Intercontinental Exchange, Inc. (NYSE:ICE) Stake Boosted by Norway Savings Bank

Norway Savings Bank increased its stake in Intercontinental Exchange, Inc. (NYSE:ICE) by 3.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,299 shares of the financial services provider’s stock after purchasing an additional 430 shares during the quarter. Norway Savings Bank’s holdings in Intercontinental Exchange were worth $1,617,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of ICE. BlackRock Inc. boosted its position in Intercontinental Exchange by 1.5% during the 1st quarter. BlackRock Inc. now owns 41,663,328 shares of the financial services provider’s stock worth $4,345,068,000 after acquiring an additional 608,371 shares during the period. Morgan Stanley boosted its position in Intercontinental Exchange by 18.9% during the 4th quarter. Morgan Stanley now owns 25,406,629 shares of the financial services provider’s stock worth $2,606,466,000 after acquiring an additional 4,044,744 shares during the period. T. Rowe Price Investment Management Inc. boosted its position in Intercontinental Exchange by 45.5% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 17,114,267 shares of the financial services provider’s stock worth $1,755,753,000 after acquiring an additional 5,354,161 shares during the period. Geode Capital Management LLC boosted its position in Intercontinental Exchange by 1.2% during the 1st quarter. Geode Capital Management LLC now owns 10,503,361 shares of the financial services provider’s stock worth $1,092,660,000 after acquiring an additional 127,481 shares during the period. Finally, Veritas Asset Management LLP boosted its position in Intercontinental Exchange by 76.9% during the 1st quarter. Veritas Asset Management LLP now owns 7,450,402 shares of the financial services provider’s stock worth $777,002,000 after acquiring an additional 3,239,605 shares during the period. Hedge funds and other institutional investors own 87.91% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Citigroup upgraded Intercontinental Exchange from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $117.00 to $130.00 in a research report on Friday, August 4th. Piper Sandler lifted their price target on Intercontinental Exchange from $125.00 to $135.00 in a report on Wednesday, July 5th. Deutsche Bank Aktiengesellschaft lifted their price target on Intercontinental Exchange from $125.00 to $126.00 and gave the company a “buy” rating in a report on Friday, August 4th. UBS Group lifted their price target on Intercontinental Exchange from $135.00 to $140.00 and gave the company a “buy” rating in a report on Friday, September 8th. Finally, Morgan Stanley reduced their price target on Intercontinental Exchange from $124.00 to $118.00 and set an “equal weight” rating for the company in a report on Wednesday, September 6th. Four equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $133.00.

Intercontinental Exchange Stock Performance

Shares of ICE stock traded down $1.18 during trading on Friday, reaching $115.72. The company had a trading volume of 3,817,888 shares, compared to its average volume of 2,474,396. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.10 and a quick ratio of 1.10. The firm’s 50 day simple moving average is $115.40 and its two-hundred day simple moving average is $109.56. The company has a market capitalization of $64.84 billion, a PE ratio of 38.45, a PEG ratio of 2.35 and a beta of 0.93. Intercontinental Exchange, Inc. has a one year low of $88.60 and a one year high of $118.79.

Intercontinental Exchange (NYSE:ICE) last issued its quarterly earnings results on Thursday, August 3rd. The financial services provider reported $1.43 EPS for the quarter, topping the consensus estimate of $1.37 by $0.06. The company had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.89 billion. Intercontinental Exchange had a return on equity of 13.11% and a net margin of 17.64%. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same period in the previous year, the business posted $1.32 EPS. Sell-side analysts forecast that Intercontinental Exchange, Inc. will post 5.65 earnings per share for the current year.

Intercontinental Exchange Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be given a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 1.45%. The ex-dividend date of this dividend is Thursday, September 14th. Intercontinental Exchange’s dividend payout ratio is currently 55.81%.

Insider Activity

In other news, President Benjamin Jackson sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 12th. The stock was sold at an average price of $115.54, for a total transaction of $346,620.00. Following the sale, the president now directly owns 125,647 shares in the company, valued at $14,517,254.38. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CFO Warren Gardiner sold 500 shares of the business’s stock in a transaction that occurred on Friday, September 8th. The stock was sold at an average price of $115.43, for a total transaction of $57,715.00. Following the sale, the chief financial officer now directly owns 15,525 shares in the company, valued at $1,792,050.75. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, President Benjamin Jackson sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 12th. The shares were sold at an average price of $115.54, for a total value of $346,620.00. Following the sale, the president now owns 125,647 shares in the company, valued at $14,517,254.38. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 8,563 shares of company stock worth $984,099. Company insiders own 1.10% of the company’s stock.

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.