Principal Financial Group Inc. reduced its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE) by 3.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 841,893 shares of the financial services provider’s stock after selling 31,329 shares during the quarter. Principal Financial Group Inc. owned about 0.14% of Intercontinental Exchange worth $57,838,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Daiwa Securities Group Inc. grew its holdings in Intercontinental Exchange by 4.0% during the 3rd quarter. Daiwa Securities Group Inc. now owns 144,897 shares of the financial services provider’s stock valued at $9,954,000 after buying an additional 5,627 shares in the last quarter. Nicolet Bankshares Inc. grew its holdings in shares of Intercontinental Exchange by 38.9% in the third quarter. Nicolet Bankshares Inc. now owns 12,147 shares of the financial services provider’s stock valued at $834,000 after purchasing an additional 3,402 shares in the last quarter. Penobscot Investment Management Company Inc. grew its holdings in shares of Intercontinental Exchange by 7.6% in the third quarter. Penobscot Investment Management Company Inc. now owns 44,840 shares of the financial services provider’s stock valued at $3,080,000 after purchasing an additional 3,160 shares in the last quarter. First Personal Financial Services lifted its position in Intercontinental Exchange by 486.1% in the third quarter. First Personal Financial Services now owns 12,437 shares of the financial services provider’s stock worth $854,000 after buying an additional 10,315 shares during the last quarter. Finally, Watch Point Trust Co bought a new stake in Intercontinental Exchange in the third quarter worth $226,000. 90.21% of the stock is owned by institutional investors and hedge funds.
ICE has been the subject of a number of analyst reports. Barclays PLC raised their price target on Intercontinental Exchange from $72.00 to $78.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 10th. Royal Bank Of Canada raised their price target on Intercontinental Exchange from $70.00 to $76.00 and gave the stock an “outperform” rating in a research report on Monday, October 16th. Citigroup Inc. raised their price target on Intercontinental Exchange from $75.00 to $77.00 and gave the stock a “neutral” rating in a research report on Friday, November 3rd. UBS AG raised their price target on Intercontinental Exchange from $73.00 to $80.00 and gave the stock a “buy” rating in a research report on Friday, November 3rd. Finally, Wells Fargo & Company raised their price target on Intercontinental Exchange from $65.00 to $73.00 and gave the stock a “market perform” rating in a research report on Thursday, October 5th. Four analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Intercontinental Exchange currently has a consensus rating of “Buy” and a consensus price target of $73.30.
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In other Intercontinental Exchange news, CFO Scott A. Hill sold 37,630 shares of Intercontinental Exchange stock in a transaction dated Wednesday, October 4th. The stock was sold at an average price of $70.03, for a total value of $2,635,228.90. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Jeffrey C. Sprecher sold 80,420 shares of Intercontinental Exchange stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $65.24, for a total value of $5,246,600.80. The disclosure for this sale can be found here. Insiders sold 155,550 shares of company stock worth $10,414,330 in the last quarter. 1.50% of the stock is owned by insiders.
Shares of Intercontinental Exchange Inc. (NYSE ICE) opened at $67.30 on Wednesday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $39,243.56, a PE ratio of 22.97, a P/E/G ratio of 2.48 and a beta of 0.71. Intercontinental Exchange Inc. has a fifty-two week low of $53.91 and a fifty-two week high of $71.24.
Intercontinental Exchange (NYSE:ICE) last released its quarterly earnings data on Thursday, November 2nd. The financial services provider reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.02. Intercontinental Exchange had a return on equity of 11.01% and a net margin of 27.91%. The firm had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same period in the previous year, the company posted $0.64 earnings per share. The firm’s quarterly revenue was up 6.0% on a year-over-year basis. research analysts anticipate that Intercontinental Exchange Inc. will post 2.95 EPS for the current fiscal year.
Intercontinental Exchange announced that its Board of Directors has authorized a share buyback program on Thursday, November 2nd that allows the company to buyback $1.20 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 3.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.
About Intercontinental Exchange
Intercontinental Exchange Inc, formerly IntercontinentalExchange Group, Inc, is a network of regulated exchanges and clearing houses for financial and commodity markets. The Company delivers transparent and accessible data, technology and risk management services to markets around the world through its portfolio of exchanges, including the New York Stock Exchange, ICE Futures, Liffe and Euronext.
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