Hexavest Inc. Has $21.62 Million Position in Intercontinental Exchange Inc (ICE)
Hexavest Inc. lifted its holdings in Intercontinental Exchange Inc (NYSE:ICE) by 6.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 306,344 shares of the financial services provider’s stock after purchasing an additional 18,743 shares during the period. Hexavest Inc.’s holdings in Intercontinental Exchange were worth $21,616,000 at the end of the most recent reporting period.
Other hedge funds have also added to or reduced their stakes in the company. IHT Wealth Management LLC lifted its stake in shares of Intercontinental Exchange by 10.8% in the 2nd quarter. IHT Wealth Management LLC now owns 185 shares of the financial services provider’s stock valued at $101,000 after purchasing an additional 18 shares during the last quarter. Americafirst Capital Management LLC acquired a new stake in shares of Intercontinental Exchange in the 3rd quarter valued at $145,000. Savant Capital LLC acquired a new stake in shares of Intercontinental Exchange in the 3rd quarter valued at $206,000. Geneva Partners LLC acquired a new stake in shares of Intercontinental Exchange in the 3rd quarter valued at $206,000. Finally, HighPoint Advisor Group LLC acquired a new stake in shares of Intercontinental Exchange in the 3rd quarter valued at $214,000. 89.96% of the stock is owned by institutional investors and hedge funds.
In other news, Vice Chairman Charles A. Vice sold 7,500 shares of the business’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $71.93, for a total transaction of $539,475.00. Following the transaction, the insider now owns 377,471 shares in the company, valued at approximately $27,151,489.03. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Charles A. Vice sold 12,500 shares of the business’s stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $68.52, for a total transaction of $856,500.00. Following the transaction, the insider now owns 382,471 shares in the company, valued at approximately $26,206,912.92. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 38,070 shares of company stock worth $2,684,849. Insiders own 1.50% of the company’s stock.
Intercontinental Exchange (NYSE:ICE) last announced its earnings results on Thursday, November 2nd. The financial services provider reported $0.73 EPS for the quarter, topping the consensus estimate of $0.71 by $0.02. Intercontinental Exchange had a net margin of 27.91% and a return on equity of 11.01%. The firm had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter last year, the firm posted $0.64 EPS. The business’s quarterly revenue was up 6.0% on a year-over-year basis. analysts expect that Intercontinental Exchange Inc will post 2.94 earnings per share for the current fiscal year.
Intercontinental Exchange declared that its board has initiated a stock repurchase program on Thursday, November 2nd that authorizes the company to buyback $1.20 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 3.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.
Several research firms recently issued reports on ICE. Zacks Investment Research raised shares of Intercontinental Exchange from a “hold” rating to a “buy” rating and set a $78.00 price objective for the company in a research note on Wednesday, January 3rd. Citigroup lifted their target price on shares of Intercontinental Exchange from $67.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, October 19th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $73.00 target price on shares of Intercontinental Exchange in a report on Sunday, October 8th. Wells Fargo & Co lifted their target price on shares of Intercontinental Exchange from $65.00 to $73.00 and gave the stock a “market perform” rating in a report on Thursday, October 5th. Finally, UBS Group lifted their target price on shares of Intercontinental Exchange from $73.00 to $80.00 and gave the stock a “buy” rating in a report on Friday, November 3rd. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $75.40.
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Intercontinental Exchange Profile
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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