Intercontinental Exchange Inc. (ICE) Position Raised by Syntal Capital Partners LLC
Syntal Capital Partners LLC lifted its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE) by 13.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,414 shares of the financial services provider’s stock after purchasing an additional 1,088 shares during the quarter. Syntal Capital Partners LLC’s holdings in Intercontinental Exchange were worth $646,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Alerus Financial NA bought a new stake in shares of Intercontinental Exchange during the second quarter valued at about $4,256,000. NBT Bank N A NY acquired a new position in Intercontinental Exchange during the second quarter worth about $245,000. State of Tennessee Treasury Department grew its holdings in Intercontinental Exchange by 32.8% during the second quarter. State of Tennessee Treasury Department now owns 216,187 shares of the financial services provider’s stock worth $14,251,000 after acquiring an additional 53,449 shares during the period. Oak Ridge Investments LLC grew its holdings in Intercontinental Exchange by 7.2% during the second quarter. Oak Ridge Investments LLC now owns 250,107 shares of the financial services provider’s stock worth $16,487,000 after acquiring an additional 16,704 shares during the period. Finally, BB&T Securities LLC grew its holdings in Intercontinental Exchange by 140.0% during the second quarter. BB&T Securities LLC now owns 18,404 shares of the financial services provider’s stock worth $1,213,000 after acquiring an additional 10,735 shares during the period. Institutional investors and hedge funds own 89.82% of the company’s stock.
A number of research analysts recently issued reports on the company. Wells Fargo & Company lifted their target price on Intercontinental Exchange from $65.00 to $73.00 and gave the stock a “market perform” rating in a report on Thursday, October 5th. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Intercontinental Exchange in a report on Tuesday, August 15th. BidaskClub lowered Intercontinental Exchange from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. Jefferies Group LLC reaffirmed a “buy” rating and set a $73.00 target price (up from $70.00) on shares of Intercontinental Exchange in a report on Monday, July 17th. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $73.00 target price on shares of Intercontinental Exchange in a report on Sunday, October 8th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $72.33.
Intercontinental Exchange (NYSE:ICE) last released its quarterly earnings data on Thursday, November 2nd. The financial services provider reported $0.73 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.02. The business had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.14 billion. Intercontinental Exchange had a return on equity of 11.01% and a net margin of 27.91%. The firm’s revenue was up 6.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.64 earnings per share.
Intercontinental Exchange announced that its board has approved a share repurchase plan on Thursday, November 2nd that authorizes the company to repurchase $1.20 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 3.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.
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In related news, CFO Scott A. Hill sold 37,630 shares of the company’s stock in a transaction dated Wednesday, October 4th. The stock was sold at an average price of $70.03, for a total value of $2,635,228.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Jeffrey C. Sprecher sold 80,420 shares of the company’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $65.24, for a total value of $5,246,600.80. The disclosure for this sale can be found here. Insiders sold 143,050 shares of company stock valued at $9,557,830 in the last quarter. 1.50% of the stock is currently owned by corporate insiders.
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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