583,051 Shares in Intercontinental Exchange Inc. $ICE Bought by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company acquired a new stake in Intercontinental Exchange Inc. (NYSE:ICE) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 583,051 shares of the financial services provider’s stock, valued at approximately $71,779,000.

Several other hedge funds also recently made changes to their positions in the company. Ares Financial Consulting LLC acquired a new stake in shares of Intercontinental Exchange in the fourth quarter valued at approximately $25,000. Brooklands Fund Management Ltd acquired a new position in shares of Intercontinental Exchange in the 4th quarter valued at $28,000. Swiss RE Ltd. purchased a new stake in Intercontinental Exchange in the 4th quarter valued at $28,000. Lloyd Advisory Services LLC. acquired a new stake in Intercontinental Exchange during the 4th quarter worth $30,000. Finally, Rakuten Securities Inc. acquired a new position in Intercontinental Exchange in the second quarter valued at $26,000. Hedge funds and other institutional investors own 89.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on ICE shares. The Goldman Sachs Group decreased their target price on shares of Intercontinental Exchange from $208.00 to $180.00 and set a “buy” rating for the company in a research note on Tuesday, June 30th. Piper Sandler decreased their target price on shares of Intercontinental Exchange from $211.00 to $190.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 15th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $178.00 price target on shares of Intercontinental Exchange in a research note on Friday, July 31st. Weiss Ratings cut shares of Intercontinental Exchange from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, August 11th. Finally, TD Cowen reissued a “buy” rating and set a $177.00 price objective (up from $159.00) on shares of Intercontinental Exchange in a report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $183.33.

Intercontinental Exchange Trading Down 0.7%

NYSE:ICE opened at $161.93 on Wednesday. Intercontinental Exchange Inc. has a 52-week low of $121.79 and a 52-week high of $179.20. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.63. The stock has a fifty day simple moving average of $143.22 and a 200-day simple moving average of $151.53. The company has a market capitalization of $90.90 billion, a PE ratio of 22.87, a price-to-earnings-growth ratio of 1.58 and a beta of 0.92.

Intercontinental Exchange (NYSE:ICE) last issued its quarterly earnings data on Thursday, July 30th. The financial services provider reported $1.90 EPS for the quarter, beating analysts’ consensus estimates of $1.84 by $0.06. Intercontinental Exchange had a net margin of 30.08% and a return on equity of 14.95%. The firm had revenue of $3.61 billion for the quarter, compared to analysts’ expectations of $2.63 billion. During the same period in the prior year, the company earned $1.81 EPS. The firm’s revenue was up 4.8% on a year-over-year basis. On average, equities research analysts expect that Intercontinental Exchange Inc. will post 8.1 earnings per share for the current fiscal year.

Insider Buying and Selling at Intercontinental Exchange

In other news, SVP Douglas Foley sold 1,600 shares of the stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $160.00, for a total value of $256,000.00. Following the sale, the senior vice president directly owned 17,463 shares in the company, valued at $2,794,080. This represents a 8.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Warren Gardiner sold 2,491 shares of the firm’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $156.30, for a total transaction of $389,343.30. Following the transaction, the chief financial officer directly owned 22,698 shares of the company’s stock, valued at approximately $3,547,697.40. This trade represents a 9.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 17,227 shares of company stock worth $2,598,301 over the last ninety days. 0.84% of the stock is currently 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.