Eastern Bank Increases Position in Intercontinental Exchange Inc. $ICE

Eastern Bank lifted its position in shares of Intercontinental Exchange Inc. (NYSE:ICE) by 59.6% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 177,751 shares of the financial services provider’s stock after buying an additional 66,398 shares during the period. Eastern Bank’s holdings in Intercontinental Exchange were worth $32,612,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. increased its position in Intercontinental Exchange by 1.4% during the first quarter. Vanguard Group Inc. now owns 52,940,356 shares of the financial services provider’s stock worth $9,132,211,000 after purchasing an additional 712,179 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in Intercontinental Exchange by 491.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,433,497 shares of the financial services provider’s stock worth $1,109,780,000 after purchasing an additional 5,345,388 shares during the last quarter. Amundi increased its position in Intercontinental Exchange by 14.7% during the first quarter. Amundi now owns 6,315,706 shares of the financial services provider’s stock worth $1,060,574,000 after purchasing an additional 810,938 shares during the last quarter. Independent Franchise Partners LLP increased its position in Intercontinental Exchange by 0.5% during the first quarter. Independent Franchise Partners LLP now owns 6,192,424 shares of the financial services provider’s stock worth $1,068,193,000 after purchasing an additional 31,588 shares during the last quarter. Finally, Wellington Management Group LLP increased its position in Intercontinental Exchange by 113.9% during the first quarter. Wellington Management Group LLP now owns 5,943,363 shares of the financial services provider’s stock worth $1,025,230,000 after purchasing an additional 3,165,381 shares during the last quarter. Hedge funds and other institutional investors own 89.30% of the company’s stock.

Insider Activity

In other Intercontinental Exchange news, Director Judith A. Sprieser sold 2,900 shares of the stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $174.51, for a total transaction of $506,079.00. Following the transaction, the director directly owned 18,169 shares in the company, valued at $3,170,672.19. This represents a 13.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Jeffrey C. Sprecher sold 150,000 shares of the stock in a transaction on 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. This trade represents a 7.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 240,956 shares of company stock worth $43,789,542 over the last ninety days. Insiders own 1.00% of the company’s stock.

Intercontinental Exchange Price Performance

ICE opened at $157.51 on Friday. The company has a fifty day simple moving average of $174.01 and a 200 day simple moving average of $174.13. The firm has a market cap of $90.16 billion, a price-to-earnings ratio of 30.23, a PEG ratio of 1.94 and a beta of 1.08. Intercontinental Exchange Inc. has a twelve month low of $142.29 and a twelve month high of $189.35. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61.

Intercontinental Exchange (NYSE:ICE) last posted its quarterly earnings data on Thursday, July 31st. The financial services provider reported $1.81 EPS for the quarter, beating analysts’ consensus estimates of $1.77 by $0.04. Intercontinental Exchange had a net margin of 23.92% and a return on equity of 13.66%. The firm had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $2.50 billion. During the same period in the prior year, the firm posted $1.52 EPS. The firm’s revenue was up 9.8% compared to the same quarter last year. Equities research analysts expect that Intercontinental Exchange Inc. will post 6.73 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently commented on ICE. JPMorgan Chase & Co. upped their price target on shares of Intercontinental Exchange from $195.00 to $203.00 and gave the stock an “overweight” rating in a research report on Thursday, September 25th. Piper Sandler upped their price target on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 15th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Intercontinental Exchange in a research report on Wednesday. UBS Group upped their price target on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the stock a “buy” rating in a research report on Tuesday, July 8th. Finally, Barclays reissued an “overweight” rating and issued a $201.00 price objective (down previously from $212.00) on shares of Intercontinental Exchange in a research report on Wednesday. Nine analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, Intercontinental Exchange presently has an average rating of “Moderate Buy” and a consensus price target of $197.10.

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.