Park Avenue Securities LLC Buys Shares of 2,875 Intercontinental Exchange Inc (ICE)

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Park Avenue Securities LLC bought a new stake in shares of Intercontinental Exchange Inc (NYSE:ICE) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 2,875 shares of the financial services provider’s stock, valued at approximately $216,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Royal London Asset Management Ltd. purchased a new stake in Intercontinental Exchange during the 2nd quarter valued at $17,795,000. Baird Financial Group Inc. boosted its stake in Intercontinental Exchange by 11.2% during the 2nd quarter. Baird Financial Group Inc. now owns 131,129 shares of the financial services provider’s stock valued at $9,644,000 after purchasing an additional 13,229 shares during the last quarter. Stock Yards Bank & Trust Co. boosted its stake in Intercontinental Exchange by 1.2% during the 3rd quarter. Stock Yards Bank & Trust Co. now owns 186,409 shares of the financial services provider’s stock valued at $13,960,000 after purchasing an additional 2,130 shares during the last quarter. Clinton Group Inc. purchased a new stake in Intercontinental Exchange during the 3rd quarter valued at $4,917,000. Finally, OppenheimerFunds Inc. boosted its stake in Intercontinental Exchange by 17.1% during the 2nd quarter. OppenheimerFunds Inc. now owns 6,938,214 shares of the financial services provider’s stock valued at $510,306,000 after purchasing an additional 1,011,626 shares during the last quarter. Institutional investors and hedge funds own 88.99% of the company’s stock.

In other news, Vice Chairman Charles A. Vice sold 35,000 shares of the firm’s stock in a transaction on Tuesday, November 6th. The stock was sold at an average price of $78.12, for a total value of $2,734,200.00. Following the transaction, the insider now directly owns 419,907 shares in the company, valued at approximately $32,803,134.84. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Scott A. Hill sold 70,659 shares of the firm’s stock in a transaction on Thursday, September 6th. The stock was sold at an average price of $76.56, for a total value of $5,409,653.04. Following the completion of the transaction, the chief financial officer now directly owns 231,782 shares in the company, valued at $17,745,229.92. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 288,819 shares of company stock worth $21,896,765. Company insiders own 1.50% of the company’s stock.

Several brokerages have commented on ICE. Raymond James increased their target price on Intercontinental Exchange from $81.00 to $86.00 and gave the company an “outperform” rating in a research note on Thursday, November 1st. Zacks Investment Research upgraded Intercontinental Exchange from a “sell” rating to a “hold” rating in a research note on Wednesday, September 12th. Citigroup set a $80.00 price target on Intercontinental Exchange and gave the stock a “hold” rating in a research note on Thursday, November 1st. Rosenblatt Securities initiated coverage on Intercontinental Exchange in a research note on Wednesday, September 5th. They issued a “buy” rating and a $88.00 price target on the stock. Finally, JPMorgan Chase & Co. restated an “overweight” rating and issued a $91.00 price target on shares of Intercontinental Exchange in a research note on Friday, October 12th. They noted that the move was a valuation call. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $84.07.

ICE stock opened at $79.08 on Friday. The firm has a market capitalization of $44.74 billion, a PE ratio of 23.24, a PEG ratio of 2.27 and a beta of 0.53. Intercontinental Exchange Inc has a 1 year low of $65.96 and a 1 year high of $80.00. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.38.

Intercontinental Exchange (NYSE:ICE) last released its quarterly earnings results on Wednesday, October 31st. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.80 by $0.05. The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.19 billion. Intercontinental Exchange had a return on equity of 11.67% and a net margin of 43.09%. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same period last year, the business posted $0.73 EPS. On average, equities research analysts expect that Intercontinental Exchange Inc will post 3.52 earnings per share for the current fiscal year.

Intercontinental Exchange declared that its Board of Directors has approved a share buyback program on Wednesday, October 31st that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 4.8% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

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About Intercontinental Exchange

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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Institutional Ownership by Quarter for Intercontinental Exchange (NYSE:ICE)

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