Ameriprise Financial Inc. cut its holdings in shares of Intercontinental Exchange Inc. (NYSE:ICE) by 6.1% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,991,520 shares of the financial services provider’s stock after selling 387,448 shares during the period. Ameriprise Financial Inc. owned 1.02% of Intercontinental Exchange worth $411,622,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Alerus Financial NA bought a new position in shares of Intercontinental Exchange during the second quarter valued at approximately $4,256,000. NBT Bank N A NY bought a new position in shares of Intercontinental Exchange during the second quarter valued at approximately $245,000. State of Tennessee Treasury Department boosted its stake in shares of Intercontinental Exchange by 32.8% during the second quarter. State of Tennessee Treasury Department now owns 216,187 shares of the financial services provider’s stock valued at $14,251,000 after purchasing an additional 53,449 shares in the last quarter. Oak Ridge Investments LLC boosted its stake in shares of Intercontinental Exchange by 7.2% during the second quarter. Oak Ridge Investments LLC now owns 250,107 shares of the financial services provider’s stock valued at $16,487,000 after purchasing an additional 16,704 shares in the last quarter. Finally, BB&T Securities LLC boosted its stake in shares of Intercontinental Exchange by 140.0% during the second quarter. BB&T Securities LLC now owns 18,404 shares of the financial services provider’s stock valued at $1,213,000 after purchasing an additional 10,735 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.
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Several equities research analysts have weighed in on the stock. Zacks Investment Research downgraded shares of Intercontinental Exchange from a “hold” rating to a “sell” rating in a research note on Tuesday, September 12th. Barclays PLC assumed coverage on shares of Intercontinental Exchange in a research note on Friday, September 8th. They issued an “overweight” rating and a $72.00 target price for the company. Jefferies Group LLC restated a “buy” rating and issued a $73.00 target price on shares of Intercontinental Exchange in a research note on Wednesday, August 23rd. Citigroup Inc. raised their target price on shares of Intercontinental Exchange from $67.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday, October 19th. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $73.00 price target on shares of Intercontinental Exchange in a report on Sunday, October 8th. Four research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $73.30.
Intercontinental Exchange Inc. (NYSE:ICE) opened at $68.28 on Wednesday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.30. Intercontinental Exchange Inc. has a fifty-two week low of $53.91 and a fifty-two week high of $71.24. The stock has a market cap of $39,828.58, a price-to-earnings ratio of 23.32, a P/E/G ratio of 2.52 and a beta of 0.71.
Intercontinental Exchange (NYSE:ICE) last released its quarterly earnings results on Thursday, November 2nd. The financial services provider reported $0.73 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.02. The company had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.14 billion. Intercontinental Exchange had a net margin of 27.91% and a return on equity of 11.01%. The firm’s revenue was up 6.0% on a year-over-year basis. During the same quarter last year, the business earned $0.64 earnings per share. analysts forecast that Intercontinental Exchange Inc. will post 2.95 EPS for the current year.
Intercontinental Exchange declared that its board has authorized a share repurchase program on Thursday, November 2nd that allows the company to buyback $1.20 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 3.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
In other news, CFO Scott A. Hill sold 37,630 shares of Intercontinental Exchange stock in a transaction dated Wednesday, October 4th. The shares were sold at an average price of $70.03, for a total value of $2,635,228.90. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Charles A. Vice sold 12,500 shares of Intercontinental Exchange stock in a transaction dated Thursday, September 7th. The shares were sold at an average price of $64.32, for a total transaction of $804,000.00. Following the completion of the sale, the insider now owns 382,471 shares in the company, valued at approximately $24,600,534.72. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 75,130 shares of company stock worth $5,167,729. 1.50% of the stock is owned by company insiders.
Intercontinental Exchange Profile
Intercontinental Exchange Inc, formerly IntercontinentalExchange Group, Inc, is a network of regulated exchanges and clearing houses for financial and commodity markets. The Company delivers transparent and accessible data, technology and risk management services to markets around the world through its portfolio of exchanges, including the New York Stock Exchange, ICE Futures, Liffe and Euronext.
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