Intercontinental Exchange Inc. $ICE Shares Sold by United Bank

Key Points

• United Bank reduced its holdings in Intercontinental Exchange by 15.6%, owning 10,841 shares valued at approximately $1.99 million after selling 2,001 shares in the second quarter.
• Several large investors increased their positions in Intercontinental Exchange, with notable increases including Advisors Capital Management's 25% boost in holdings during the first quarter.
• Analysts are optimistic about the stock, with multiple upgrades and an average price target of $199.60, reflecting a consensus rating of Moderate Buy.

United Bank lessened its position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 15.6% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,841 shares of the financial services provider's stock after selling 2,001 shares during the period. United Bank's holdings in Intercontinental Exchange were worth $1,989,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Advisors Capital Management LLC boosted its holdings in shares of Intercontinental Exchange by 25.0% in the 1st quarter. Advisors Capital Management LLC now owns 1,978 shares of the financial services provider's stock valued at $341,000 after buying an additional 396 shares in the last quarter. Capital Investment Advisory Services LLC acquired a new position in shares of Intercontinental Exchange in the 1st quarter valued at $349,000. Sequoia Financial Advisors LLC boosted its holdings in shares of Intercontinental Exchange by 18.3% in the 1st quarter. Sequoia Financial Advisors LLC now owns 12,168 shares of the financial services provider's stock valued at $2,099,000 after buying an additional 1,879 shares in the last quarter. First American Bank boosted its holdings in shares of Intercontinental Exchange by 2.1% in the 1st quarter. First American Bank now owns 76,332 shares of the financial services provider's stock valued at $13,167,000 after buying an additional 1,580 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in shares of Intercontinental Exchange by 6.3% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 69,143 shares of the financial services provider's stock valued at $11,927,000 after buying an additional 4,107 shares in the last quarter. Institutional investors and hedge funds own 89.30% of the company's stock.

Analyst Upgrades and Downgrades

ICE has been the subject of several research reports. Piper Sandler upped their price target on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the company an "overweight" rating in a research report on Tuesday, July 15th. JPMorgan Chase & Co. upped their price target on shares of Intercontinental Exchange from $195.00 to $203.00 and gave the company an "overweight" rating in a research report on Thursday, September 25th. Raymond James Financial upgraded shares of Intercontinental Exchange from an "outperform" rating to a "strong-buy" rating and set a $210.00 price target for the company in a research report on Monday. 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. Finally, Barclays restated an "overweight" rating and set a $201.00 price objective (down previously from $212.00) on shares of Intercontinental Exchange in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Intercontinental Exchange currently has a consensus rating of "Moderate Buy" and an average price target of $199.60.

Insider Buying and Selling at Intercontinental Exchange

In related news, CTO Mayur Kapani sold 10,082 shares of the firm's stock in a transaction that occurred on Wednesday, October 8th. The shares were sold at an average price of $158.88, for a total value of $1,601,828.16. Following the transaction, the chief technology officer owned 65,240 shares in the company, valued at approximately $10,365,331.20. This trade represents a 13.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Jeffrey C. Sprecher sold 150,000 shares of the firm's stock in a transaction that occurred 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 in the company, valued at $357,337,668.45. The trade was a 7.14% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 240,956 shares of company stock worth $43,789,542. 1.00% of the stock is currently owned by insiders.

Intercontinental Exchange Price Performance

Shares of NYSE ICE opened at $153.52 on Friday. The stock has a market cap of $87.88 billion, a price-to-earnings ratio of 29.47, a PEG ratio of 2.14 and a beta of 1.08. Intercontinental Exchange Inc. has a 52 week low of $142.29 and a 52 week high of $189.35. The company's 50-day moving average price is $170.86 and its 200 day moving average price is $173.52. 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 released 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 company had revenue of $3.26 billion for the quarter, compared to analysts' expectations of $2.50 billion. During the same period last year, the company earned $1.52 EPS. The firm's revenue for the quarter was up 9.8% compared to the same quarter last year. As a group, research analysts forecast that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current fiscal year.

Intercontinental Exchange Profile

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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