United Bank Makes New Investment in Intercontinental Exchange Inc. $ICE

United Bank bought a new position in Intercontinental Exchange Inc. (NYSE:ICE) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 10,930 shares of the financial services provider’s stock, valued at approximately $1,346,000.

Other large investors have also made changes to their positions in the company. J. Stern & Co. LLP lifted its position in shares of Intercontinental Exchange by 17,398.1% in the 4th quarter. J. Stern & Co. LLP now owns 54,107,273 shares of the financial services provider’s stock valued at $8,763,214,000 after acquiring an additional 53,798,055 shares in the last quarter. BlackRock Inc. purchased a new position in Intercontinental Exchange during the 2nd quarter worth approximately $6,245,085,000. Norges Bank purchased a new position in Intercontinental Exchange during the 4th quarter worth approximately $1,418,228,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Intercontinental Exchange during the 2nd quarter valued at $714,869,000. Finally, Flossbach Von Storch SE acquired a new stake in Intercontinental Exchange during the 2nd quarter valued at $649,900,000. Institutional investors and hedge funds own 89.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on ICE shares. Rothschild & Co Redburn set a $177.00 target price on Intercontinental Exchange in a research report on Thursday, June 11th. TD Cowen reissued a “buy” rating and set a $177.00 price target (up from $159.00) on shares of Intercontinental Exchange in a research report on Friday, July 31st. Barclays restated an “overweight” rating and set a $182.00 price objective (up from $180.00) on shares of Intercontinental Exchange in a research report on Friday, July 31st. Piper Sandler lowered their target price on Intercontinental Exchange from $211.00 to $190.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 15th. Finally, The Goldman Sachs Group dropped their target price on Intercontinental Exchange from $208.00 to $180.00 and set a “buy” rating on the stock in a report on Tuesday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $183.33.

Insider Buying and Selling at Intercontinental Exchange

In other Intercontinental Exchange news, Director Sharon Bowen sold 667 shares of the stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $151.28, for a total transaction of $100,903.76. Following the transaction, the director directly owned 15,077 shares of the company’s stock, valued at $2,280,848.56. This represents a 4.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO Mayur Kapani sold 4,271 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $151.20, for a total value of $645,775.20. Following the transaction, the chief technology officer owned 67,988 shares in the company, valued at approximately $10,279,785.60. This trade represents a 5.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 18,376 shares of company stock worth $2,746,946 in the last ninety days. Company insiders own 0.84% of the company’s stock.

Intercontinental Exchange Trading Up 0.6%

NYSE:ICE opened at $157.04 on Thursday. The company has a market capitalization of $88.16 billion, a P/E ratio of 22.18, a P/E/G ratio of 1.53 and a beta of 0.92. The stock’s 50 day moving average price is $141.53 and its 200 day moving average price is $151.73. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.01 and a current ratio of 1.01. Intercontinental Exchange Inc. has a 52 week low of $121.79 and a 52 week high of $181.72.

Intercontinental Exchange (NYSE:ICE) last posted its earnings results on Thursday, July 30th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.84 by $0.06. The firm had revenue of $3.61 billion during the quarter, compared to analysts’ expectations of $2.63 billion. Intercontinental Exchange had a net margin of 30.08% and a return on equity of 14.95%. The company’s revenue was up 4.8% compared to the same quarter last year. During the same period in the previous year, the company earned $1.81 earnings per share. On average, research analysts forecast that Intercontinental Exchange Inc. will post 8.11 EPS for the current fiscal year.

Intercontinental Exchange Company 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.