PNC Financial Services Group Inc. Purchases 2,075 Shares of Intercontinental Exchange Inc. (NYSE:ICE)

Key Points

• PNC Financial Services Group Inc. increased its stake in Intercontinental Exchange by 1.2%, now owning a total of 182,089 shares valued at approximately $31.41 million.
• Analysts have raised their target prices for Intercontinental Exchange, with Morgan Stanley increasing their target from $181 to $192 and Barclays moving from $206 to $212.
• Intercontinental Exchange recently reported a 9.8% increase in quarterly revenue year-over-year, achieving earnings per share of $1.81, exceeding estimates.

PNC Financial Services Group Inc. boosted its stake in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 1.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 182,089 shares of the financial services provider's stock after buying an additional 2,075 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Intercontinental Exchange were worth $31,410,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. REAP Financial Group LLC lifted its holdings in Intercontinental Exchange by 116.7% in the fourth quarter. REAP Financial Group LLC now owns 169 shares of the financial services provider's stock valued at $25,000 after buying an additional 91 shares during the period. Tsfg LLC boosted its position in shares of Intercontinental Exchange by 187.3% in the 1st quarter. Tsfg LLC now owns 158 shares of the financial services provider's stock worth $27,000 after purchasing an additional 103 shares during the last quarter. Menard Financial Group LLC acquired a new stake in shares of Intercontinental Exchange during the fourth quarter worth $29,000. Rakuten Securities Inc. increased its holdings in Intercontinental Exchange by 595.8% in the first quarter. Rakuten Securities Inc. now owns 167 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 143 shares during the last quarter. Finally, Global Trust Asset Management LLC acquired a new position in Intercontinental Exchange in the first quarter valued at about $31,000. Institutional investors and hedge funds own 89.30% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ICE. Morgan Stanley boosted their target price on Intercontinental Exchange from $181.00 to $192.00 and gave the stock an "equal weight" rating in a research report on Monday, May 5th. Piper Sandler upped their target price on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the company an "overweight" rating in a research note on Tuesday, July 15th. Keefe, Bruyette & Woods lifted their price target on shares of Intercontinental Exchange from $183.00 to $189.00 and gave the stock an "outperform" rating in a research report on Friday, May 2nd. UBS Group upped their price objective 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 lifted their target price on Intercontinental Exchange from $206.00 to $212.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $194.92.

Insiders Place Their Bets

In other Intercontinental Exchange news, Director Sharon Bowen sold 794 shares of Intercontinental Exchange stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $185.00, for a total value of $146,890.00. Following the completion of the sale, the director owned 14,206 shares in the company, valued at $2,628,110. The trade was a 5.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Andrew J. Surdykowski sold 3,848 shares of Intercontinental Exchange stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $179.12, for a total transaction of $689,253.76. Following the completion of the sale, the general counsel owned 48,480 shares of the company's stock, valued at approximately $8,683,737.60. The trade was a 7.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 226,913 shares of company stock worth $40,671,107 over the last three months. 1.00% of the stock is currently owned by corporate insiders.

Intercontinental Exchange Stock Performance

NYSE:ICE traded up $0.67 on Wednesday, hitting $188.07. The company's stock had a trading volume of 2,690,504 shares, compared to its average volume of 2,996,050. 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 Inc. has a one year low of $142.29 and a one year high of $189.23. The stock has a fifty day moving average of $181.13 and a two-hundred day moving average of $171.90. The firm has a market capitalization of $107.65 billion, a P/E ratio of 36.10, a price-to-earnings-growth ratio of 2.23 and a beta of 1.11.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The financial services provider reported $1.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.77 by $0.04. Intercontinental Exchange had a return on equity of 13.66% and a net margin of 23.92%. The business had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $2.50 billion. During the same quarter last year, the firm posted $1.52 EPS. The company's quarterly revenue was up 9.8% on a year-over-year basis. Research analysts predict that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current year.

Intercontinental Exchange Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be issued a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 1.0%. Intercontinental Exchange's payout ratio is currently 36.85%.

About Intercontinental Exchange

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.