On October 8, 2023, it was reported that Manning & Napier Group LLC has significantly reduced its position in Intercontinental Exchange, Inc. (NYSE:ICE) during the second quarter of the year. According to the company’s recent filing with the Securities & Exchange Commission, Manning & Napier Group LLC sold 944,327 shares of ICE, resulting in a 57.6% decrease in its ownership. The fund now owns 695,601 shares of the financial services provider’s stock, which is estimated to be worth approximately $78,659,000 based on its most recent SEC filing.
Intercontinental Exchange has been the subject of various research analyst reports. Bank of America released a research report on October 3rd that lowered their target price for ICE shares from $141.00 to $140.00. On July 5th, Piper Sandler raised their price objective for ICE from $125.00 to $135.00 in another research note. In contrast, Barclays decreased their price target from $128.00 to $122.00 and assigned an “equal weight” rating for the company on August 4th. UBS Group also raised their price objective for ICE from $135.00 to $140.00 and provided a “buy” rating on September 8th as well as Deutsche Bank Aktiengesellschaft increasing their target price from $129.00 to $135.00 on September 29th.
In terms of analyst ratings overall, five equities research analysts have given a hold rating for Intercontinental Exchange’s stock, while six have assigned a buy rating and one has given a strong buy rating to the company according to Bloomberg.com data compiled by our sources..’s average rating for Intercontinental Exchange is designated as “Moderate Buy” with an average price target set at $133.67.
Shares of Intercontinental Exchange traded at a value of $110.88 during the trading hours on October 8, 2023. A total of 2,078,641 shares of the company’s stock were exchanged, as compared to its average volume of 2,531,862. Over the past year, Intercontinental Exchange had a low price point of $88.60 and a high price point of $118.79. With a market capitalization of $62.13 billion and a P/E ratio of 36.84, the company carries a price-to-earnings-growth ratio of 2.19 and has a beta measurement of 0.94. Furthermore, Intercontinental Exchange has experienced a fifty-day moving average of $113.88 and a two-hundred-day moving average of $110.70, implying recent stability in its stock performance.
Additionally, the company exhibits strong financial health with a quick ratio and current ratio both at 1.10, indicating an ability to meet short-term obligations efficiently for any potential investors or stakeholders considering their liquidity position.. The debt-to-equity ratio stands at 0.76 for Intercontinental Exchange.
In conclusion, Manning & Napier Group LLC has significantly decreased its position in Intercontinental Exchange during the second quarter according to SEC filings made public on October 8th.. Research analyst reports have covered various aspects of ICE’s stock performance with differing opinions and target prices from major institutions like Bank of America, Piper Sandler Barclays ,UBS Group ,and Deutsche Bank Aktiengesellschaft reflecting their expectations for future profitability and growth potential in line with their respective investment strategies . As it stands now,, Intercontinental Exchange is currently trading at $110.88 per share with an overall stable market performance between its one-year low mark at $88.60 and one-year high at $118 Round up your whole article ‘Intercontinental Exchange’ by restating that it maintains solid financials with favorable liquidity ratios, and a manageable debt-to-equity ratio.
Institutional Investors and Analysts Show Confidence in Intercontinental Exchange (ICE) despite Insider Selling
Intercontinental Exchange (ICE), a leading financial services provider, has recently seen a number of institutional investors and hedge funds modifying their holdings. RB Capital Management LLC, for example, increased its position in ICE by 3.2% during the first quarter, acquiring an additional 126 shares. This brings their total ownership to 4,044 shares, valued at $534,000.
United Bank also expanded its position in ICE during the same period, growing its portfolio by 2.7%. They now own 15,988 shares of the stock worth $2.11 million. Similarly, U.S. Capital Wealth Advisors LLC raised its stake in ICE by 13.5%, purchasing an additional 220 shares and bringing their total ownership to 1,855 shares valued at $245,000.
Another institutional investor that showed confidence in ICE was Sei Investments Co., which grew its position in the company by an impressive 31.5% during the first quarter. They acquired an additional 49,081 shares and now hold a total of 204,883 shares worth $27.08 million.
Furthermore, Prudential PLC entered the scene by purchasing a new stake in ICE during the first quarter for approximately $1.68 million.
These financial powerhouses collectively own a staggering 87.91% of ICE’s stock.
In other news surrounding ICE, Director Martha A. Tirinnanzi made headlines when she sold 496 shares of the company’s stock on Monday, August 21st at an average price of $113.56 per share. Following this sale, Tirinnanzi now holds only 2,878 shares valued at $326,825.
The aforementioned transaction was disclosed in a legal filing with the Securities & Exchange Commission (SEC), providing transparent access to such information.
Moreover,Tirinnanzi sold another batch of shares – again totaling to be exactly496 – on August21st itself.Meaning,the whole of these 992 shares were eventually sold on the same day bringing in staggering value of $56,325.76.Tirinnanzi concluded this transaction with 2,878 shares ,valued at a total price of $326,825.68
Meanwhile, the Chief Financial Officer (CFO) of ICE, Warren Gardiner, also made a notable sale on September 8th. He sold 500 shares with an average price of $115.43 per share, totaling $57,715. Following this transaction, the CFO now holds 15,525 shares valued at approximately $1.79 million.
All details regarding these transactions can be found on the SEC website or by following the link provided.
Looking at insider trading as a whole over the last quarter reveals that company insiders have sold a substantial amount of their shares. A whopping 99,246 shares have been sold by insiders, reaching a value of $11.22 million. This equates to around 1.10% of the company’s stock.
Financial research analysts also actively analyze and weigh in on ICE’s performance through published reports issued by reputable institutions.
Bank of America recently lowered its target price for ICE from $141.00 to $140.00 in one such report released on October 3rd.
On another note,Piper Sandler lifted ICE’s price objective from$125 to $135 which is very promising for intercontinental exchange in one such publication released on July5th
Barclays decreased their price objective from$122 to$128 which attracts people back into playing neutral.Being partial yet tactical being equally weighted is an attractive slogan used hereOur next report is one furnished by UBS Group pertaining to their expecting return.It expresses optimasim for intercontinental exchange.Briefly adding after this positive analysis they believe currently buying intercontinental exchange would be deal worth cracking.Lifting their buy rating after presenting vibrant analysis
Deutsche Bank Aktiengesellschaft, on the other hand,broadcasted a note of optimism by boosting ICE’s target price from $129 to $135 in their research report on September 29th.
Overall, there are currently five equities research analysts who hold a hold rating for ICE shares. Meanwhile, six analysts advocate for buying these shares and one analyst even strongly recommends them. Bloomberg.com reports that the average rating assigned to ICE is “Moderate Buy”, with an average price target of $133.67.
Finally, it is worth noting that on Thursday, August 3rd, ICE announced its quarterly earnings data. The financial services provider reported an impressive earnings per share (EPS) of $1.43 for the quarter, surpassing analysts’ consensus estimates of $1.37 by $0.06.
ICE also demonstrated a healthy net margin of 17.64% and a return on equity of 13.11%. In terms of revenue, the company generated $1.90 billion during the quarter, slightly exceeding analyst estimates of $1.89 billion.
When compared to the same quarter in the previous year, Intercontinental Exchange experienced a growth rate of 4.7% in revenue.
Considering all these factors and predictions made by research