Pinnacle Associates Ltd. Buys 854 Shares of Intercontinental Exchange, Inc. (NYSE:ICE)

by · The Markets Daily

Pinnacle Associates Ltd. lifted its stake in shares of Intercontinental Exchange, Inc. (NYSE:ICE – Free Report) by 9.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 10,120 shares of the financial services provider’s stock after purchasing an additional 854 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Intercontinental Exchange were worth $1,626,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ICE. Raleigh Capital Management Inc. increased its stake in Intercontinental Exchange by 26.4% in the 3rd quarter. Raleigh Capital Management Inc. now owns 302 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 63 shares during the last quarter. Integrated Advisors Network LLC increased its stake in Intercontinental Exchange by 4.0% in the 3rd quarter. Integrated Advisors Network LLC now owns 1,714 shares of the financial services provider’s stock worth $275,000 after acquiring an additional 66 shares during the last quarter. American National Bank increased its stake in Intercontinental Exchange by 13.8% in the 2nd quarter. American National Bank now owns 569 shares of the financial services provider’s stock worth $78,000 after acquiring an additional 69 shares during the last quarter. Veracity Capital LLC increased its stake in Intercontinental Exchange by 3.4% in the 3rd quarter. Veracity Capital LLC now owns 2,206 shares of the financial services provider’s stock worth $354,000 after acquiring an additional 72 shares during the last quarter. Finally, Catalyst Financial Partners LLC increased its stake in Intercontinental Exchange by 3.4% in the 2nd quarter. Catalyst Financial Partners LLC now owns 2,223 shares of the financial services provider’s stock worth $304,000 after acquiring an additional 73 shares during the last quarter. 89.30% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, General Counsel Andrew J. Surdykowski sold 2,048 shares of the stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $159.57, for a total value of $326,799.36. Following the completion of the transaction, the general counsel now owns 44,865 shares of the company’s stock, valued at approximately $7,159,108.05. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CAO James W. Namkung sold 1,171 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $160.00, for a total value of $187,360.00. Following the completion of the transaction, the chief accounting officer now owns 16,665 shares of the company’s stock, valued at approximately $2,666,400. This represents a 0.00 % 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, General Counsel Andrew J. Surdykowski sold 2,048 shares of the stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $159.57, for a total value of $326,799.36. Following the completion of the transaction, the general counsel now directly owns 44,865 shares of the company’s stock, valued at $7,159,108.05. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 7,489 shares of company stock worth $1,202,259. 1.10% of the stock is currently owned by company insiders.

Intercontinental Exchange Trading Down 0.8 %

NYSE ICE opened at $154.64 on Friday. Intercontinental Exchange, Inc. has a fifty-two week low of $104.91 and a fifty-two week high of $167.99. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.99 and a current ratio of 0.99. The stock has a 50 day simple moving average of $161.98 and a two-hundred day simple moving average of $148.20. The stock has a market cap of $88.79 billion, a P/E ratio of 38.28, a price-to-earnings-growth ratio of 2.51 and a beta of 1.08.

Intercontinental Exchange (NYSE:ICE – Get Free Report) last released its quarterly earnings data on Thursday, October 31st. The financial services provider reported $1.55 earnings per share for the quarter, hitting the consensus estimate of $1.55. Intercontinental Exchange had a return on equity of 12.70% and a net margin of 21.43%. The business had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same quarter last year, the business posted $1.46 EPS. The business’s revenue was up 17.3% on a year-over-year basis. On average, analysts forecast that Intercontinental Exchange, Inc. will post 6.13 earnings per share for the current year.

Intercontinental Exchange Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 1.16%. The ex-dividend date is Monday, December 16th. Intercontinental Exchange’s dividend payout ratio (DPR) is currently 44.55%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ICE. StockNews.com lowered Intercontinental Exchange from a “hold” rating to a “sell” rating in a research note on Monday, October 21st. The Goldman Sachs Group upped their price objective on Intercontinental Exchange from $171.00 to $185.00 and gave the stock a “buy” rating in a report on Thursday, October 3rd. Citigroup upped their price objective on Intercontinental Exchange from $160.00 to $162.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. Morgan Stanley upped their price objective on Intercontinental Exchange from $160.00 to $174.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $168.00 price objective on shares of Intercontinental Exchange in a report on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, Intercontinental Exchange presently has an average rating of “Moderate Buy” and an average price target of $173.93.

View Our Latest Report on Intercontinental Exchange

Intercontinental Exchange Company Profile

(Free Report)

Intercontinental Exchange, Inc, together with its subsidiaries, engages in the provision of market infrastructure, data services, and technology solutions for financial institutions, corporations, and government entities in the United States, the United Kingdom, the European Union, Singapore, India, Abu Dhabi, Israel, and Canada.

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