First Commonwealth Financial Corp PA Sells 2,410 Shares of Intercontinental Exchange Inc (ICE)
First Commonwealth Financial Corp PA trimmed its holdings in shares of Intercontinental Exchange Inc (NYSE:ICE) by 33.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,795 shares of the financial services provider’s stock after selling 2,410 shares during the period. First Commonwealth Financial Corp PA’s holdings in Intercontinental Exchange were worth $339,000 at the end of the most recent quarter.
Other institutional investors have also bought and sold shares of the company. Commerzbank Aktiengesellschaft FI acquired a new position in shares of Intercontinental Exchange during the 3rd quarter worth about $380,000. AXA boosted its stake in shares of Intercontinental Exchange by 6.8% during the 3rd quarter. AXA now owns 255,959 shares of the financial services provider’s stock worth $17,585,000 after buying an additional 16,304 shares during the last quarter. Lazard Asset Management LLC boosted its stake in shares of Intercontinental Exchange by 1.1% during the 4th quarter. Lazard Asset Management LLC now owns 6,126,380 shares of the financial services provider’s stock worth $432,276,000 after buying an additional 63,944 shares during the last quarter. Bank of Montreal Can boosted its stake in shares of Intercontinental Exchange by 17.9% during the 4th quarter. Bank of Montreal Can now owns 563,903 shares of the financial services provider’s stock worth $39,789,000 after buying an additional 85,435 shares during the last quarter. Finally, Westpac Banking Corp boosted its stake in shares of Intercontinental Exchange by 6.4% during the 4th quarter. Westpac Banking Corp now owns 102,682 shares of the financial services provider’s stock worth $7,245,000 after buying an additional 6,203 shares during the last quarter. Institutional investors own 90.73% of the company’s stock.
ICE has been the subject of a number of recent research reports. Bank of America reduced their price objective on shares of Intercontinental Exchange from $83.00 to $82.00 and set a “buy” rating for the company in a research note on Thursday, February 8th. Argus reaffirmed a “buy” rating and issued a $67.00 target price (down from $80.00) on shares of Intercontinental Exchange in a report on Friday, February 9th. Berenberg Bank started coverage on shares of Intercontinental Exchange in a report on Thursday, January 25th. They issued a “buy” rating and a $90.00 target price on the stock. JPMorgan Chase & Co. raised shares of Intercontinental Exchange from a “neutral” rating to an “overweight” rating and upped their target price for the company from $76.00 to $83.00 in a report on Tuesday, February 20th. Finally, Zacks Investment Research cut shares of Intercontinental Exchange from a “buy” rating to a “hold” rating in a report on Tuesday, March 6th. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Intercontinental Exchange currently has an average rating of “Buy” and an average target price of $76.62.
Intercontinental Exchange (NYSE:ICE) last released its quarterly earnings results on Wednesday, February 7th. The financial services provider reported $0.73 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.72 by $0.01. The firm had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Intercontinental Exchange had a net margin of 43.09% and a return on equity of 10.83%. The business’s revenue was up .5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.71 EPS. analysts predict that Intercontinental Exchange Inc will post 3.57 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Thursday, September 13th will be issued a $0.24 dividend. The ex-dividend date is Wednesday, September 12th. This represents a $0.96 annualized dividend and a yield of 1.29%. Intercontinental Exchange’s dividend payout ratio is currently 22.64%.
In other Intercontinental Exchange news, President Benjamin Jackson sold 3,045 shares of the stock in a transaction dated Thursday, March 15th. The shares were sold at an average price of $74.17, for a total value of $225,847.65. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Jeffrey C. Sprecher sold 132,245 shares of the stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $73.34, for a total transaction of $9,698,848.30. Following the completion of the transaction, the chief executive officer now directly owns 1,454,661 shares in the company, valued at $106,684,837.74. The disclosure for this sale can be found here. Over the last three months, insiders sold 197,144 shares of company stock worth $14,502,143. Insiders own 1.50% of the company’s stock.
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About Intercontinental Exchange
Intercontinental Exchange Inc, formerly IntercontinentalExchange Group, Inc, is a network of regulated exchanges and clearing houses for financial and commodity markets. The Company delivers transparent and accessible data, technology and risk management services to markets around the world through its portfolio of exchanges, including the New York Stock Exchange, ICE Futures, Liffe and Euronext.
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