Peapack Gladstone Financial Corp Sells 5,228 Shares of Intercontinental Exchange Inc. $ICE

Peapack Gladstone Financial Corp decreased its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE) by 13.0% in the fourth quarter, Holdings Channel.com reports. The fund owned 35,044 shares of the financial services provider’s stock after selling 5,228 shares during the period. Peapack Gladstone Financial Corp’s holdings in Intercontinental Exchange were worth $5,675,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Norges Bank bought a new position in Intercontinental Exchange during the fourth quarter valued at $1,418,228,000. Wellington Management Group LLP increased its stake in Intercontinental Exchange by 64.7% in the 3rd quarter. Wellington Management Group LLP now owns 10,354,224 shares of the financial services provider’s stock worth $1,744,480,000 after buying an additional 4,067,922 shares during the period. Mawer Investment Management Ltd. increased its stake in Intercontinental Exchange by 179.1% in the 3rd quarter. Mawer Investment Management Ltd. now owns 2,472,366 shares of the financial services provider’s stock worth $416,544,000 after buying an additional 1,586,620 shares during the period. Waverton Investment Management Ltd increased its stake in Intercontinental Exchange by 28,886.8% in the 3rd quarter. Waverton Investment Management Ltd now owns 1,526,734 shares of the financial services provider’s stock worth $257,163,000 after buying an additional 1,521,467 shares during the period. Finally, Eurizon Capital SGR S.p.A. bought a new position in Intercontinental Exchange during the 4th quarter worth about $213,286,000. Institutional investors own 89.30% of the company’s stock.

Intercontinental Exchange Trading Down 1.8%

Shares of ICE opened at $145.23 on Tuesday. Intercontinental Exchange Inc. has a 52-week low of $143.01 and a 52-week high of $189.35. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.63. The firm’s fifty day moving average is $157.12 and its two-hundred day moving average is $160.10. The stock has a market cap of $82.13 billion, a PE ratio of 21.14, a price-to-earnings-growth ratio of 1.38 and a beta of 0.92.

Intercontinental Exchange (NYSE:ICE) last announced its earnings results on Thursday, April 30th. The financial services provider reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.23 by $0.12. Intercontinental Exchange had a net margin of 30.06% and a return on equity of 14.99%. The company had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $2.88 billion. During the same quarter in the previous year, the company posted $1.72 EPS. The firm’s quarterly revenue was up 20.4% on a year-over-year basis. Research analysts forecast that Intercontinental Exchange Inc. will post 8.15 earnings per share for the current fiscal year.

Insider Activity

In other news, CTO Mayur Kapani sold 4,271 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $155.42, for a total transaction of $663,798.82. Following the completion of the sale, the chief technology officer owned 64,869 shares in the company, valued at $10,081,939.98. This trade represents a 6.18% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Warren Gardiner sold 2,490 shares of the firm’s stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $156.64, for a total transaction of $390,033.60. Following the sale, the chief financial officer owned 25,189 shares of the company’s stock, valued at $3,945,604.96. This represents a 9.00% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 12,001 shares of company stock worth $1,847,820. Corporate insiders own 0.84% of the company’s stock.

Wall Street Analysts Forecast Growth

ICE has been the topic of several recent research reports. Piper Sandler reiterated an “overweight” rating and set a $211.00 target price (up from $195.00) on shares of Intercontinental Exchange in a report on Wednesday, April 15th. Barclays restated an “overweight” rating and issued a $201.00 price target (up from $198.00) on shares of Intercontinental Exchange in a report on Friday, May 1st. UBS Group reiterated a “buy” rating and issued a $205.00 target price on shares of Intercontinental Exchange in a research note on Wednesday, May 20th. Morgan Stanley lifted their target price on shares of Intercontinental Exchange from $183.00 to $187.00 and gave the stock an “equal weight” rating in a research note on Friday, April 10th. Finally, Weiss Ratings lowered shares of Intercontinental Exchange from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, April 24th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $194.60.

Intercontinental Exchange Company 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.