Grove Bank & Trust Boosts Stock Position in Intercontinental Exchange, Inc. (NYSE:ICE)

Grove Bank & Trust lifted its position in Intercontinental Exchange, Inc. (NYSE:ICE) by 55.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,286 shares of the financial services provider’s stock after buying an additional 1,520 shares during the quarter. Grove Bank & Trust’s holdings in Intercontinental Exchange were worth $739,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Governors Lane LP raised its holdings in shares of Intercontinental Exchange by 88.0% in the 4th quarter. Governors Lane LP now owns 127,100 shares of the financial services provider’s stock valued at $18,939,000 after buying an additional 59,500 shares during the period. National Pension Service raised its holdings in shares of Intercontinental Exchange by 19.1% in the 4th quarter. National Pension Service now owns 1,239,140 shares of the financial services provider’s stock valued at $184,644,000 after buying an additional 198,311 shares during the period. Hahn Capital Management LLC increased its holdings in Intercontinental Exchange by 69.8% during the 4th quarter. Hahn Capital Management LLC now owns 71,134 shares of the financial services provider’s stock worth $10,600,000 after purchasing an additional 29,233 shares during the period. Tema Etfs LLC purchased a new stake in Intercontinental Exchange during the 4th quarter worth about $1,107,000. Finally, Otter Creek Advisors LLC increased its holdings in Intercontinental Exchange by 102.2% during the 4th quarter. Otter Creek Advisors LLC now owns 33,233 shares of the financial services provider’s stock worth $4,952,000 after purchasing an additional 16,797 shares during the period. Hedge funds and other institutional investors own 89.30% of the company’s stock.

Intercontinental Exchange Stock Up 0.7%

Shares of NYSE ICE opened at $179.67 on Tuesday. The stock has a market cap of $103.06 billion, a PE ratio of 37.59, a price-to-earnings-growth ratio of 2.10 and a beta of 1.12. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.63. Intercontinental Exchange, Inc. has a 52-week low of $133.97 and a 52-week high of $181.63. The business has a 50-day moving average price of $170.89 and a 200 day moving average price of $164.21.

Intercontinental Exchange (NYSE:ICE) last announced its earnings results on Thursday, May 1st. The financial services provider reported $1.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.70 by $0.02. The firm had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.44 billion. Intercontinental Exchange had a return on equity of 12.95% and a net margin of 23.42%. The business’s revenue was up 8.0% on a year-over-year basis. During the same period in the prior year, the firm earned $1.48 EPS. Equities research analysts forecast that Intercontinental Exchange, Inc. will post 6.73 earnings per share for the current year.

Intercontinental Exchange Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be given a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 1.07%. Intercontinental Exchange’s payout ratio is 39.75%.

Analyst Upgrades and Downgrades

ICE has been the topic of several recent research reports. Morgan Stanley upped their price target on Intercontinental Exchange from $181.00 to $192.00 and gave the stock an “equal weight” rating in a report on Monday, May 5th. Keefe, Bruyette & Woods upped their price target on Intercontinental Exchange from $183.00 to $189.00 and gave the stock an “outperform” rating in a report on Friday, May 2nd. Bank of America cut their price target on Intercontinental Exchange from $237.00 to $230.00 and set a “buy” rating on the stock in a report on Wednesday, April 2nd. Finally, Barclays upped their price target on Intercontinental Exchange from $189.00 to $198.00 and gave the stock an “overweight” rating in a report on Friday, May 2nd. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $188.46.

Insiders Place Their Bets

In other Intercontinental Exchange news, SVP Douglas Foley sold 1,600 shares of the stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $177.48, for a total transaction of $283,968.00. Following the completion of the sale, the senior vice president now directly owns 27,313 shares of the company’s stock, valued at approximately $4,847,511.24. This trade represents a 5.53% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jeffrey C. Sprecher sold 150,000 shares of the stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $179.22, for a total value of $26,883,000.00. Following the sale, the chief executive officer now directly owns 2,101,705 shares of the company’s stock, valued at $376,667,570.10. The trade was a 6.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 227,954 shares of company stock valued at $40,796,663. 1.00% of the stock is owned by company insiders.

Intercontinental Exchange Company 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.