The Manufacturers Life Insurance Company Has $115.27 Million Stock Position in Intercontinental Exchange Inc. $ICE

Key Points

• The Manufacturers Life Insurance Company reduced its holdings in Intercontinental Exchange by 3.4%, owning 668,211 shares valued at approximately $115 million as of the latest filing.
• Intercontinental Exchange reported earnings of $1.81 EPS for the last quarter, exceeding analysts' expectations and marking a 9.8% year-over-year revenue increase.
• Analysts have a consensus rating of "Moderate Buy" for Intercontinental Exchange, with the average price target set at $194.92, reflecting positive sentiment toward the stock's future performance.

The Manufacturers Life Insurance Company lowered its position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 3.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 668,211 shares of the financial services provider's stock after selling 23,550 shares during the quarter. The Manufacturers Life Insurance Company owned 0.12% of Intercontinental Exchange worth $115,266,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in ICE. Vanguard Group Inc. increased its holdings in shares of Intercontinental Exchange by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 52,940,356 shares of the financial services provider's stock valued at $9,132,211,000 after purchasing an additional 712,179 shares during the period. Royal Bank of Canada increased its holdings in Intercontinental Exchange by 132.9% in the fourth quarter. Royal Bank of Canada now owns 9,121,352 shares of the financial services provider's stock worth $1,359,173,000 after buying an additional 5,204,309 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Intercontinental Exchange by 491.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,433,497 shares of the financial services provider's stock worth $1,109,780,000 after buying an additional 5,345,388 shares during the last quarter. Independent Franchise Partners LLP increased its holdings in Intercontinental Exchange by 0.5% in the first quarter. Independent Franchise Partners LLP now owns 6,192,424 shares of the financial services provider's stock worth $1,068,193,000 after buying an additional 31,588 shares during the last quarter. Finally, Wellington Management Group LLP increased its holdings in Intercontinental Exchange by 113.9% in the first quarter. Wellington Management Group LLP now owns 5,943,363 shares of the financial services provider's stock worth $1,025,230,000 after buying an additional 3,165,381 shares during the last quarter. 89.30% of the stock is owned by institutional investors and hedge funds.

Intercontinental Exchange Price Performance

Shares of NYSE:ICE traded down $0.17 on Wednesday, hitting $174.92. The stock had a trading volume of 1,900,280 shares, compared to its average volume of 2,973,573. The company has a market capitalization of $100.13 billion, a price-to-earnings ratio of 33.57, a price-to-earnings-growth ratio of 2.11 and a beta of 1.10. Intercontinental Exchange Inc. has a twelve month low of $142.29 and a twelve month 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 firm's 50 day moving average price is $181.88 and its 200-day moving average price is $174.66.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The financial services provider reported $1.81 EPS for the quarter, beating analysts' consensus estimates of $1.77 by $0.04. The firm had revenue of $3.26 billion for the quarter, compared to analyst estimates of $2.50 billion. Intercontinental Exchange had a net margin of 23.92% and a return on equity of 13.66%. The company's revenue for the quarter was up 9.8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.52 earnings per share. On average, equities research analysts predict that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current year.

Insider Buying and Selling at Intercontinental Exchange

In related news, Director Duriya M. Farooqui sold 2,036 shares of the company's stock in a transaction dated Wednesday, August 27th. The shares were sold at an average price of $178.34, for a total transaction of $363,100.24. Following the transaction, the director owned 14,299 shares in the company, valued at $2,550,083.66. This represents a 12.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Douglas Foley sold 1,600 shares of the company's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $177.48, for a total transaction of $283,968.00. Following the transaction, the senior vice president owned 27,313 shares in the company, valued at $4,847,511.24. The trade was a 5.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 231,678 shares of company stock worth $42,358,043 over the last quarter. Corporate insiders own 1.00% of the company's stock.

Analyst Ratings Changes

Several equities analysts have commented on the stock. UBS Group increased their target price on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. Barclays raised their target price on shares of Intercontinental Exchange from $206.00 to $212.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Finally, Piper Sandler raised their target price on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the company an "overweight" rating in a research note on Tuesday, July 15th. Ten equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus 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.