Intercontinental Exchange Inc. $ICE Position Lessened by Tompkins Financial Corp

Tompkins Financial Corp lowered its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE) by 32.4% in the third quarter, HoldingsChannel reports. The fund owned 21,454 shares of the financial services provider’s stock after selling 10,283 shares during the quarter. Tompkins Financial Corp’s holdings in Intercontinental Exchange were worth $3,262,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of ICE. J. Stern & Co. LLP lifted its stake in shares of Intercontinental Exchange by 17,398.1% in the 4th quarter. J. Stern & Co. LLP now owns 54,107,273 shares of the financial services provider’s stock valued at $8,763,214,000 after purchasing an additional 53,798,055 shares in the last quarter. BlackRock Inc. purchased a new position in Intercontinental Exchange in the second quarter valued at approximately $6,245,085,000. State Street Corp lifted its position in Intercontinental Exchange by 1.6% during the second quarter. State Street Corp now owns 25,966,680 shares of the financial services provider’s stock valued at $3,196,758,000 after buying an additional 415,490 shares in the last quarter. Wellington Management Group LLP lifted its position in Intercontinental Exchange by 16.1% during the second quarter. Wellington Management Group LLP now owns 11,812,273 shares of the financial services provider’s stock valued at $1,454,209,000 after buying an additional 1,634,385 shares in the last quarter. Finally, Capital World Investors grew its stake in Intercontinental Exchange by 12.5% during the fourth quarter. Capital World Investors now owns 7,907,399 shares of the financial services provider’s stock worth $1,280,688,000 after buying an additional 878,435 shares during the period. 89.30% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Intercontinental Exchange news, Director Martha A. Tirinnanzi sold 1,340 shares of the company’s stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $161.16, for a total transaction of $215,954.40. Following the completion of the sale, the director owned 3,747 shares of the company’s stock, valued at $603,866.52. This represents a 26.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, President Benjamin Jackson sold 12,862 shares of the firm’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $160.09, for a total value of $2,059,077.58. Following the completion of the sale, the president directly owned 164,264 shares in the company, valued at $26,297,023.76. This trade represents a 7.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 41,179 shares of company stock worth $6,473,715 in the last quarter. Corporate insiders own 0.84% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Wells Fargo & Company assumed coverage on Intercontinental Exchange in a research report on Friday. They issued an “underweight” rating and a $159.00 price objective on the stock. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $178.00 target price on shares of Intercontinental Exchange in a research note on Friday, July 31st. TD Cowen lowered Intercontinental Exchange from a “buy” rating to a “hold” rating and reduced their price target for the stock from $177.00 to $166.00 in a research report on Monday. Barclays restated an “overweight” rating and issued a $182.00 price target (up from $180.00) on shares of Intercontinental Exchange in a report on Friday, July 31st. Finally, Weiss Ratings cut shares of Intercontinental Exchange from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, September 8th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Intercontinental Exchange has a consensus rating of “Moderate Buy” and a consensus price target of $181.77.

Intercontinental Exchange Stock Performance

Shares of NYSE ICE traded up $1.36 during midday trading on Monday, hitting $151.51. 935,107 shares of the company’s stock were exchanged, compared to its average volume of 3,825,255. Intercontinental Exchange Inc. has a twelve month low of $121.79 and a twelve month high of $176.05. The firm has a market cap of $85.06 billion, a P/E ratio of 21.40, a PEG ratio of 1.45 and a beta of 0.94. The stock’s 50 day moving average price is $155.65 and its 200-day moving average price is $150.91. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.01 and a quick ratio of 1.01.

Intercontinental Exchange (NYSE:ICE) last released its earnings results on Thursday, July 30th. The financial services provider reported $1.90 EPS for the quarter, beating the consensus estimate of $1.84 by $0.06. Intercontinental Exchange had a net margin of 30.08% and a return on equity of 14.95%. The firm had revenue of $3.61 billion for the quarter, compared to analysts’ expectations of $2.63 billion. During the same quarter last year, the company earned $1.81 EPS. Intercontinental Exchange’s quarterly revenue was up 4.8% on a year-over-year basis. Equities research analysts anticipate that Intercontinental Exchange Inc. will post 8.12 EPS for the current year.

Trending Headlines about Intercontinental Exchange

Here are the key news stories impacting Intercontinental Exchange this week:

• Positive Sentiment: Freight-market expansion and rising volumes: ICE launched new futures and options tied to very large crude carriers (VLCCs), tankers and container freight. Average daily volume across its freight markets is up 33% year to date, indicating growing customer demand for hedging global shipping exposure and expanding ICE’s derivatives revenue opportunity. ICE freight contracts announcement
• Positive Sentiment: Potential digital-assets growth platform: ICE’s OKXICE joint venture filed with the SEC to create a 24/7 tokenized-securities venue for U.S. stocks, potentially covering more than 60 listed companies. The use of Uniswap v4 technology could broaden ICE’s reach into blockchain-based trading and create a new market-infrastructure opportunity, although the platform remains subject to regulatory and execution risks. Reuters tokenized trading platform article
• Positive Sentiment: Mortgage-market activity is shifting: ICE Mortgage Monitor reported adjustable-rate mortgage demand at a nearly four-year high as mortgage rates rise. Increased refinancing, origination or servicing activity could benefit ICE’s mortgage-technology and data businesses, though higher rates may weaken overall housing demand. ICE Mortgage Monitor article
• Neutral Sentiment: September and third-quarter statistics: ICE reported its latest operating statistics, giving investors an updated view of exchange, clearing and data activity. The release is constructive if volumes remained strong, but the market’s reaction will depend on the detailed figures and their implications for upcoming revenue. ICE September and third-quarter statistics
• Negative Sentiment: Analyst sentiment deteriorated: TD Cowen downgraded ICE from Buy to Hold and reduced its price target to $166 from $177. Wells Fargo also initiated unfavorable coverage with a Strong Sell rating, creating near-term pressure despite ICE’s operating initiatives. TD Cowen downgrade article

Intercontinental Exchange Company Profile

Intercontinental Exchange, Inc (NYSE:ICE) operates global exchanges, clearinghouses, data services and technology platforms. The company provides marketplaces and infrastructure that support the trading, clearing and management of risk across financial and commodity markets.

Its businesses include the New York Stock Exchange, ICE Futures exchanges and ICE Clear clearinghouses. ICE offers trading and clearing services for equities, equity options, interest rates, currencies, energy, agricultural commodities, metals and other contracts.