Intercontinental Exchange (ICE) Trading Up 5.4% After Better-Than-Expected Earnings

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Intercontinental Exchange Inc (NYSE:ICE) shares were up 5.4% on Wednesday following a better than expected earnings announcement. The stock traded as high as $77.38 and last traded at $77.04. Approximately 7,717,959 shares changed hands during trading, an increase of 197% from the average daily volume of 2,601,075 shares. The stock had previously closed at $73.10.

The financial services provider reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.05. Intercontinental Exchange had a return on equity of 11.45% and a net margin of 41.83%. The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.19 billion. During the same period in the prior year, the firm earned $0.73 EPS. The firm’s revenue was up 4.7% on a year-over-year basis.

Several equities analysts recently issued reports on ICE shares. ValuEngine raised Intercontinental Exchange from a “hold” rating to a “buy” rating in a research report on Friday, September 7th. Zacks Investment Research downgraded Intercontinental Exchange from a “hold” rating to a “sell” rating in a research report on Thursday, September 6th. FIX started coverage on Intercontinental Exchange in a research report on Wednesday, September 5th. They issued a “buy” rating and a $88.00 target price on the stock. Berenberg Bank set a $92.00 target price on Intercontinental Exchange and gave the company a “buy” rating in a research report on Thursday, September 20th. Finally, Deutsche Bank upped their target price on Intercontinental Exchange from $82.00 to $83.00 and gave the company a “buy” rating in a research report on Thursday, September 27th. Three analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $83.29.

In other Intercontinental Exchange news, President Benjamin Jackson sold 2,860 shares of the stock in a transaction dated Friday, September 14th. The stock was sold at an average price of $77.88, for a total transaction of $222,736.80. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Jeffrey C. Sprecher sold 80,000 shares of the stock in a transaction dated Wednesday, August 22nd. The stock was sold at an average price of $73.28, for a total value of $5,862,400.00. The disclosure for this sale can be found here. Insiders have sold a total of 288,819 shares of company stock worth $21,703,215 over the last ninety days. 1.50% of the stock is owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. Kaizen Advisory LLC grew its position in Intercontinental Exchange by 143.4% during the 2nd quarter. Kaizen Advisory LLC now owns 1,356 shares of the financial services provider’s stock worth $100,000 after purchasing an additional 799 shares during the period. Quad Cities Investment Group LLC acquired a new stake in Intercontinental Exchange during the 2nd quarter worth about $104,000. Sun Life Financial INC grew its position in Intercontinental Exchange by 717.7% during the 2nd quarter. Sun Life Financial INC now owns 1,570 shares of the financial services provider’s stock worth $115,000 after purchasing an additional 1,378 shares during the period. Townsend & Associates Inc grew its position in Intercontinental Exchange by 894.0% during the 2nd quarter. Townsend & Associates Inc now owns 1,650 shares of the financial services provider’s stock worth $121,000 after purchasing an additional 1,484 shares during the period. Finally, Mount Yale Investment Advisors LLC acquired a new stake in Intercontinental Exchange during the 1st quarter worth about $130,000. 88.90% of the stock is currently owned by institutional investors.

The stock has a market capitalization of $42.29 billion, a price-to-earnings ratio of 25.97, a PEG ratio of 2.14 and a beta of 0.65. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.98 and a quick ratio of 0.98.

About Intercontinental Exchange (NYSE:ICE)

Intercontinental Exchange, Inc operates regulated exchanges, clearing houses, and listings venues for financial and commodity markets in the United States, the United Kingdom, Continental Europe, Asia, Israel, and Canada. It operates through two segments, Trading and Clearing; and Data and Listings. The company operates marketplaces for listing, trading, and clearing an array of derivatives and securities contracts across various asset classes, including energy and agricultural commodities, interest rates, equities, equity and credit derivatives, exchange traded funds, bonds, and currencies.

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