The Manufacturers Life Insurance Company Makes New $71.78 Million Investment in Intercontinental Exchange Inc. $ICE

Key Points

• The Manufacturers Life Insurance Company purchased 583,051 shares of Intercontinental Exchange, worth approximately $71.8 million, giving it a 0.10% stake. Institutional investors collectively own 89.30% of ICE.
• Intercontinental Exchange exceeded quarterly expectations, reporting $1.90 in EPS versus the $1.84 consensus and $3.61 billion in revenue, up 4.8% year over year.
• Analysts maintain a positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $183.33, above its reported $161.93 share price.

The Manufacturers Life Insurance Company purchased a new position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 583,051 shares of the financial services provider's stock, valued at approximately $71,779,000. The Manufacturers Life Insurance Company owned 0.10% of Intercontinental Exchange as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Ares Financial Consulting LLC purchased a new stake in shares of Intercontinental Exchange in the 4th quarter valued at $25,000. Rakuten Securities Inc. purchased a new position in Intercontinental Exchange during the 2nd quarter valued at about $26,000. Brooklands Fund Management Ltd acquired a new position in Intercontinental Exchange in the 4th quarter valued at about $28,000. Swiss RE Ltd. acquired a new position in Intercontinental Exchange in the 4th quarter valued at about $28,000. Finally, Lloyd Advisory Services LLC. purchased a new stake in Intercontinental Exchange during the fourth quarter worth about $30,000. 89.30% of the stock is owned by institutional investors and hedge funds.

Intercontinental Exchange Stock Down 0.7%

Shares of Intercontinental Exchange stock opened at $161.93 on Wednesday. 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 $179.20. The company has a market capitalization of $90.90 billion, a P/E ratio of 22.87, a P/E/G ratio of 1.58 and a beta of 0.92. The company has a 50 day moving average of $143.22 and a 200 day moving average of $151.53.

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

Insiders Place Their Bets

In other news, CFO Warren Gardiner sold 2,491 shares of the company's stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $156.30, for a total transaction of $389,343.30. Following the completion of 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 position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director William Jefferson Hague sold 1,333 shares of the stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $139.46, for a total value of $185,900.18. Following the completion of the transaction, the director owned 20,132 shares in the company, valued at approximately $2,807,608.72. The trade was a 6.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 17,227 shares of company stock worth $2,598,301. 0.84% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have recently commented on ICE shares. Raymond James Financial set a $208.00 price objective on shares of Intercontinental Exchange in a research note on Monday, July 6th. Rothschild & Co Redburn set a $177.00 target price on shares of Intercontinental Exchange in a research note on Thursday, June 11th. UBS Group reiterated a "buy" rating and set a $195.00 target price (up from $190.00) on shares of Intercontinental Exchange in a report on Friday, July 31st. Barclays reissued an "overweight" rating and issued a $182.00 price target (up from $180.00) on shares of Intercontinental Exchange in a research report on Friday, July 31st. Finally, Piper Sandler cut their price objective on Intercontinental Exchange from $211.00 to $190.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 15th. One 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 data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price 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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