TD Asset Management Inc Reduces Holdings in Intercontinental Exchange Inc. $ICE

Key Points

• TD Asset Management cut its Intercontinental Exchange stake by 6% in the fourth quarter, leaving it with 217,546 shares worth about $35.2 million.
• Despite some mixed sentiment, Wall Street remains generally upbeat on ICE, with a consensus “Moderate Buy” rating and an average target price of $194.60.
• ICE reported better-than-expected Q1 earnings of $2.35 per share on revenue of $3.67 billion, while insiders recently sold shares, including the CFO and a director.

TD Asset Management Inc trimmed its position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 6.0% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 217,546 shares of the financial services provider's stock after selling 13,998 shares during the quarter. TD Asset Management Inc's holdings in Intercontinental Exchange were worth $35,234,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of ICE. Brighton Jones LLC lifted its position in shares of Intercontinental Exchange by 51.3% during the fourth quarter. Brighton Jones LLC now owns 3,448 shares of the financial services provider's stock worth $514,000 after purchasing an additional 1,169 shares during the last quarter. Empowered Funds LLC lifted its position in shares of Intercontinental Exchange by 9.0% during the first quarter. Empowered Funds LLC now owns 14,396 shares of the financial services provider's stock worth $2,483,000 after purchasing an additional 1,189 shares during the last quarter. Sivia Capital Partners LLC lifted its position in shares of Intercontinental Exchange by 16.2% during the second quarter. Sivia Capital Partners LLC now owns 2,078 shares of the financial services provider's stock worth $381,000 after purchasing an additional 289 shares during the last quarter. NewEdge Advisors LLC lifted its position in shares of Intercontinental Exchange by 27.9% during the second quarter. NewEdge Advisors LLC now owns 21,213 shares of the financial services provider's stock worth $3,892,000 after purchasing an additional 4,628 shares during the last quarter. Finally, Treasurer of the State of North Carolina lifted its position in shares of Intercontinental Exchange by 2.4% during the second quarter. Treasurer of the State of North Carolina now owns 266,496 shares of the financial services provider's stock worth $48,894,000 after purchasing an additional 6,373 shares during the last quarter. 89.30% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ICE has been the subject of several research analyst reports. Weiss Ratings downgraded Intercontinental Exchange from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday. Deutsche Bank Aktiengesellschaft upgraded Intercontinental Exchange from a "hold" rating to a "buy" rating and set a $188.00 target price for the company in a research report on Friday, March 6th. Piper Sandler reiterated an "overweight" rating and set a $211.00 target price (up from $195.00) on shares of Intercontinental Exchange in a research report on Wednesday, April 15th. UBS Group reiterated a "buy" rating and set a $205.00 target price on shares of Intercontinental Exchange in a research report on Wednesday, May 20th. Finally, Keefe, Bruyette & Woods initiated coverage on Intercontinental Exchange in a report on Wednesday, April 8th. They issued an "outperform" rating and a $190.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $194.60.

Intercontinental Exchange Stock Performance

ICE stock opened at $141.36 on Friday. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.01 and a quick ratio of 1.01. The business has a 50-day moving average price of $155.83 and a 200 day moving average price of $159.72. The company has a market capitalization of $79.94 billion, a P/E ratio of 20.58, a PEG ratio of 1.36 and a beta of 0.92. Intercontinental Exchange Inc. has a 1-year low of $136.67 and a 1-year high of $189.35.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last released its quarterly earnings data 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. The firm had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $2.88 billion. Intercontinental Exchange had a return on equity of 14.99% and a net margin of 30.06%.The firm's quarterly revenue was up 20.4% on a year-over-year basis. During the same period in the previous year, the company posted $1.72 earnings per share. As a group, equities research analysts forecast that Intercontinental Exchange Inc. will post 8.16 EPS for the current fiscal year.

Insider Transactions at Intercontinental Exchange

In related news, Director Sharon Bowen sold 667 shares of Intercontinental Exchange stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $151.28, for a total value of $100,903.76. Following the completion of the sale, the director directly owned 15,077 shares in the company, valued at $2,280,848.56. The trade was a 4.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Warren Gardiner sold 2,490 shares of Intercontinental Exchange stock in a transaction dated Tuesday, May 19th. The shares were 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 owned 25,189 shares of the company's stock, valued at $3,945,604.96. The trade was a 9.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 12,001 shares of company stock valued at $1,847,820. Insiders own 0.84% of the company's stock.

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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