Truist Financial Corp Sells 2,467 Shares of Intercontinental Exchange Inc. $ICE

Key Points

• Truist Financial Corp has reduced its holdings in Intercontinental Exchange Inc. by 2.1%, selling 2,467 shares, which brings its total shares owned to 116,151, valued at approximately $21.31 million.
• Several institutional investors have increased their stakes in Intercontinental Exchange, with Price T Rowe Associates Inc. boosting its stake by 491.3%, now owning 6.43 million shares worth approximately $1.11 billion.
• Intercontinental Exchange reported earnings per share of $1.81, exceeding the consensus estimate, and had a revenue of $3.26 billion for the last quarter, marking a 9.8% increase year-over-year.

Truist Financial Corp lessened its holdings in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 2.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 116,151 shares of the financial services provider's stock after selling 2,467 shares during the period. Truist Financial Corp's holdings in Intercontinental Exchange were worth $21,310,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in shares of Intercontinental Exchange by 1.4% during the first quarter. Vanguard Group Inc. now owns 52,940,356 shares of the financial services provider's stock valued at $9,132,211,000 after purchasing an additional 712,179 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Intercontinental Exchange by 491.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,433,497 shares of the financial services provider's stock valued at $1,109,780,000 after purchasing an additional 5,345,388 shares in the last quarter. Amundi boosted its stake in shares of Intercontinental Exchange by 14.7% during the first quarter. Amundi now owns 6,315,706 shares of the financial services provider's stock valued at $1,060,574,000 after purchasing an additional 810,938 shares in the last quarter. Independent Franchise Partners LLP boosted its stake in shares of Intercontinental Exchange by 0.5% during the first quarter. Independent Franchise Partners LLP now owns 6,192,424 shares of the financial services provider's stock valued at $1,068,193,000 after purchasing an additional 31,588 shares in the last quarter. Finally, Wellington Management Group LLP boosted its stake in shares of Intercontinental Exchange by 113.9% during the first quarter. Wellington Management Group LLP now owns 5,943,363 shares of the financial services provider's stock valued at $1,025,230,000 after purchasing an additional 3,165,381 shares in the last quarter. Institutional investors own 89.30% of the company's stock.

Insider Transactions at Intercontinental Exchange

In other Intercontinental Exchange news, SVP Douglas Foley sold 1,600 shares of the business's stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $175.62, for a total value of $280,992.00. Following the transaction, the senior vice president directly owned 25,796 shares of the company's stock, valued at approximately $4,530,293.52. The trade was a 5.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jeffrey C. Sprecher sold 150,000 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $183.09, for a total value of $27,463,500.00. Following the completion of the transaction, the chief executive officer directly owned 1,951,705 shares in the company, valued at approximately $357,337,668.45. This trade represents a 7.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 230,874 shares of company stock valued at $42,187,714. 1.00% of the stock is owned by insiders.

Intercontinental Exchange Price Performance

Intercontinental Exchange stock opened at $162.47 on Friday. Intercontinental Exchange Inc. has a one year low of $142.29 and a one year high of $189.35. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.01 and a quick ratio of 1.01. The stock's 50 day moving average is $176.53 and its 200 day moving average is $174.67. The firm has a market cap of $93.00 billion, a P/E ratio of 31.18, a P/E/G ratio of 1.96 and a beta of 1.08.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last issued 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 firm had revenue of $3.26 billion for the quarter, compared to analyst estimates of $2.50 billion. During the same period in the previous year, the firm earned $1.52 earnings per share. The company's revenue was up 9.8% compared to the same quarter last year. As a group, research analysts expect that Intercontinental Exchange Inc. will post 6.73 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on ICE shares. JPMorgan Chase & Co. lifted their price target on Intercontinental Exchange from $195.00 to $203.00 and gave the company an "overweight" rating in a research note on Thursday, September 25th. Morgan Stanley cut their price target on Intercontinental Exchange from $192.00 to $188.00 and set an "equal weight" rating on the stock in a research note on Wednesday. Barclays lifted their price target on Intercontinental Exchange from $206.00 to $212.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Intercontinental Exchange in a research note on Saturday, September 27th. Finally, UBS Group lifted their price objective on Intercontinental Exchange from $195.00 to $210.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. Nine investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $198.20.

Intercontinental Exchange Company Profile

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.

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