Gulf International Bank UK Ltd grew its holdings in Intercontinental Exchange Inc (NYSE:ICE) by 4.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 195,662 shares of the financial services provider’s stock after purchasing an additional 8,200 shares during the period. Gulf International Bank UK Ltd’s holdings in Intercontinental Exchange were worth $14,653,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also added to or reduced their stakes in the company. Kaizen Advisory LLC increased its stake in Intercontinental Exchange by 143.4% in the second quarter. Kaizen Advisory LLC now owns 1,356 shares of the financial services provider’s stock worth $100,000 after purchasing an additional 799 shares during the period. Quad Cities Investment Group LLC purchased a new stake in Intercontinental Exchange in the second quarter worth $104,000. Sun Life Financial INC increased its stake in Intercontinental Exchange by 717.7% in the second quarter. Sun Life Financial INC now owns 1,570 shares of the financial services provider’s stock worth $115,000 after purchasing an additional 1,378 shares during the period. Townsend & Associates Inc increased its stake in Intercontinental Exchange by 894.0% in the second quarter. Townsend & Associates Inc now owns 1,650 shares of the financial services provider’s stock worth $121,000 after purchasing an additional 1,484 shares during the period. Finally, LeJeune Puetz Investment Counsel LLC purchased a new stake in Intercontinental Exchange in the second quarter worth $165,000. Institutional investors and hedge funds own 88.99% of the company’s stock.
In related news, President Benjamin Jackson sold 2,860 shares of the firm’s stock in a transaction dated Friday, September 14th. The stock was sold at an average price of $77.88, for a total transaction of $222,736.80. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Vice Chairman Charles A. Vice sold 35,000 shares of the firm’s stock in a transaction dated Wednesday, September 5th. The shares were sold at an average price of $77.09, for a total value of $2,698,150.00. Following the sale, the insider now directly owns 419,907 shares in the company, valued at approximately $32,370,630.63. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 253,819 shares of company stock worth $19,162,565. 1.50% of the stock is owned by corporate insiders.
ICE has been the topic of a number of recent analyst reports. Wells Fargo & Co reiterated a “market perform” rating and issued a $80.00 target price (up previously from $74.00) on shares of Intercontinental Exchange in a research note on Monday, July 9th. Zacks Investment Research downgraded Intercontinental Exchange from a “buy” rating to a “hold” rating in a research report on Wednesday, July 11th. Barclays increased their price target on Intercontinental Exchange from $80.00 to $82.00 and gave the stock an “overweight” rating in a research report on Thursday, July 12th. Citigroup increased their price target on Intercontinental Exchange from $76.00 to $80.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 18th. Finally, FIX began coverage on Intercontinental Exchange in a research report on Wednesday, September 5th. They set a “buy” rating and a $88.00 price target on the stock. Three analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $84.07.
ICE opened at $78.22 on Tuesday. Intercontinental Exchange Inc has a 12-month low of $65.28 and a 12-month high of $78.63. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a market cap of $43.81 billion, a PE ratio of 26.52, a PEG ratio of 2.23 and a beta of 0.53.
Intercontinental Exchange (NYSE:ICE) last posted its quarterly earnings results on Wednesday, October 31st. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.05. Intercontinental Exchange had a return on equity of 11.67% and a net margin of 43.09%. The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.19 billion. During the same quarter in the prior year, the company earned $0.73 EPS. The business’s revenue was up 4.7% compared to the same quarter last year. On average, equities analysts expect that Intercontinental Exchange Inc will post 3.5 EPS for the current year.
Intercontinental Exchange announced that its Board of Directors has authorized a share repurchase plan on Wednesday, October 31st that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.
About Intercontinental Exchange
Intercontinental Exchange, Inc operates regulated exchanges, clearing houses, and listings venues for financial and commodity markets in the United States, the United Kingdom, Continental Europe, Asia, Israel, and Canada. It operates through two segments, Trading and Clearing; and Data and Listings. The company operates marketplaces for listing, trading, and clearing an array of derivatives and securities contracts across various asset classes, including energy and agricultural commodities, interest rates, equities, equity and credit derivatives, exchange traded funds, bonds, and currencies.
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