Vancity Investment Management Ltd Raises Holdings in Intercontinental Exchange, Inc. (NYSE:ICE)

Posted by Defense World Staff on Sep 9th, 2023

Vancity Investment Management Ltd increased its holdings in Intercontinental Exchange, Inc. (NYSE:ICE – Free Report) by 0.8% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 94,369 shares of the financial services provider’s stock after acquiring an additional 736 shares during the period. Intercontinental Exchange makes up about 1.4% of Vancity Investment Management Ltd’s holdings, making the stock its 29th largest holding. Vancity Investment Management Ltd’s holdings in Intercontinental Exchange were worth $9,842,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in ICE. GPS Wealth Strategies Group LLC purchased a new position in Intercontinental Exchange in the first quarter worth approximately $25,000. OLD Mission Capital LLC purchased a new position in shares of Intercontinental Exchange during the fourth quarter worth $26,000. Migdal Insurance & Financial Holdings Ltd. boosted its position in shares of Intercontinental Exchange by 187.6% during the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 256 shares of the financial services provider’s stock worth $26,000 after buying an additional 167 shares during the period. Spire Wealth Management boosted its position in shares of Intercontinental Exchange by 374.6% during the first quarter. Spire Wealth Management now owns 299 shares of the financial services provider’s stock worth $31,000 after buying an additional 236 shares during the period. Finally, Piscataqua Savings Bank boosted its position in shares of Intercontinental Exchange by 35.1% during the first quarter. Piscataqua Savings Bank now owns 385 shares of the financial services provider’s stock worth $40,000 after buying an additional 100 shares during the period. 87.91% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently commented on ICE shares. Piper Sandler raised their price target on Intercontinental Exchange from $125.00 to $135.00 in a research report on Wednesday, July 5th. Raymond James increased their price objective on Intercontinental Exchange from $133.00 to $137.00 and gave the company a “strong-buy” rating in a research note on Tuesday. Barclays reduced their price objective on Intercontinental Exchange from $128.00 to $122.00 and set an “equal weight” rating on the stock in a research note on Friday, August 4th. Rosenblatt Securities reiterated a “buy” rating and issued a $168.00 price objective on shares of Intercontinental Exchange in a research note on Friday, August 4th. Finally, Citigroup upgraded Intercontinental Exchange from a “neutral” rating to a “buy” rating and increased their price objective for the company from $117.00 to $130.00 in a research note on Friday, August 4th. Four equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Intercontinental Exchange has a consensus rating of “Moderate Buy” and an average target price of $133.00.

Read Our Latest Research Report on Intercontinental Exchange

Insider Activity

In other news, SVP Douglas Foley sold 1,600 shares of the business’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $113.99, for a total value of $182,384.00. Following the completion of the sale, the senior vice president now directly owns 18,402 shares of the company’s stock, valued at approximately $2,097,643.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Martha A. Tirinnanzi sold 496 shares of the business’s stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $113.56, for a total value of $56,325.76. Following the transaction, the director now owns 2,878 shares in the company, valued at approximately $326,825.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Douglas Foley sold 1,600 shares of the business’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $113.99, for a total value of $182,384.00. Following the completion of the transaction, the senior vice president now owns 18,402 shares in the company, valued at approximately $2,097,643.98. The disclosure for this sale can be found here. In the last three months, insiders sold 6,636 shares of company stock valued at $762,279. Insiders own 1.10% of the company’s stock.

Intercontinental Exchange Stock Down 0.3 %

Intercontinental Exchange stock opened at $114.92 on Friday. Intercontinental Exchange, Inc. has a 1-year low of $88.60 and a 1-year high of $118.79. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.10 and a quick ratio of 1.10. The stock has a market cap of $64.39 billion, a PE ratio of 38.18, a P/E/G ratio of 2.29 and a beta of 0.93. The stock’s fifty day moving average is $115.05 and its two-hundred day moving average is $109.06.

Intercontinental Exchange (NYSE:ICE – Get Free Report) last posted its quarterly earnings results on Thursday, August 3rd. The financial services provider reported $1.43 earnings per share for the quarter, beating analysts’ consensus estimates of $1.37 by $0.06. Intercontinental Exchange had a return on equity of 13.11% and a net margin of 17.64%. The company had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.89 billion. During the same period last year, the firm earned $1.32 earnings per share. Intercontinental Exchange’s quarterly revenue was up 4.7% on a year-over-year basis. On average, sell-side analysts expect that Intercontinental Exchange, Inc. will post 5.65 EPS for the current fiscal year.

Intercontinental Exchange Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be issued a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 1.46%. The ex-dividend date is Thursday, September 14th. Intercontinental Exchange’s payout ratio is currently 55.81%.

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.