M&T Bank Corp Increases Stock Position in Intercontinental Exchange Inc. $ICE

Key Points

• M&T Bank Corp increased its stake in Intercontinental Exchange by 38.8% in Q4, adding 13,575 shares to hold 48,597 shares valued at about $7.87 million.
• Intercontinental Exchange reported strong results on April 30—EPS of $2.35 (beat by $0.12) and revenue of $3.67 billion, up 20.4% year-over-year; the stock carries an average analyst rating of Buy with a $194.10 price target.
• Insider selling has been notable: CEO Jeffrey C. Sprecher sold 150,000 shares (~$23.25M) on Feb. 18, and insiders have sold 348,418 shares (~$54.2M) over the past three months, leaving insiders with about 0.84% ownership.

M&T Bank Corp grew its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 38.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 48,597 shares of the financial services provider's stock after acquiring an additional 13,575 shares during the quarter. M&T Bank Corp's holdings in Intercontinental Exchange were worth $7,871,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of 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 valued at $8,770,647,000 after acquiring an additional 413,639 shares during the last quarter. State Street Corp boosted its holdings in shares of Intercontinental Exchange by 0.8% in the third quarter. State Street Corp now owns 24,816,744 shares of the financial services provider's stock worth $4,181,125,000 after buying an additional 194,325 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Intercontinental Exchange by 64.7% in the third quarter. Wellington Management Group LLP now owns 10,354,224 shares of the financial services provider's stock worth $1,744,480,000 after buying an additional 4,067,922 shares during the last quarter. Capital World Investors boosted its holdings in shares of Intercontinental Exchange by 15.2% in the third quarter. Capital World Investors now owns 7,028,964 shares of the financial services provider's stock worth $1,184,238,000 after buying an additional 928,047 shares during the last quarter. Finally, Sands Capital Management LLC boosted its holdings in shares of Intercontinental Exchange by 6.9% in the third quarter. Sands Capital Management LLC now owns 5,677,266 shares of the financial services provider's stock worth $956,506,000 after buying an additional 364,227 shares during the last quarter. Hedge funds and other institutional investors own 89.30% of the company's stock.

Intercontinental Exchange Price Performance

Shares of NYSE:ICE opened at $155.32 on Wednesday. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.01 and a quick ratio of 1.01. Intercontinental Exchange Inc. has a 1-year low of $143.17 and a 1-year high of $189.35. The company has a market capitalization of $87.83 billion, a P/E ratio of 22.61, a P/E/G ratio of 1.54 and a beta of 0.96. The firm's 50 day simple moving average is $160.24 and its two-hundred day simple moving average is $159.99.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The financial services provider reported $2.35 earnings per share for the quarter, beating the consensus estimate of $2.23 by $0.12. Intercontinental Exchange had a net margin of 30.06% and a return on equity of 14.99%. The business had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $2.88 billion. During the same quarter in the previous year, the firm earned $1.72 earnings per share. The company's revenue for the quarter was up 20.4% on a year-over-year basis. Research analysts expect that Intercontinental Exchange Inc. will post 8.16 EPS for the current fiscal year.

Intercontinental Exchange Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Wednesday, December 16th will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Wednesday, December 16th. This represents a $2.08 annualized dividend and a yield of 1.3%. Intercontinental Exchange's payout ratio is currently 30.28%.

Insider Buying and Selling at Intercontinental Exchange

In other Intercontinental Exchange news, CEO Jeffrey C. Sprecher sold 150,000 shares of Intercontinental Exchange stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $155.00, for a total transaction of $23,250,000.00. Following the transaction, the chief executive officer owned 1,651,705 shares of the company's stock, valued at $256,014,275. The trade was a 8.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Mayur Kapani sold 15,213 shares of Intercontinental Exchange stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $155.02, for a total transaction of $2,358,319.26. Following the transaction, the chief technology officer directly owned 64,869 shares in the company, valued at $10,055,992.38. This represents a 19.00% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 348,418 shares of company stock valued at $54,196,631. 0.84% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts recently issued reports on ICE shares. Piper Sandler reissued an "overweight" rating and issued a $211.00 price objective (up from $195.00) on shares of Intercontinental Exchange in a report on Wednesday, April 15th. Raymond James Financial reissued a "strong-buy" rating and issued a $211.00 price objective on shares of Intercontinental Exchange in a report on Tuesday, January 6th. Wall Street Zen raised shares of Intercontinental Exchange from a "sell" rating to a "hold" rating in a report on Saturday, February 7th. Barclays reissued an "overweight" rating and issued a $201.00 price objective (up from $198.00) on shares of Intercontinental Exchange in a report on Friday. Finally, Weiss Ratings downgraded shares of Intercontinental Exchange from a "buy (b)" rating to a "buy (b-)" rating in a report on Friday, April 24th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $194.10.

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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