Saranac Partners Ltd Buys New Stake in Intercontinental Exchange Inc. $ICE

Saranac Partners Ltd bought a new position in shares of Intercontinental Exchange Inc. (NYSE:ICE) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 53,694 shares of the financial services provider’s stock, valued at approximately $6,609,000. Intercontinental Exchange accounts for approximately 1.9% of Saranac Partners Ltd’s portfolio, making the stock its 23rd largest holding.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ICE. ICONIQ Capital LLC raised its holdings in Intercontinental Exchange by 2.2% in the 2nd quarter. ICONIQ Capital LLC now owns 2,621 shares of the financial services provider’s stock worth $481,000 after purchasing an additional 56 shares during the period. Mission Wealth Management LP lifted its stake in shares of Intercontinental Exchange by 2.4% in the fourth quarter. Mission Wealth Management LP now owns 2,611 shares of the financial services provider’s stock worth $423,000 after buying an additional 62 shares in the last quarter. Johnson Financial Group LLC boosted its holdings in shares of Intercontinental Exchange by 4.0% during the 4th quarter. Johnson Financial Group LLC now owns 1,710 shares of the financial services provider’s stock worth $277,000 after purchasing an additional 65 shares during the last quarter. Cornerstone Planning Group LLC grew its holdings in Intercontinental Exchange by 33.5% in the 1st quarter. Cornerstone Planning Group LLC now owns 271 shares of the financial services provider’s stock valued at $42,000 after buying an additional 68 shares in the last quarter. Finally, Burns J W & Co. Inc. NY increased its stake in shares of Intercontinental Exchange by 0.6% in the 1st quarter. Burns J W & Co. Inc. NY now owns 12,189 shares of the financial services provider’s stock worth $1,917,000 after acquiring an additional 69 shares during the last quarter. Hedge funds and other institutional investors own 89.30% of the company’s stock.

Insider Buying and Selling at Intercontinental Exchange

In related news, General Counsel Andrew J. Surdykowski sold 4,573 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $151.56, for a total transaction of $693,083.88. Following the sale, the general counsel owned 45,473 shares in the company, valued at approximately $6,891,887.88. This trade represents a 9.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Warren Gardiner sold 2,491 shares of Intercontinental Exchange 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 completion of the sale, the chief financial officer directly owned 22,698 shares of the company’s stock, valued at $3,547,697.40. The trade was a 9.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 20,200 shares of company stock valued at $3,035,385. 0.84% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on ICE shares. Wall Street Zen upgraded Intercontinental Exchange from a “sell” rating to a “hold” rating in a report on Saturday. Raymond James Financial set a $208.00 target price on Intercontinental Exchange in a report on Monday, July 6th. Piper Sandler dropped their price objective 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. Weiss Ratings cut Intercontinental Exchange from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, August 11th. Finally, Morgan Stanley lowered their price target on Intercontinental Exchange from $187.00 to $163.00 and set an “equal weight” rating for the company in a report on Friday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $183.33.

Intercontinental Exchange Stock Up 0.0%

ICE stock opened at $161.29 on Monday. The stock has a market capitalization of $90.55 billion, a PE ratio of 22.78, a price-to-earnings-growth ratio of 1.57 and a beta of 0.92. The company has a fifty day moving average of $142.34 and a 200-day moving average of $151.54. Intercontinental Exchange Inc. has a one year low of $121.79 and a one year high of $181.65. 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 (NYSE:ICE) last released its quarterly earnings data on Thursday, July 30th. The financial services provider reported $1.90 EPS for the quarter, topping analysts’ consensus estimates of $1.84 by $0.06. The firm 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% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.81 earnings per share. As a group, analysts expect that Intercontinental Exchange Inc. will post 8.1 EPS for the current year.

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.