Intercontinental Exchange Inc. $ICE Shares Sold by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company cut its Intercontinental Exchange stake by 18.3% in the second quarter, selling 130,417 shares and retaining 583,051 shares worth approximately $71.8 million. Institutional investors collectively own 89.3% of ICE.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $184.17, despite some firms lowering targets. Recent targets range from $177 to $195 among major analysts.
• ICE reported quarterly EPS of $1.90, exceeding estimates of $1.84, while revenue rose 4.8% year over year to $3.61 billion. The stock opened at $157.49, up 1.1%, with a market capitalization of about $88.4 billion.

The Manufacturers Life Insurance Company reduced its stake in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 18.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 583,051 shares of the financial services provider's stock after selling 130,417 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.10% of Intercontinental Exchange worth $71,779,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of ICE. Rakuten Securities Inc. acquired a new position in shares of Intercontinental Exchange in the 2nd quarter worth approximately $26,000. Brooklands Fund Management Ltd purchased a new position in shares of Intercontinental Exchange during the 4th quarter worth approximately $28,000. Swiss RE Ltd. acquired a new stake in Intercontinental Exchange in the 4th quarter valued at approximately $28,000. Lloyd Advisory Services LLC. purchased a new stake in Intercontinental Exchange in the fourth quarter valued at approximately $30,000. Finally, Gables Capital Management Inc. purchased a new stake in Intercontinental Exchange in the second quarter valued at approximately $31,000. Institutional investors and hedge funds own 89.30% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently commented on ICE shares. The Goldman Sachs Group lowered their price target on Intercontinental Exchange from $208.00 to $180.00 and set a "buy" rating for the company in a research report on Tuesday, June 30th. TD Cowen reiterated a "buy" rating and issued a $177.00 price objective (up from $159.00) on shares of Intercontinental Exchange in a report on Friday, July 31st. Barclays reissued an "overweight" rating and set a $182.00 target price (up from $180.00) on shares of Intercontinental Exchange in a research note on Friday, July 31st. UBS Group reaffirmed a "buy" rating and issued a $195.00 target price (up from $190.00) on shares of Intercontinental Exchange in a research report on Friday, July 31st. Finally, Piper Sandler cut their price target on shares of Intercontinental Exchange from $211.00 to $190.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Intercontinental Exchange has a consensus rating of "Moderate Buy" and a consensus target price of $184.17.

Insider Activity at Intercontinental Exchange

In other Intercontinental Exchange news, SVP Douglas Foley sold 7,300 shares of the stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $148.88, for a total value of $1,086,824.00. Following the sale, the senior vice president directly owned 19,063 shares of the company's stock, valued at approximately $2,838,099.44. This represents a 27.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, General Counsel Andrew Surdykowski sold 4,574 shares of the firm's stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $161.77, for a total transaction of $739,935.98. Following the completion of the sale, the general counsel owned 43,065 shares in the company, valued at $6,966,625.05. The trade was a 9.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 39,579 shares of company stock worth $6,217,715 over the last ninety days. 0.84% of the stock is currently owned by insiders.

Intercontinental Exchange Trading Up 1.1%

ICE opened at $157.49 on Friday. Intercontinental Exchange Inc. has a 12 month low of $121.79 and a 12 month high of $176.59. The stock has a market capitalization of $88.41 billion, a price-to-earnings ratio of 22.24, a PEG ratio of 1.51 and a beta of 0.93. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.01 and a quick ratio of 1.01. The business has a fifty day moving average price of $151.14 and a 200 day moving average price of $151.76.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.84 by $0.06. Intercontinental Exchange had a return on equity of 14.95% and a net margin of 30.08%.The company had revenue of $3.61 billion for the quarter, compared to analyst estimates of $2.63 billion. During the same quarter last year, the company earned $1.81 EPS. Intercontinental Exchange's revenue for the quarter was up 4.8% compared to the same quarter last year. Sell-side analysts expect that Intercontinental Exchange Inc. will post 8.1 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 for trading and clearing a range of financial and commodity products, including energy, agricultural commodities, interest rates, credit and equities.

ICE owns and operates the New York Stock Exchange and related equity markets, as well as futures and options exchanges in North America and Europe. Its businesses also include ICE Data Services, which provides market data, analytics, connectivity and other information services to financial institutions and corporations.

Through ICE Mortgage Technology, the company offers software and digital platforms designed to support residential mortgage origination, processing, servicing and related workflows.

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