Bank of Nova Scotia Decreases Stock Position in Intercontinental Exchange Inc. $ICE

Bank of Nova Scotia decreased its position in shares of Intercontinental Exchange Inc. (NYSE:ICE) by 55.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 211,432 shares of the financial services provider’s stock after selling 259,374 shares during the period. Bank of Nova Scotia’s holdings in Intercontinental Exchange were worth $33,254,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Ares Financial Consulting LLC purchased a new position in shares of Intercontinental Exchange in the fourth quarter valued at $25,000. Steph & Co. raised its stake in Intercontinental Exchange by 104.7% during the fourth quarter. Steph & Co. now owns 174 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 89 shares in the last quarter. Brooklands Fund Management Ltd bought a new position in Intercontinental Exchange during the fourth quarter valued at $28,000. Swiss RE Ltd. purchased a new position in shares of Intercontinental Exchange in the 4th quarter worth $28,000. Finally, Dorato Capital Management bought a new stake in shares of Intercontinental Exchange in the 4th quarter worth about $29,000. 89.30% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Intercontinental Exchange

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

Intercontinental Exchange Stock Performance

Shares of Intercontinental Exchange stock opened at $145.93 on Friday. Intercontinental Exchange Inc. has a 12 month low of $121.79 and a 12 month high of $189.35. The stock’s fifty day moving average price is $139.50 and its 200-day moving average price is $154.08. The firm has a market cap of $82.53 billion, a P/E ratio of 21.24, a P/E/G ratio of 1.49 and a beta of 0.94. 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 issued 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 period in the prior year, the business earned $1.72 EPS. The firm’s quarterly revenue was up 20.4% on a year-over-year basis. On average, equities research analysts expect that Intercontinental Exchange Inc. will post 8.01 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on ICE shares. Piper Sandler dropped their price target on Intercontinental Exchange from $211.00 to $190.00 and set an “overweight” rating for the company in a research report on Wednesday, July 15th. Barclays dropped their target price on Intercontinental Exchange from $201.00 to $180.00 and set an “overweight” rating for the company in a report on Thursday, July 9th. Rothschild & Co Redburn set a $177.00 price target on Intercontinental Exchange in a research report on Thursday, June 11th. Weiss Ratings cut shares of Intercontinental Exchange from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, June 17th. Finally, TD Cowen lowered their target price on shares of Intercontinental Exchange from $193.00 to $153.00 and set a “buy” rating for the company in a report on Monday, June 22nd. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $181.58.

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.