Legacy Trust Sells 1,076 Shares of Intercontinental Exchange Inc. $ICE

Legacy Trust reduced its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE) by 24.8% in the second quarter, HoldingsChannel.com reports. The fund owned 3,265 shares of the financial services provider’s stock after selling 1,076 shares during the quarter. Legacy Trust’s holdings in Intercontinental Exchange were worth $599,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Advisors Capital Management LLC lifted its stake in Intercontinental Exchange by 25.0% in the first quarter. Advisors Capital Management LLC now owns 1,978 shares of the financial services provider’s stock worth $341,000 after purchasing an additional 396 shares during the last quarter. Capital Investment Advisory Services LLC bought a new stake in Intercontinental Exchange in the first quarter worth $349,000. Sequoia Financial Advisors LLC lifted its stake in Intercontinental Exchange by 18.3% in the first quarter. Sequoia Financial Advisors LLC now owns 12,168 shares of the financial services provider’s stock worth $2,099,000 after purchasing an additional 1,879 shares during the last quarter. Ritholtz Wealth Management lifted its stake in Intercontinental Exchange by 52.3% in the first quarter. Ritholtz Wealth Management now owns 7,953 shares of the financial services provider’s stock worth $1,372,000 after purchasing an additional 2,732 shares during the last quarter. Finally, First American Bank lifted its stake in Intercontinental Exchange by 2.1% in the first quarter. First American Bank now owns 76,332 shares of the financial services provider’s stock worth $13,167,000 after purchasing an additional 1,580 shares during the last quarter. 89.30% of the stock is owned by institutional investors.

Insider Activity at Intercontinental Exchange

In related news, CEO Jeffrey C. Sprecher sold 150,000 shares of the business’s stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $183.09, for a total transaction of $27,463,500.00. Following the transaction, the chief executive officer owned 1,951,705 shares in the company, valued at $357,337,668.45. The trade was a 7.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Andrew J. Surdykowski sold 3,850 shares of the business’s stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $178.33, for a total transaction of $686,570.50. Following the transaction, the general counsel owned 46,293 shares in the company, valued at $8,255,430.69. This represents a 7.68% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 230,874 shares of company stock valued at $42,187,714 over the last three months. Corporate insiders own 1.00% of the company’s stock.

Intercontinental Exchange Price Performance

Shares of NYSE ICE opened at $162.47 on Friday. Intercontinental Exchange Inc. has a 1 year low of $142.29 and a 1 year high of $189.35. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.01 and a quick ratio of 1.01. The company’s 50-day moving average is $176.53 and its 200 day moving average is $174.68. The stock has a market capitalization of $93.00 billion, a P/E ratio of 31.18, a P/E/G ratio of 1.98 and a beta of 1.08.

Intercontinental Exchange (NYSE:ICE) last announced its quarterly earnings results on Thursday, July 31st. The financial services provider reported $1.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.77 by $0.04. Intercontinental Exchange had a net margin of 23.92% and a return on equity of 13.66%. The company had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $2.50 billion. During the same quarter in the previous year, the company earned $1.52 earnings per share. Intercontinental Exchange’s quarterly revenue was up 9.8% on a year-over-year basis. On average, sell-side analysts expect that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Morgan Stanley lowered their price target on shares of Intercontinental Exchange from $192.00 to $188.00 and set an “equal weight” rating for the company in a research note on Wednesday. Barclays boosted their price objective on shares of Intercontinental Exchange from $206.00 to $212.00 and gave the company an “overweight” rating in a research report on Friday, August 1st. UBS Group boosted their price objective on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the company a “buy” rating in a research report on Tuesday, July 8th. Weiss Ratings restated a “buy (b)” rating on shares of Intercontinental Exchange in a research report on Saturday, September 27th. Finally, Piper Sandler boosted their price objective on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the company an “overweight” rating in a research report on Tuesday, July 15th. Nine investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Intercontinental Exchange presently has a consensus rating of “Moderate Buy” and an average price target of $198.20.

Intercontinental Exchange Profile

Intercontinental Exchange, Inc, together with its subsidiaries, engages in the provision of market infrastructure, data services, and technology solutions for financial institutions, corporations, and government entities in the United States, the United Kingdom, the European Union, Singapore, India, Abu Dhabi, Israel, and Canada.