First Citizens Bank & Trust Co. Cuts Stake in Intercontinental Exchange Inc. $ICE

First Citizens Bank & Trust Co. cut its stake in Intercontinental Exchange Inc. (NYSE:ICE) by 11.3% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 28,310 shares of the financial services provider’s stock after selling 3,594 shares during the period. First Citizens Bank & Trust Co.’s holdings in Intercontinental Exchange were worth $4,770,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of ICE. Norges Bank purchased a new stake in shares of Intercontinental Exchange during the 2nd quarter valued at $1,542,780,000. Sands Capital Management LLC boosted its holdings in Intercontinental Exchange by 97.3% in the second quarter. Sands Capital Management LLC now owns 5,313,039 shares of the financial services provider’s stock valued at $974,783,000 after acquiring an additional 2,620,310 shares during the last quarter. C WorldWide Group Holding A S boosted its holdings in Intercontinental Exchange by 29,199.5% in the second quarter. C WorldWide Group Holding A S now owns 1,652,201 shares of the financial services provider’s stock valued at $303,129,000 after acquiring an additional 1,646,562 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in Intercontinental Exchange by 55.6% during the second quarter. Arrowstreet Capital Limited Partnership now owns 2,781,542 shares of the financial services provider’s stock valued at $510,330,000 after acquiring an additional 994,316 shares during the period. Finally, Assenagon Asset Management S.A. increased its stake in Intercontinental Exchange by 503.7% during the third quarter. Assenagon Asset Management S.A. now owns 1,133,892 shares of the financial services provider’s stock worth $191,038,000 after acquiring an additional 946,065 shares during the last quarter. Institutional investors and hedge funds own 89.30% of the company’s stock.

Insider Buying and Selling

In other news, CTO Mayur Kapani sold 5,345 shares of the firm’s stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $156.67, for a total transaction of $837,401.15. Following the completion of the sale, the chief technology officer directly owned 65,240 shares in the company, valued at $10,221,150.80. This trade represents a 7.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Douglas Foley sold 1,600 shares of the business’s stock in a transaction dated Friday, December 12th. The stock was sold at an average price of $163.20, for a total value of $261,120.00. Following the completion of the transaction, the senior vice president owned 24,196 shares in the company, valued at approximately $3,948,787.20. This trade represents a 6.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 166,068 shares of company stock worth $25,470,702 over the last quarter. Company insiders own 1.00% of the company’s stock.

Intercontinental Exchange Stock Down 0.8%

Shares of NYSE:ICE opened at $172.94 on Friday. The company has a market capitalization of $98.61 billion, a price-to-earnings ratio of 31.50, a price-to-earnings-growth ratio of 2.10 and a beta of 1.03. The company has a 50 day moving average of $161.89 and a two-hundred day moving average of $167.14. Intercontinental Exchange Inc. has a 52-week low of $143.17 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 0.61.

Intercontinental Exchange (NYSE:ICE) last announced its earnings results on Thursday, October 30th. The financial services provider reported $1.71 earnings per share for the quarter, meeting the consensus estimate of $1.71. The business had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $2.49 billion. Intercontinental Exchange had a net margin of 25.24% and a return on equity of 13.79%. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.55 earnings per share. As a group, analysts forecast that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on ICE shares. TD Cowen reaffirmed a “buy” rating on shares of Intercontinental Exchange in a research note on Wednesday, January 14th. Wall Street Zen lowered shares of Intercontinental Exchange from a “hold” rating to a “sell” rating in a report on Saturday. Raymond James Financial reiterated a “strong-buy” rating and set a $211.00 price objective on shares of Intercontinental Exchange in a research note on Tuesday, January 6th. Piper Sandler reissued an “overweight” rating and issued a $195.00 target price (down previously from $202.00) on shares of Intercontinental Exchange in a research note on Wednesday, January 14th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Intercontinental Exchange in a report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Intercontinental Exchange currently has an average rating of “Buy” and a consensus price target of $193.50.

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.