ICE Clear clearinghouses. ICE offers trading and clearing services for equities, equity options, interest rates, currencies, energy, agricultural commodities, metals and other contracts.

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