Grove Bank & Trust Grows Position in Intercontinental Exchange Inc. $ICE

Grove Bank & Trust increased its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE) by 111.9% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 8,156 shares of the financial services provider’s stock after acquiring an additional 4,307 shares during the quarter. Grove Bank & Trust’s holdings in Intercontinental Exchange were worth $1,004,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in shares of Intercontinental Exchange by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 54,153,170 shares of the financial services provider’s stock valued at $8,770,647,000 after purchasing an additional 413,639 shares during the last quarter. J. Stern & Co. LLP lifted its position in shares of Intercontinental Exchange by 17,398.1% in the fourth quarter. J. Stern & Co. LLP now owns 54,107,273 shares of the financial services provider’s stock worth $8,763,214,000 after buying an additional 53,798,055 shares in the last quarter. State Street Corp boosted its stake in Intercontinental Exchange by 3.4% during the fourth quarter. State Street Corp now owns 25,653,952 shares of the financial services provider’s stock valued at $4,154,914,000 after buying an additional 837,208 shares during the last quarter. Morgan Stanley grew its holdings in Intercontinental Exchange by 1.0% during the 4th quarter. Morgan Stanley now owns 15,875,593 shares of the financial services provider’s stock valued at $2,571,212,000 after buying an additional 158,450 shares in the last quarter. Finally, Norges Bank bought a new stake in Intercontinental Exchange in the 4th quarter worth approximately $1,418,228,000. 89.30% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on ICE. Morgan Stanley cut their target price on shares of Intercontinental Exchange from $187.00 to $163.00 and set an “equal weight” rating for the company in a report on Friday, July 10th. UBS Group reissued a “buy” rating and issued a $195.00 price objective (up from $190.00) on shares of Intercontinental Exchange in a research note on Friday. Piper Sandler reduced their target price on shares of Intercontinental Exchange from $211.00 to $190.00 and set an “overweight” rating on the stock in a report on Wednesday, July 15th. Rothschild & Co Redburn set a $177.00 price target on shares of Intercontinental Exchange in a report on Thursday, June 11th. Finally, Barclays reissued an “overweight” rating and set a $182.00 price objective (up from $180.00) on shares of Intercontinental Exchange in a research note on Friday. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $183.33.

Insider Transactions at Intercontinental Exchange

In related news, Director Sharon Bowen sold 667 shares of Intercontinental Exchange stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $151.28, for a total transaction of $100,903.76. Following the completion of the sale, the director owned 15,077 shares in the company, valued at $2,280,848.56. This trade represents a 4.24% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, General Counsel Andrew J. Surdykowski sold 4,573 shares of the company’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $151.56, for a total transaction of $693,083.88. Following the completion of the transaction, the general counsel owned 45,473 shares in the company, valued at $6,891,887.88. This represents a 9.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 13,425 shares of company stock valued at $2,046,324. Company insiders own 0.84% of the company’s stock.

Intercontinental Exchange Price Performance

Intercontinental Exchange stock opened at $149.11 on Wednesday. The firm has a 50-day moving average price of $139.42 and a 200-day moving average price of $153.33. The firm has a market capitalization of $83.71 billion, a PE ratio of 21.06, a price-to-earnings-growth ratio of 1.85 and a beta of 0.92. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.63. Intercontinental Exchange Inc. has a 12-month low of $121.79 and a 12-month high of $189.35.

Intercontinental Exchange (NYSE:ICE) last issued its quarterly earnings results on Thursday, July 30th. The financial services provider reported $1.90 EPS for the quarter, beating the consensus estimate of $1.84 by $0.06. The company had revenue of $3.61 billion for the quarter, compared to the consensus estimate of $2.63 billion. Intercontinental Exchange had a net margin of 30.08% and a return on equity of 14.95%. The firm’s revenue was up 4.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.81 EPS. As a group, equities research analysts forecast that Intercontinental Exchange Inc. will post 7.99 EPS for the current year.

Intercontinental Exchange 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.