Cullen Frost Bankers Inc. Raises Position in Intercontinental Exchange Inc. $ICE

Cullen Frost Bankers Inc. grew its position in Intercontinental Exchange Inc. (NYSE:ICE) by 3.0% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 121,179 shares of the financial services provider’s stock after purchasing an additional 3,505 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Intercontinental Exchange were worth $22,233,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Princeton Global Asset Management LLC purchased a new position in shares of Intercontinental Exchange during the second quarter valued at approximately $28,000. Tsfg LLC raised its holdings in shares of Intercontinental Exchange by 187.3% during the first quarter. Tsfg LLC now owns 158 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 103 shares during the last quarter. Activest Wealth Management raised its holdings in shares of Intercontinental Exchange by 4,050.0% during the first quarter. Activest Wealth Management now owns 166 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 162 shares during the last quarter. Hilltop National Bank purchased a new position in shares of Intercontinental Exchange during the second quarter valued at approximately $31,000. Finally, McClarren Financial Advisors Inc. purchased a new position in shares of Intercontinental Exchange during the first quarter valued at approximately $30,000. 89.30% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Intercontinental Exchange in a research report on Wednesday, October 8th. Piper Sandler boosted their target price 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. Barclays restated an “overweight” rating and set a $201.00 target price (down from $212.00) on shares of Intercontinental Exchange in a research report on Wednesday, October 8th. JPMorgan Chase & Co. boosted their target price on shares of Intercontinental Exchange from $195.00 to $203.00 and gave the company an “overweight” rating in a research report on Thursday, September 25th. Finally, Morgan Stanley cut their target price on shares of Intercontinental Exchange from $188.00 to $178.00 and set an “equal weight” rating for the company in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, eight have assigned 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 an average target price of $198.60.

Insiders Place Their Bets

In other Intercontinental Exchange news, Director Duriya M. Farooqui sold 2,036 shares of the company’s stock in a transaction that occurred on Wednesday, August 27th. The shares were sold at an average price of $178.34, for a total value of $363,100.24. Following the completion of the transaction, the director directly owned 14,299 shares in the company, valued at $2,550,083.66. This represents a 12.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Jeffrey C. Sprecher sold 150,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $183.09, for a total transaction of $27,463,500.00. Following the completion of the transaction, the chief executive officer owned 1,951,705 shares of the company’s stock, valued at approximately $357,337,668.45. The trade was a 7.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 240,956 shares of company stock valued at $43,789,542. Insiders own 1.00% of the company’s stock.

Intercontinental Exchange Stock Performance

ICE opened at $156.78 on Wednesday. The firm has a market cap of $89.74 billion, a P/E ratio of 30.09, a PEG ratio of 2.17 and a beta of 1.08. Intercontinental Exchange Inc. has a 1-year low of $142.29 and a 1-year high of $189.35. The company has a 50 day simple moving average of $169.72 and a two-hundred day simple moving average of $173.45. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.01 and a quick ratio of 1.01.

Intercontinental Exchange (NYSE:ICE) last posted its quarterly earnings results on Thursday, July 31st. The financial services provider reported $1.81 earnings per share for the quarter, topping analysts’ consensus estimates of $1.77 by $0.04. The business had revenue of $3.26 billion during the quarter, compared to analyst estimates of $2.50 billion. Intercontinental Exchange had a net margin of 23.92% and a return on equity of 13.66%. The company’s revenue was up 9.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.52 earnings per share. Equities analysts forecast that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current fiscal year.

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.