Marks Group Wealth Management Inc Has $11.65 Million Stock Holdings in Intercontinental Exchange Inc. $ICE

Key Points

• Marks Group Wealth Management cut its Intercontinental Exchange position by 23.6% in Q1, selling 22,877 shares and leaving it with 74,093 shares worth about $11.65 million.
• Several major institutions also adjusted ICE holdings, with firms like Vanguard, State Street, Morgan Stanley, and Norges Bank maintaining large stakes; institutional investors now own 89.3% of the company.
• ICE reported better-than-expected quarterly results, including EPS of $2.35 versus $2.23 expected and revenue of $3.67 billion, while analysts currently rate the stock a Moderate Buy with an average price target of $181.58.

Marks Group Wealth Management Inc trimmed its position in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 23.6% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 74,093 shares of the financial services provider's stock after selling 22,877 shares during the period. Intercontinental Exchange comprises approximately 1.1% of Marks Group Wealth Management Inc's holdings, making the stock its 15th largest holding. Marks Group Wealth Management Inc's holdings in Intercontinental Exchange were worth $11,653,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Intercontinental Exchange by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 54,153,170 shares of the financial services provider's stock worth $8,770,647,000 after purchasing an additional 413,639 shares during the last quarter. J. Stern & Co. LLP grew its position in shares of Intercontinental Exchange by 17,398.1% during the 4th quarter. J. Stern & Co. LLP now owns 54,107,273 shares of the financial services provider's stock worth $8,763,214,000 after buying an additional 53,798,055 shares during the period. State Street Corp grew its position in shares of Intercontinental Exchange by 3.4% during the 4th quarter. State Street Corp now owns 25,653,952 shares of the financial services provider's stock worth $4,154,914,000 after buying an additional 837,208 shares during the period. Morgan Stanley raised its stake in shares of Intercontinental Exchange by 1.0% during the fourth quarter. Morgan Stanley now owns 15,875,593 shares of the financial services provider's stock worth $2,571,212,000 after buying an additional 158,450 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Intercontinental Exchange during the fourth quarter worth approximately $1,418,228,000. Institutional investors own 89.30% of the company's stock.

Analyst Upgrades and Downgrades

ICE has been the topic of a number of recent research reports. Morgan Stanley reduced their price objective on shares of Intercontinental Exchange from $187.00 to $163.00 and set an "equal weight" rating on the stock in a research note on Friday, July 10th. Weiss Ratings cut shares of Intercontinental Exchange from a "hold (c+)" rating to a "hold (c)" rating in a research report on Wednesday, June 17th. UBS Group cut their price target on Intercontinental Exchange from $205.00 to $190.00 and set a "buy" rating on the stock in a research note on Tuesday, July 7th. The Goldman Sachs Group reduced their price target on Intercontinental Exchange from $208.00 to $180.00 and set a "buy" rating on the stock in a research report on Tuesday, June 30th. Finally, Piper Sandler dropped their price objective on Intercontinental Exchange from $211.00 to $190.00 and set an "overweight" rating for the company in a report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Intercontinental Exchange has an average rating of "Moderate Buy" and a consensus price target of $181.58.

Insider Activity

In other Intercontinental Exchange news, CFO Warren Gardiner sold 2,490 shares of the stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $156.64, for a total value of $390,033.60. Following the completion of the sale, the chief financial officer directly owned 25,189 shares in the company, valued at $3,945,604.96. This represents a 9.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William Jefferson Hague sold 1,333 shares of the stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $139.46, for a total value of $185,900.18. Following the completion of the sale, the director owned 20,132 shares of the company's stock, valued at $2,807,608.72. This trade represents a 6.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 13,425 shares of company stock valued at $2,046,324. Company insiders own 0.84% of the company's stock.

Intercontinental Exchange Trading Up 1.6%

Shares of NYSE ICE opened at $139.79 on Thursday. The company's fifty day moving average is $141.45 and its 200-day moving average is $155.04. The stock has a market cap of $79.05 billion, a price-to-earnings ratio of 20.35, a P/E/G ratio of 1.41 and a beta of 0.94. Intercontinental Exchange Inc. has a twelve month low of $121.79 and a twelve month high of $189.35. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.63.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The financial services provider reported $2.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.23 by $0.12. The company had revenue of $3.67 billion during the quarter, compared to analyst estimates of $2.88 billion. Intercontinental Exchange had a net margin of 30.06% and a return on equity of 14.99%. The firm's revenue was up 20.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.72 EPS. Equities research analysts predict that Intercontinental Exchange Inc. will post 8.11 EPS for the current year.

Intercontinental Exchange Company Profile

Intercontinental Exchange NYSE: ICE is a global operator of exchanges, clearing houses and data services that provides infrastructure for the trading, clearing, settlement and information needs of financial and commodity markets. Founded in 2000 by Jeffrey C. Sprecher as an electronic energy trading platform, the company has grown through organic expansion and acquisitions to operate a broad portfolio of assets spanning listed equities, futures and options, fixed income, and over-the-counter derivatives.

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