Provident Investment Management Inc. Reduces Stock Holdings in Intercontinental Exchange Inc. $ICE

Provident Investment Management Inc. lessened its holdings in Intercontinental Exchange Inc. (NYSE:ICE) by 3.9% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 297,208 shares of the financial services provider’s stock after selling 12,092 shares during the quarter. Intercontinental Exchange comprises 4.4% of Provident Investment Management Inc.’s portfolio, making the stock its 10th largest position. Provident Investment Management Inc.’s holdings in Intercontinental Exchange were worth $50,074,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Knuff & Co LLC grew its stake in shares of Intercontinental Exchange by 73.3% in the 2nd quarter. Knuff & Co LLC now owns 175 shares of the financial services provider’s stock worth $32,000 after buying an additional 74 shares during the last quarter. Private Wealth Management Group LLC raised its stake in Intercontinental Exchange by 59.5% during the third quarter. Private Wealth Management Group LLC now owns 177 shares of the financial services provider’s stock valued at $30,000 after buying an additional 66 shares during the last quarter. Caitlin John LLC bought a new stake in Intercontinental Exchange in the third quarter worth $32,000. Capital A Wealth Management LLC grew its stake in shares of Intercontinental Exchange by 26,000.0% in the second quarter. Capital A Wealth Management LLC now owns 261 shares of the financial services provider’s stock worth $48,000 after acquiring an additional 260 shares during the last quarter. Finally, Cornerstone Planning Group LLC increased its holdings in shares of Intercontinental Exchange by 128.6% during the third quarter. Cornerstone Planning Group LLC now owns 272 shares of the financial services provider’s stock valued at $46,000 after acquiring an additional 153 shares in the last quarter. 89.30% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Intercontinental Exchange news, President Benjamin Jackson sold 12,861 shares of the stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $165.00, for a total value of $2,122,065.00. Following the transaction, the president owned 165,692 shares of the company’s stock, valued at approximately $27,339,180. This represents a 7.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jeffrey C. Sprecher sold 150,000 shares of the business’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $155.00, for a total value of $23,250,000.00. Following the sale, the chief executive officer owned 1,651,705 shares of the company’s stock, valued at approximately $256,014,275. This represents a 8.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 348,418 shares of company stock valued at $54,196,631 in the last 90 days. Insiders own 1.00% of the company’s stock.

Intercontinental Exchange Stock Down 0.4%

ICE opened at $160.77 on Wednesday. The stock has a market capitalization of $91.30 billion, a price-to-earnings ratio of 27.86, a PEG ratio of 1.74 and a beta of 1.04. The firm has a 50 day moving average price of $164.33 and a 200-day moving average price of $161.89. Intercontinental Exchange Inc. has a twelve month low of $143.17 and a twelve month high of $189.35. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.64.

Intercontinental Exchange (NYSE:ICE) last posted its earnings results on Thursday, February 5th. The financial services provider reported $1.71 EPS for the quarter, topping analysts’ consensus estimates of $1.67 by $0.04. The business had revenue of $3.14 billion during the quarter, compared to the consensus estimate of $2.51 billion. Intercontinental Exchange had a net margin of 26.23% and a return on equity of 13.99%. The firm’s revenue was up 7.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.52 EPS. Equities research analysts forecast that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current year.

Intercontinental Exchange Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Wednesday, December 16th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Wednesday, December 16th. Intercontinental Exchange’s dividend payout ratio is 36.05%.

Analysts Set New Price Targets

Several research firms have recently issued reports on ICE. UBS Group reaffirmed a “buy” rating and issued a $200.00 price target on shares of Intercontinental Exchange in a research report on Monday, February 9th. Royal Bank Of Canada restated an “outperform” rating and set a $180.00 price objective on shares of Intercontinental Exchange in a research note on Tuesday, January 6th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Intercontinental Exchange in a research note on Monday, December 29th. Wall Street Zen upgraded shares of Intercontinental Exchange from a “sell” rating to a “hold” rating in a report on Saturday, February 7th. Finally, Barclays set a $193.00 target price on Intercontinental Exchange and gave the company an “overweight” rating in a research note on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Intercontinental Exchange currently has an average rating of “Buy” and a consensus price target of $194.73.

Intercontinental Exchange Profile

Intercontinental Exchange (NYSE: ICE) is a global operator of exchanges, clearing houses and data services that provides infrastructure for the trading, clearing, settlement and information needs of financial and commodity markets. Founded in 2000 by Jeffrey C. Sprecher as an electronic energy trading platform, the company has grown through organic expansion and acquisitions to operate a broad portfolio of assets spanning listed equities, futures and options, fixed income, and over-the-counter derivatives.