Intercontinental Exchange Inc. $ICE Stock Sold by Fifth Third Bancorp

Fifth Third Bancorp cut its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE) by 4.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 179,853 shares of the financial services provider’s stock after selling 7,825 shares during the period. Fifth Third Bancorp’s holdings in Intercontinental Exchange were worth $27,343,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Maryland State Retirement & Pension System increased its holdings in Intercontinental Exchange by 13.6% during the 3rd quarter. Maryland State Retirement & Pension System now owns 34,464 shares of the financial services provider’s stock worth $5,240,000 after purchasing an additional 4,131 shares in the last quarter. Ritholtz Wealth Management increased its holdings in Intercontinental Exchange by 17.2% during the third quarter. Ritholtz Wealth Management now owns 8,200 shares of the financial services provider’s stock worth $1,247,000 after buying an additional 1,206 shares during the last quarter. UNIVEST FINANCIAL Corp raised its holdings in shares of Intercontinental Exchange by 7.8% in the 3rd quarter. UNIVEST FINANCIAL Corp now owns 49,100 shares of the financial services provider’s stock valued at $7,465,000 after purchasing an additional 3,546 shares during the period. Jacobi Capital Management LLC lifted its position in shares of Intercontinental Exchange by 1.2% in the third quarter. Jacobi Capital Management LLC now owns 13,318 shares of the financial services provider’s stock valued at $2,025,000 after buying an additional 161 shares during the last quarter. Finally, Inspire Trust Co. N.A. increased its holdings in shares of Intercontinental Exchange by 7.5% in the third quarter. Inspire Trust Co. N.A. now owns 43,000 shares of the financial services provider’s stock valued at $6,537,000 after purchasing an additional 3,000 shares during the last quarter. Institutional investors and hedge funds own 89.30% of the company’s stock.

Intercontinental Exchange News Roundup

These are some of the ICE news items that stood out recently:

• Positive Sentiment: ICE and OKX have launched a joint venture to create a venue for tokenized stock trading. The initiative could extend ICE’s reach into digital-asset markets, though its financial impact will depend on adoption and execution. Article: Intercontinental Exchange and OKX launch tokenized stock trading venue through joint venture
• Positive Sentiment: Analyst sentiment is favorable: ICE has a consensus “Moderate Buy” rating and an average price target of $189.25, above the roughly $178 share price cited in the coverage. Article: Intercontinental Exchange stock has consensus price target of $189.25
• Neutral Sentiment: A Seeking Alpha analysis remained bullish after ICE’s recent rally, supporting the longer-term outlook but noting a substantial run-up that could temper near-term upside. Article: Intercontinental Exchange: Still a Buy After the 18% Rally

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ICE. Raymond James Financial dropped their target price on Intercontinental Exchange from $218.00 to $211.00 and set a “strong-buy” rating for the company in a report on Monday, October 5th. Wall Street Zen upgraded shares of Intercontinental Exchange from a “sell” rating to a “hold” rating in a research note on Saturday, October 10th. The Goldman Sachs Group boosted their price target on Intercontinental Exchange from $192.00 to $195.00 and gave the stock a “buy” rating in a report on Friday, October 2nd. Argus reduced their price target on Intercontinental Exchange from $190.00 to $187.00 and set a “buy” rating on the stock in a research report on Friday, August 14th. Finally, Keefe, Bruyette & Woods raised their target price on Intercontinental Exchange from $180.00 to $190.00 and gave the stock an “outperform” rating in a research note on Friday, October 30th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $189.25.

Intercontinental Exchange Price Performance

ICE stock opened at $178.43 on Friday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.03 and a current ratio of 1.03. The business has a 50-day simple moving average of $160.31 and a two-hundred day simple moving average of $154.73. The company has a market capitalization of $99.72 billion, a P/E ratio of 22.29, a price-to-earnings-growth ratio of 1.57 and a beta of 0.84. Intercontinental Exchange Inc. has a 52-week low of $121.79 and a 52-week high of $181.38.

Intercontinental Exchange (NYSE:ICE) last issued its quarterly earnings data on Thursday, October 29th. The financial services provider reported $2.02 EPS for the quarter, topping the consensus estimate of $1.97 by $0.05. The firm had revenue of $3.63 billion during the quarter, compared to the consensus estimate of $2.74 billion. Intercontinental Exchange had a return on equity of 15.32% and a net margin of 29.62%. The company’s quarterly revenue was up 14.7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.71 earnings per share. Research analysts expect that Intercontinental Exchange Inc. will post 8.21 EPS for the current fiscal year.

Insider Activity at Intercontinental Exchange

In other news, President Benjamin Jackson sold 400 shares of the firm’s stock in a transaction that occurred on Thursday, November 5th. The shares were sold at an average price of $177.90, for a total transaction of $71,160.00. Following the completion of the sale, the president owned 156,532 shares in the company, valued at $27,847,042.80. This trade represents a 0.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, General Counsel Andrew J. Surdykowski sold 4,575 shares of the business’s stock in a transaction on Tuesday, November 10th. The shares were sold at an average price of $175.05, for a total value of $800,853.75. Following the completion of the sale, the general counsel owned 40,554 shares in the company, valued at approximately $7,098,977.70. The trade was a 10.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 56,272 shares of company stock valued at $9,403,571 in the last ninety days. Insiders own 0.84% of the company’s stock.

About Intercontinental Exchange

Intercontinental Exchange, Inc. (NYSE: ICE) operates exchanges, clearing houses and technology businesses serving financial and commodity markets. Its platforms support the trading and clearing of futures, options and other products across areas such as energy, agriculture, interest rates and equities. The company also provides market data, analytics and connectivity services to financial institutions and other market participants. Intercontinental Exchange owns the New York Stock Exchange and operates exchanges and clearing houses in multiple markets around the world.