Intercontinental Exchange Inc. $ICE Shares Bought by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. raised its holdings in Intercontinental Exchange Inc. (NYSE:ICE) by 4.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 200,710 shares of the financial services provider’s stock after purchasing an additional 9,052 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Intercontinental Exchange were worth $31,568,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in shares of Intercontinental Exchange by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 54,153,170 shares of the financial services provider’s stock valued at $8,770,647,000 after buying an additional 413,639 shares during the last quarter. J. Stern & Co. LLP boosted its stake in shares of Intercontinental Exchange by 17,398.1% in the fourth quarter. J. Stern & Co. LLP now owns 54,107,273 shares of the financial services provider’s stock worth $8,763,214,000 after buying an additional 53,798,055 shares during the last quarter. State Street Corp boosted its stake in shares of Intercontinental Exchange by 3.4% in the fourth quarter. State Street Corp now owns 25,653,952 shares of the financial services provider’s stock worth $4,154,914,000 after buying an additional 837,208 shares during the last quarter. Morgan Stanley grew its holdings in Intercontinental Exchange by 1.0% during the fourth quarter. Morgan Stanley now owns 15,875,593 shares of the financial services provider’s stock worth $2,571,212,000 after acquiring an additional 158,450 shares during the period. Finally, Norges Bank purchased a new position in Intercontinental Exchange during the fourth quarter valued at approximately $1,418,228,000. 89.30% of the stock is owned by institutional investors and hedge funds.

Intercontinental Exchange Stock Performance

NYSE ICE opened at $145.93 on Friday. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.01 and a quick ratio of 1.01. The stock’s 50 day simple moving average is $139.50 and its 200-day simple moving average is $154.08. The company has a market cap of $82.53 billion, a PE ratio of 21.24, a price-to-earnings-growth ratio of 1.49 and a beta of 0.94. Intercontinental Exchange Inc. has a 1-year low of $121.79 and a 1-year high of $189.35.

Intercontinental Exchange (NYSE:ICE) last issued its quarterly earnings results on Thursday, April 30th. The financial services provider reported $2.35 EPS for the quarter, topping the consensus estimate of $2.23 by $0.12. Intercontinental Exchange had a return on equity of 14.99% and a net margin of 30.06%.The firm had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $2.88 billion. During the same period in the previous year, the business earned $1.72 earnings per share. The firm’s revenue for the quarter was up 20.4% on a year-over-year basis. As a group, equities research analysts anticipate that Intercontinental Exchange Inc. will post 8.01 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on ICE. Barclays decreased their price target on Intercontinental Exchange from $201.00 to $180.00 and set an “overweight” rating for the company in a report on Thursday, July 9th. UBS Group lowered their target price on shares of Intercontinental Exchange from $205.00 to $190.00 and set a “buy” rating on the stock in a research note on Tuesday, July 7th. Raymond James Financial set a $208.00 target price on Intercontinental Exchange in a research report on Monday, July 6th. Rothschild & Co Redburn set a $177.00 price target on Intercontinental Exchange in a research note on Thursday, June 11th. Finally, Weiss Ratings cut Intercontinental Exchange from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, June 17th. One equities research 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. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $181.58.

Insider Activity

In related news, General Counsel Andrew J. Surdykowski sold 4,573 shares of the company’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $151.56, for a total transaction of $693,083.88. Following the completion of the sale, the general counsel owned 45,473 shares of the company’s stock, valued at approximately $6,891,887.88. This represents a 9.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Sharon Bowen sold 667 shares of the stock in a transaction dated Friday, May 22nd. The shares were 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 of the company’s stock, valued at approximately $2,280,848.56. The trade was a 4.24% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 13,425 shares of company stock valued at $2,046,324 in the last ninety days. 0.84% of the stock is currently owned by corporate insiders.

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.