SVB Wealth LLC Cuts Stock Holdings in Intercontinental Exchange Inc. $ICE

SVB Wealth LLC lessened its stake in Intercontinental Exchange Inc. (NYSE:ICE) by 11.1% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 25,772 shares of the financial services provider’s stock after selling 3,233 shares during the quarter. SVB Wealth LLC’s holdings in Intercontinental Exchange were worth $3,173,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in ICE. Rakuten Securities Inc. purchased a new stake in Intercontinental Exchange during the second quarter valued at about $26,000. Brooklands Fund Management Ltd acquired a new stake in Intercontinental Exchange during the fourth quarter worth about $28,000. Swiss RE Ltd. purchased a new position in shares of Intercontinental Exchange in the 4th quarter worth about $28,000. Lloyd Advisory Services LLC. purchased a new position in shares of Intercontinental Exchange in the 4th quarter worth about $30,000. Finally, Gables Capital Management Inc. acquired a new position in shares of Intercontinental Exchange in the 2nd quarter valued at about $31,000. 89.30% of the stock is owned by hedge funds and other institutional investors.

Intercontinental Exchange Stock Down 2.2%

Shares of NYSE:ICE opened at $157.67 on Wednesday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.63. Intercontinental Exchange Inc. has a 52-week low of $121.79 and a 52-week high of $176.59. The company has a 50 day moving average of $149.58 and a two-hundred day moving average of $151.68. The company has a market capitalization of $88.51 billion, a price-to-earnings ratio of 22.27, a price-to-earnings-growth ratio of 1.57 and a beta of 0.93.

Intercontinental Exchange (NYSE:ICE) last posted its quarterly earnings data on Thursday, July 30th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.84 by $0.06. Intercontinental Exchange had a net margin of 30.08% and a return on equity of 14.95%. The company had revenue of $3.61 billion for the quarter, compared to analyst estimates of $2.63 billion. During the same quarter last year, the firm posted $1.81 earnings per share. The business’s quarterly revenue was up 4.8% on a year-over-year basis. As a group, analysts forecast that Intercontinental Exchange Inc. will post 8.1 earnings per share for the current fiscal year.

Insider Buying and Selling at Intercontinental Exchange

In other Intercontinental Exchange news, SVP Douglas Foley sold 1,600 shares of the company’s stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $160.00, for a total value of $256,000.00. Following the completion of the transaction, the senior vice president directly owned 17,463 shares of the company’s stock, valued at $2,794,080. This represents a 8.39% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, General Counsel Andrew J. Surdykowski sold 4,574 shares of the firm’s stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $161.77, for a total value of $739,935.98. Following the sale, the general counsel owned 43,065 shares of the company’s stock, valued at $6,966,625.05. This represents a 9.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 40,912 shares of company stock worth $6,403,616. 0.84% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on ICE shares. Rothschild & Co Redburn set a $177.00 target price on Intercontinental Exchange in a report on Thursday, June 11th. Weiss Ratings upgraded shares of Intercontinental Exchange from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, August 25th. Piper Sandler reduced their price target on shares of Intercontinental Exchange from $211.00 to $190.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 15th. TD Cowen reiterated a “buy” rating and set a $177.00 price objective (up from $159.00) on shares of Intercontinental Exchange in a research note on Friday, July 31st. Finally, UBS Group reissued a “buy” rating and issued a $195.00 price objective (up from $190.00) on shares of Intercontinental Exchange in a research report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $184.17.

Intercontinental Exchange Company Profile

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.