Truist Financial Corp Acquires 6,647 Shares of Intercontinental Exchange Inc. $ICE

Key Points

• Truist Financial increased its stake in Intercontinental Exchange by 5.7%, buying 6,647 shares to hold 123,975 shares worth about $20.08 million, and overall institutional ownership stands at 89.30%.
• Analysts have a consensus "Buy" rating on ICE with a consensus target price of $194.10 (1 Strong Buy, 9 Buy, 1 Hold), and several firms recently raised price targets and/or ratings.
• Intercontinental Exchange beat estimates with quarterly EPS $2.35 vs $2.23 and revenue $3.67 billion vs $2.88 billion, marking revenue growth of 20.4% year-over-year.

Truist Financial Corp grew its holdings in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 5.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 123,975 shares of the financial services provider's stock after acquiring an additional 6,647 shares during the quarter. Truist Financial Corp's holdings in Intercontinental Exchange were worth $20,079,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Dynasty Wealth Management LLC bought a new position in shares of Intercontinental Exchange during the third quarter worth approximately $897,000. Rockland Trust Co. increased its holdings in shares of Intercontinental Exchange by 19.7% during the third quarter. Rockland Trust Co. now owns 127,652 shares of the financial services provider's stock worth $21,507,000 after purchasing an additional 20,981 shares during the period. Eastern Bank increased its holdings in shares of Intercontinental Exchange by 14.6% during the third quarter. Eastern Bank now owns 203,731 shares of the financial services provider's stock worth $34,325,000 after purchasing an additional 25,980 shares during the period. M&G PLC increased its holdings in shares of Intercontinental Exchange by 18.4% during the third quarter. M&G PLC now owns 107,070 shares of the financial services provider's stock worth $17,988,000 after purchasing an additional 16,635 shares during the period. Finally, McKinley Carter Wealth Services Inc. increased its holdings in shares of Intercontinental Exchange by 15.9% during the third quarter. McKinley Carter Wealth Services Inc. now owns 31,506 shares of the financial services provider's stock worth $5,308,000 after purchasing an additional 4,333 shares during the period. 89.30% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. UBS Group reaffirmed a "buy" rating and set a $200.00 target price on shares of Intercontinental Exchange in a report on Monday, February 9th. Morgan Stanley lifted their price objective on shares of Intercontinental Exchange from $183.00 to $187.00 and gave the company an "equal weight" rating in a research note on Friday, April 10th. Barclays reissued an "overweight" rating and issued a $201.00 price objective (up from $198.00) on shares of Intercontinental Exchange in a research note on Friday, May 1st. Deutsche Bank Aktiengesellschaft raised shares of Intercontinental Exchange from a "hold" rating to a "buy" rating and set a $188.00 price objective on the stock in a research note on Friday, March 6th. Finally, Piper Sandler reissued an "overweight" rating and issued a $211.00 price objective (up from $195.00) on shares of Intercontinental Exchange in a research note on Wednesday, April 15th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $194.10.

Intercontinental Exchange Stock Performance

Shares of NYSE:ICE opened at $153.57 on Thursday. The company's 50 day simple moving average is $160.23 and its 200 day simple moving average is $159.99. The stock has a market capitalization of $86.84 billion, a price-to-earnings ratio of 22.35, a price-to-earnings-growth ratio of 1.43 and a beta of 0.96. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.01 and a quick ratio of 1.01. Intercontinental Exchange Inc. has a 1 year low of $143.17 and a 1 year high of $189.35.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The financial services provider reported $2.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.23 by $0.12. The business had revenue of $3.67 billion for the quarter, compared to analysts' expectations of $2.88 billion. Intercontinental Exchange had a net margin of 30.06% and a return on equity of 14.99%. The firm's quarterly revenue was up 20.4% compared to the same quarter last year. During the same period last year, the firm posted $1.72 earnings per share. As a group, research analysts predict that Intercontinental Exchange Inc. will post 8.16 EPS for the current fiscal year.

Insider Activity at Intercontinental Exchange

In other news, insider Christopher Scott Edmonds sold 11,303 shares of the company's stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $153.82, for a total transaction of $1,738,627.46. Following the completion of the transaction, the insider directly owned 14,266 shares in the company, valued at approximately $2,194,396.12. This represents a 44.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Benjamin Jackson sold 12,861 shares of the company's stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $165.00, for a total transaction of $2,122,065.00. Following the transaction, the president owned 165,692 shares of the company's stock, valued at $27,339,180. This trade represents a 7.20% 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 sold 343,696 shares of company stock valued at $53,397,715. 0.84% of the stock is owned by company insiders.

About Intercontinental Exchange

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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