Norinchukin Bank The Buys 3,139 Shares of Intercontinental Exchange Inc (ICE)
Norinchukin Bank The raised its stake in shares of Intercontinental Exchange Inc (NYSE:ICE) by 12.0% in the fourth quarter, Holdings Channel reports. The institutional investor owned 29,329 shares of the financial services provider’s stock after acquiring an additional 3,139 shares during the period. Norinchukin Bank The’s holdings in Intercontinental Exchange were worth $2,069,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Valeo Financial Advisors LLC raised its stake in shares of Intercontinental Exchange by 257.6% during the 4th quarter. Valeo Financial Advisors LLC now owns 1,627 shares of the financial services provider’s stock valued at $115,000 after buying an additional 1,172 shares during the last quarter. SeaCrest Wealth Management LLC purchased a new position in shares of Intercontinental Exchange during the 4th quarter valued at about $122,000. Cerebellum GP LLC purchased a new position in shares of Intercontinental Exchange during the 4th quarter valued at about $127,000. Americafirst Capital Management LLC purchased a new position in shares of Intercontinental Exchange during the 3rd quarter valued at about $145,000. Finally, Penserra Capital Management LLC raised its stake in shares of Intercontinental Exchange by 75.8% during the 4th quarter. Penserra Capital Management LLC now owns 2,400 shares of the financial services provider’s stock valued at $169,000 after buying an additional 1,035 shares during the last quarter. Institutional investors and hedge funds own 90.42% of the company’s stock.
Intercontinental Exchange Inc (ICE) opened at $72.86 on Thursday. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.25. Intercontinental Exchange Inc has a 52 week low of $56.97 and a 52 week high of $76.14. The firm has a market capitalization of $42,425.96, a PE ratio of 24.78, a P/E/G ratio of 2.57 and a beta of 0.66.
Intercontinental Exchange announced that its board has initiated a stock buyback program on Thursday, November 2nd that permits the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 3.1% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Thursday, September 13th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.32%. The ex-dividend date is Wednesday, September 12th. Intercontinental Exchange’s payout ratio is 18.87%.
In related news, CFO Scott A. Hill sold 14,772 shares of Intercontinental Exchange stock in a transaction dated Tuesday, January 16th. The stock was sold at an average price of $75.00, for a total value of $1,107,900.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Vice Chairman Charles A. Vice sold 7,500 shares of Intercontinental Exchange stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $71.93, for a total value of $539,475.00. Following the completion of the sale, the insider now owns 377,471 shares in the company, valued at $27,151,489.03. The disclosure for this sale can be found here. Over the last quarter, insiders sold 51,410 shares of company stock worth $3,761,547. 1.50% of the stock is currently owned by insiders.
A number of research firms have weighed in on ICE. JPMorgan Chase & Co. upgraded Intercontinental Exchange from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $76.00 to $83.00 in a research note on Tuesday. Argus restated a “buy” rating and issued a $67.00 price target (down previously from $80.00) on shares of Intercontinental Exchange in a research note on Friday, February 9th. Bank of America cut their price target on Intercontinental Exchange from $83.00 to $82.00 and set a “buy” rating for the company in a research note on Thursday, February 8th. Berenberg Bank began coverage on Intercontinental Exchange in a research note on Thursday, January 25th. They issued a “buy” rating and a $90.00 price target for the company. Finally, Zacks Investment Research upgraded Intercontinental Exchange from a “hold” rating to a “buy” rating and set a $78.00 price target for the company in a research note on Wednesday, January 3rd. Three analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $76.62.
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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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