Grove Bank & Trust Buys 4,307 Shares of Intercontinental Exchange Inc. $ICE

Grove Bank & Trust boosted its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE) by 111.9% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,156 shares of the financial services provider’s stock after buying an additional 4,307 shares during the period. Grove Bank & Trust’s holdings in Intercontinental Exchange were worth $1,004,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. J. Stern & Co. LLP boosted its stake in Intercontinental Exchange by 17,398.1% in the 4th quarter. J. Stern & Co. LLP now owns 54,107,273 shares of the financial services provider’s stock worth $8,763,214,000 after purchasing an additional 53,798,055 shares in the last quarter. Norges Bank purchased a new position in Intercontinental Exchange in the fourth quarter worth about $1,418,228,000. Viking Global Investors LP bought a new position in shares of Intercontinental Exchange in the fourth quarter worth approximately $777,926,000. Boston Partners grew its holdings in shares of Intercontinental Exchange by 148.6% during the fourth quarter. Boston Partners now owns 3,203,845 shares of the financial services provider’s stock valued at $519,701,000 after buying an additional 1,914,851 shares during the last quarter. Finally, Focus Partners Wealth increased its position in shares of Intercontinental Exchange by 569.8% during the fourth quarter. Focus Partners Wealth now owns 2,210,948 shares of the financial services provider’s stock valued at $358,142,000 after acquiring an additional 1,880,835 shares in the last quarter. 89.30% of the stock is owned by institutional investors.

Intercontinental Exchange Stock Down 1.8%

ICE opened at $149.11 on Wednesday. The firm’s 50 day simple moving average is $139.42 and its two-hundred day simple moving average is $153.33. The company has a market capitalization of $83.71 billion, a PE ratio of 21.06, a PEG ratio of 1.85 and a beta of 0.92. Intercontinental Exchange Inc. has a 1-year low of $121.79 and a 1-year high of $189.35. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.63.

Intercontinental Exchange (NYSE:ICE) last posted its quarterly earnings data on Thursday, July 30th. The financial services provider reported $1.90 EPS for the quarter, topping the consensus estimate of $1.84 by $0.06. The firm had revenue of $3.61 billion during the quarter, compared to analyst estimates of $2.63 billion. Intercontinental Exchange had a return on equity of 14.95% and a net margin of 30.08%.Intercontinental Exchange’s revenue was up 4.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.81 EPS. As a group, equities analysts forecast that Intercontinental Exchange Inc. will post 7.99 EPS for the current year.

Insider Transactions at Intercontinental Exchange

In other Intercontinental Exchange news, Director Sharon Bowen sold 667 shares of Intercontinental Exchange stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $151.28, for a total transaction of $100,903.76. Following the transaction, the director owned 15,077 shares of the company’s stock, valued at $2,280,848.56. The trade was a 4.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William Jefferson Hague sold 1,333 shares of the stock in a transaction on Friday, June 12th. The stock was sold at an average price of $139.46, for a total transaction of $185,900.18. Following the completion of the sale, the director directly owned 20,132 shares of the company’s stock, valued at approximately $2,807,608.72. This trade represents a 6.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 13,425 shares of company stock valued at $2,046,324. Company insiders own 0.84% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Piper Sandler cut their target price on Intercontinental Exchange from $211.00 to $190.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 15th. TD Cowen reaffirmed a “buy” rating and set a $177.00 price objective (up from $159.00) on shares of Intercontinental Exchange in a research report on Friday. UBS Group reissued a “buy” rating and issued a $195.00 target price (up from $190.00) on shares of Intercontinental Exchange in a research report on Friday. Morgan Stanley dropped their price target on shares of Intercontinental Exchange from $187.00 to $163.00 and set an “equal weight” rating on the stock in a report on Friday, July 10th. Finally, Wall Street Zen cut shares of Intercontinental Exchange from a “hold” rating to a “sell” rating in a report on Saturday. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $183.33.

About Intercontinental Exchange

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.