The Manufacturers Life Insurance Company Reduces Stock Holdings in Intercontinental Exchange Inc. $ICE

The Manufacturers Life Insurance Company lowered its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE) by 18.3% during the second quarter, Holdings Channel reports. The firm owned 583,051 shares of the financial services provider’s stock after selling 130,417 shares during the period. The Manufacturers Life Insurance Company’s holdings in Intercontinental Exchange were worth $71,779,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of ICE. ICONIQ Capital LLC boosted its holdings in shares of Intercontinental Exchange by 2.2% in the 2nd quarter. ICONIQ Capital LLC now owns 2,621 shares of the financial services provider’s stock valued at $481,000 after buying an additional 56 shares in the last quarter. Mission Wealth Management LP raised its stake in Intercontinental Exchange by 2.4% during the 4th quarter. Mission Wealth Management LP now owns 2,611 shares of the financial services provider’s stock worth $423,000 after acquiring an additional 62 shares in the last quarter. Johnson Financial Group LLC lifted its position in Intercontinental Exchange by 4.0% in the fourth quarter. Johnson Financial Group LLC now owns 1,710 shares of the financial services provider’s stock valued at $277,000 after acquiring an additional 65 shares during the last quarter. Cornerstone Planning Group LLC lifted its position in Intercontinental Exchange by 33.5% in the first quarter. Cornerstone Planning Group LLC now owns 271 shares of the financial services provider’s stock valued at $42,000 after acquiring an additional 68 shares during the last quarter. Finally, Burns J W & Co. Inc. NY lifted its position in Intercontinental Exchange by 0.6% in the first quarter. Burns J W & Co. Inc. NY now owns 12,189 shares of the financial services provider’s stock valued at $1,917,000 after acquiring an additional 69 shares during the last quarter. Hedge funds and other institutional investors own 89.30% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on ICE shares. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $178.00 price objective on shares of Intercontinental Exchange in a report on Friday, July 31st. UBS Group reissued a “buy” rating and issued a $195.00 target price (up from $190.00) on shares of Intercontinental Exchange in a report on Friday, July 31st. Wall Street Zen cut Intercontinental Exchange from a “hold” rating to a “sell” rating in a research report on Saturday, September 5th. TD Cowen restated a “buy” rating and set a $177.00 price target (up from $159.00) on shares of Intercontinental Exchange in a research note on Friday, July 31st. Finally, Morgan Stanley cut their price target on Intercontinental Exchange from $187.00 to $163.00 and set an “equal weight” rating on the stock in a research report on Friday, July 10th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $184.17.

Insider Activity at Intercontinental Exchange

In other news, SVP Douglas Foley sold 7,300 shares of the firm’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $148.88, for a total value of $1,086,824.00. Following the completion of the sale, the senior vice president owned 19,063 shares in the company, valued at approximately $2,838,099.44. This trade represents a 27.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Benjamin Jackson sold 12,862 shares of Intercontinental Exchange stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $160.09, for a total transaction of $2,059,077.58. Following the completion of the sale, the president directly owned 164,264 shares in the company, valued at approximately $26,297,023.76. The trade was a 7.26% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 39,579 shares of company stock worth $6,217,715 in the last 90 days. Corporate insiders own 0.84% of the company’s stock.

Intercontinental Exchange Trading Up 1.1%

NYSE:ICE opened at $157.49 on Friday. The firm has a market cap of $88.41 billion, a P/E ratio of 22.24, a PEG ratio of 1.51 and a beta of 0.93. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.63. The stock’s 50 day simple moving average is $151.14 and its 200-day simple moving average is $151.76. Intercontinental Exchange Inc. has a 12-month low of $121.79 and a 12-month high of $176.59.

Intercontinental Exchange (NYSE:ICE) last released its quarterly earnings results on Thursday, July 30th. The financial services provider reported $1.90 EPS for the quarter, topping the consensus estimate of $1.84 by $0.06. Intercontinental Exchange had a return on equity of 14.95% and a net margin of 30.08%.The business had revenue of $3.61 billion during the quarter, compared to analysts’ expectations of $2.63 billion. During the same quarter in the prior year, the business earned $1.81 earnings per share. The company’s quarterly revenue was up 4.8% compared to the same quarter last year. Equities analysts anticipate that Intercontinental Exchange Inc. will post 8.1 EPS for the current year.

About Intercontinental Exchange

Intercontinental Exchange, Inc (NYSE: ICE) operates global exchanges, clearinghouses, data services and technology platforms. The company provides marketplaces for trading and clearing a range of financial and commodity products, including energy, agricultural commodities, interest rates, credit and equities.

ICE owns and operates the New York Stock Exchange and related equity markets, as well as futures and options exchanges in North America and Europe. Its businesses also include ICE Data Services, which provides market data, analytics, connectivity and other information services to financial institutions and corporations.

Through ICE Mortgage Technology, the company offers software and digital platforms designed to support residential mortgage origination, processing, servicing and related workflows.