Papamarkou Wellner Asset Management inc. Purchases New Shares in Intercontinental Exchange Inc. $ICE

Key Points

• Papamarkou Wellner Asset Management acquired 11,643 shares of Intercontinental Exchange, valued at approximately $1.83 million, making ICE 0.4% of its portfolio. Other institutional investors also increased their positions, with institutions collectively owning 89.3% of the stock.
• Intercontinental Exchange reported quarterly earnings of $1.90 per share, exceeding the $1.84 consensus estimate, while revenue reached $3.61 billion and rose 4.8% year over year.
• Analysts maintain a generally positive outlook, with ICE receiving a “Moderate Buy” consensus rating and an average price target of $183.33. However, company insiders sold 17,227 shares worth about $2.6 million over the past 90 days.

Papamarkou Wellner Asset Management inc. acquired a new stake in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) in the second quarter, according to its most recent filing with the SEC. The fund acquired 11,643 shares of the financial services provider's stock, valued at approximately $1,831,000. Intercontinental Exchange makes up 0.4% of Papamarkou Wellner Asset Management inc.'s holdings, making the stock its 29th largest holding.

Other hedge funds have also added to or reduced their stakes in the company. ICONIQ Capital LLC boosted its stake in shares of Intercontinental Exchange by 2.2% in the 2nd quarter. ICONIQ Capital LLC now owns 2,621 shares of the financial services provider's stock valued at $481,000 after purchasing an additional 56 shares in the last quarter. Mission Wealth Management LP raised its position in Intercontinental Exchange by 2.4% in the 4th quarter. Mission Wealth Management LP now owns 2,611 shares of the financial services provider's stock worth $423,000 after purchasing an additional 62 shares during the period. Johnson Financial Group LLC raised its position in Intercontinental Exchange by 4.0% in the 4th quarter. Johnson Financial Group LLC now owns 1,710 shares of the financial services provider's stock worth $277,000 after purchasing an additional 65 shares during the period. Cornerstone Planning Group LLC lifted its stake in Intercontinental Exchange by 33.5% in the first quarter. Cornerstone Planning Group LLC now owns 271 shares of the financial services provider's stock worth $42,000 after purchasing an additional 68 shares during the last quarter. Finally, Burns J W & Co. Inc. NY lifted its stake in Intercontinental Exchange by 0.6% in the first quarter. Burns J W & Co. Inc. NY now owns 12,189 shares of the financial services provider's stock worth $1,917,000 after purchasing an additional 69 shares during the last quarter. Hedge funds and other institutional investors own 89.30% of the company's stock.

Intercontinental Exchange Stock Down 0.5%

ICE opened at $161.19 on Friday. The company has a market capitalization of $90.49 billion, a PE ratio of 22.77, a price-to-earnings-growth ratio of 1.57 and a beta of 0.92. The firm has a 50-day simple moving average of $144.32 and a two-hundred day simple moving average of $151.43. 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 Inc. has a 52 week low of $121.79 and a 52 week high of $177.76.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The financial services provider reported $1.90 EPS for the quarter, beating the consensus estimate of $1.84 by $0.06. The company had revenue of $3.61 billion for the quarter, compared to the consensus estimate of $2.63 billion. Intercontinental Exchange had a net margin of 30.08% and a return on equity of 14.95%. The firm's revenue was up 4.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.81 EPS. Analysts forecast that Intercontinental Exchange Inc. will post 8.1 earnings per share for the current fiscal year.

Insider Activity

In other Intercontinental Exchange news, SVP Douglas Foley sold 7,300 shares of the stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $148.88, for a total value of $1,086,824.00. Following the sale, the senior vice president owned 19,063 shares of the company's stock, valued at $2,838,099.44. This trade represents a 27.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Warren Gardiner sold 2,491 shares of the business's stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $156.30, for a total value of $389,343.30. Following the transaction, the chief financial officer directly owned 22,698 shares of the company's stock, valued at approximately $3,547,697.40. This represents a 9.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 17,227 shares of company stock worth $2,598,301. 0.84% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

ICE has been the subject of several research analyst reports. Morgan Stanley lowered their price objective on shares of Intercontinental Exchange from $187.00 to $163.00 and set an "equal weight" rating for the company in a report on Friday, July 10th. TD Cowen reissued a "buy" rating and issued a $177.00 target price (up from $159.00) on shares of Intercontinental Exchange in a research report on Friday, July 31st. The Goldman Sachs Group lowered their target price on Intercontinental Exchange from $208.00 to $180.00 and set a "buy" rating for the company in a research note on Tuesday, June 30th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $178.00 price target on shares of Intercontinental Exchange in a research note on Friday, July 31st. Finally, UBS Group reiterated a "buy" rating and issued a $195.00 price objective (up from $190.00) on shares of Intercontinental Exchange in a report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, Intercontinental Exchange presently has an average rating of "Moderate Buy" and an average price target of $183.33.

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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