Provident Investment Management Inc. Lowers Stock Holdings in Intercontinental Exchange Inc. $ICE

Provident Investment Management Inc. cut its holdings in shares of Intercontinental Exchange Inc. (NYSE:ICE) by 3.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 297,208 shares of the financial services provider’s stock after selling 12,092 shares during the quarter. Intercontinental Exchange makes up approximately 4.4% of Provident Investment Management Inc.’s portfolio, making the stock its 10th largest holding. Provident Investment Management Inc. owned 0.05% of Intercontinental Exchange worth $50,074,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. ICONIQ Capital LLC lifted its holdings in shares of Intercontinental Exchange by 2.2% in the second quarter. ICONIQ Capital LLC now owns 2,621 shares of the financial services provider’s stock worth $481,000 after buying an additional 56 shares in the last quarter. Cascade Investment Advisors Inc. grew its stake in Intercontinental Exchange by 0.5% during the third quarter. Cascade Investment Advisors Inc. now owns 13,766 shares of the financial services provider’s stock valued at $2,319,000 after acquiring an additional 65 shares in the last quarter. Private Wealth Management Group LLC grew its stake in Intercontinental Exchange by 59.5% during the third quarter. Private Wealth Management Group LLC now owns 177 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 66 shares in the last quarter. Ipswich Investment Management Co. Inc. increased its holdings in Intercontinental Exchange by 3.2% during the 3rd quarter. Ipswich Investment Management Co. Inc. now owns 2,248 shares of the financial services provider’s stock worth $379,000 after acquiring an additional 70 shares during the period. Finally, Boston Trust Walden Corp lifted its stake in Intercontinental Exchange by 3.9% in the 3rd quarter. Boston Trust Walden Corp now owns 1,873 shares of the financial services provider’s stock worth $316,000 after purchasing an additional 71 shares in the last quarter. Institutional investors own 89.30% of the company’s stock.

Insiders Place Their Bets

In other news, General Counsel Andrew J. Surdykowski sold 4,571 shares of Intercontinental Exchange stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $162.00, for a total value of $740,502.00. Following the sale, the general counsel directly owned 48,181 shares in the company, valued at approximately $7,805,322. This trade represents a 8.67% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Lynn C. Martin sold 13,456 shares of the company’s stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $153.86, for a total value of $2,070,340.16. Following the transaction, the insider owned 54,319 shares of the company’s stock, valued at approximately $8,357,521.34. This represents a 19.85% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 348,418 shares of company stock worth $54,196,631. Insiders own 1.00% of the company’s stock.

Intercontinental Exchange Price Performance

ICE stock opened at $160.77 on Wednesday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.02 and a current ratio of 1.02. The firm has a market cap of $91.30 billion, a P/E ratio of 27.86, a P/E/G ratio of 1.74 and a beta of 1.04. The firm’s fifty day moving average is $164.33 and its 200 day moving average is $161.89. Intercontinental Exchange Inc. has a 52 week low of $143.17 and a 52 week high of $189.35.

Intercontinental Exchange (NYSE:ICE) last posted its quarterly earnings results on Thursday, February 5th. The financial services provider reported $1.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.67 by $0.04. Intercontinental Exchange had a net margin of 26.23% and a return on equity of 13.99%. The business had revenue of $3.14 billion during the quarter, compared to analyst estimates of $2.51 billion. During the same period in the prior year, the business posted $1.52 earnings per share. The company’s revenue was up 7.8% on a year-over-year basis. Research analysts predict that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current year.

Intercontinental Exchange Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Wednesday, December 16th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date is Wednesday, December 16th. Intercontinental Exchange’s dividend payout ratio is currently 36.05%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Wall Street Zen raised Intercontinental Exchange from a “sell” rating to a “hold” rating in a research note on Saturday, February 7th. Deutsche Bank Aktiengesellschaft raised Intercontinental Exchange from a “hold” rating to a “buy” rating and set a $188.00 price target on the stock in a report on Friday, March 6th. Royal Bank Of Canada reissued an “outperform” rating and set a $180.00 price objective on shares of Intercontinental Exchange in a report on Tuesday, January 6th. UBS Group reiterated a “buy” rating and set a $200.00 target price on shares of Intercontinental Exchange in a research report on Monday, February 9th. Finally, TD Cowen reissued a “buy” rating on shares of Intercontinental Exchange in a research note on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $194.73.

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.