State Street Corp Buys 837,208 Shares of Intercontinental Exchange Inc. $ICE

Key Points

• State Street Corp increased its stake in Intercontinental Exchange by 3.4% in the fourth quarter, buying 837,208 additional shares. It now owns 25.65 million shares, worth about $4.15 billion, or roughly 4.52% of the company.
• Insider selling has recently occurred, including sales by Director Sharon Bowen and General Counsel Andrew J. Surdykowski. Over the last 90 days, insiders sold 12,092 shares worth about $1.86 million.
• Analysts remain broadly positive on ICE, with a consensus rating of “Moderate Buy” and an average price target of $193. The company also beat quarterly expectations, reporting EPS of $2.35 versus $2.23 expected and revenue of $3.67 billion.

State Street Corp boosted its stake in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 3.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 25,653,952 shares of the financial services provider's stock after purchasing an additional 837,208 shares during the period. State Street Corp owned about 4.52% of Intercontinental Exchange worth $4,154,914,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in ICE. Ares Financial Consulting LLC bought a new position in Intercontinental Exchange in the 4th quarter valued at approximately $25,000. Holos Integrated Wealth LLC bought a new position in Intercontinental Exchange in the 4th quarter valued at approximately $28,000. Steph & Co. lifted its stake in Intercontinental Exchange by 104.7% in the 4th quarter. Steph & Co. now owns 174 shares of the financial services provider's stock valued at $28,000 after purchasing an additional 89 shares during the last quarter. Swiss RE Ltd. bought a new position in shares of Intercontinental Exchange during the fourth quarter valued at $28,000. Finally, Dorato Capital Management bought a new position in shares of Intercontinental Exchange during the fourth quarter valued at $29,000. Institutional investors own 89.30% of the company's stock.

Insider Activity

In related news, Director Sharon Bowen sold 667 shares of Intercontinental Exchange stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $151.28, for a total transaction of $100,903.76. Following the completion of the transaction, the director owned 15,077 shares of the company's stock, valued at $2,280,848.56. This trade represents a 4.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Andrew J. Surdykowski sold 4,573 shares of Intercontinental Exchange stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $151.56, for a total transaction of $693,083.88. Following the transaction, the general counsel directly owned 45,473 shares of the company's stock, valued at $6,891,887.88. This represents a 9.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 12,092 shares of company stock worth $1,860,424 over the last ninety days. Corporate insiders own 0.84% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Rothschild & Co Redburn set a $177.00 price target on shares of Intercontinental Exchange in a research note on Thursday. Piper Sandler reaffirmed an "overweight" rating and set a $211.00 price target (up from $195.00) on shares of Intercontinental Exchange in a research note on Wednesday, April 15th. UBS Group reaffirmed a "buy" rating and set a $205.00 price target on shares of Intercontinental Exchange in a research note on Wednesday, May 20th. Keefe, Bruyette & Woods assumed coverage on shares of Intercontinental Exchange in a research note on Wednesday, April 8th. They set an "outperform" rating and a $190.00 price target for the company. Finally, Barclays reaffirmed an "overweight" rating and set a $201.00 price target (up from $198.00) on shares of Intercontinental Exchange in a research note on Friday, May 1st. One investment 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $193.00.

Intercontinental Exchange Price Performance

Shares of NYSE ICE opened at $140.26 on Friday. Intercontinental Exchange Inc. has a twelve month low of $136.67 and a twelve month high of $189.35. The firm has a fifty day simple moving average of $154.22 and a 200 day simple moving average of $159.27. The company has a market capitalization of $79.32 billion, a PE ratio of 20.42, a P/E/G ratio of 1.33 and a beta of 0.92. 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 earnings results on Thursday, April 30th. The financial services provider reported $2.35 earnings per share for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $2.88 billion. During the same quarter last year, the firm earned $1.72 earnings per share. Intercontinental Exchange's quarterly revenue was up 20.4% on a year-over-year basis. On average, sell-side analysts forecast that Intercontinental Exchange Inc. will post 8.16 EPS for the current year.

Intercontinental Exchange 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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