Prudential Financial Inc. Sells 8,554 Shares of Intercontinental Exchange Inc (ICE)
Prudential Financial Inc. reduced its stake in shares of Intercontinental Exchange Inc (NYSE:ICE) by 1.3% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 629,979 shares of the financial services provider’s stock after selling 8,554 shares during the period. Prudential Financial Inc. owned about 0.11% of Intercontinental Exchange worth $47,178,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds also recently modified their holdings of the business. Colony Group LLC increased its holdings in Intercontinental Exchange by 19.4% during the 2nd quarter. Colony Group LLC now owns 4,221 shares of the financial services provider’s stock worth $310,000 after purchasing an additional 686 shares in the last quarter. Atria Investments LLC grew its holdings in shares of Intercontinental Exchange by 4.0% in the third quarter. Atria Investments LLC now owns 17,877 shares of the financial services provider’s stock valued at $1,339,000 after acquiring an additional 692 shares in the last quarter. DNB Asset Management AS grew its holdings in shares of Intercontinental Exchange by 0.3% in the third quarter. DNB Asset Management AS now owns 205,036 shares of the financial services provider’s stock valued at $15,355,000 after acquiring an additional 706 shares in the last quarter. Traynor Capital Management Inc. grew its holdings in shares of Intercontinental Exchange by 15.4% in the second quarter. Traynor Capital Management Inc. now owns 5,309 shares of the financial services provider’s stock valued at $391,000 after acquiring an additional 707 shares in the last quarter. Finally, Howard Capital Management grew its holdings in shares of Intercontinental Exchange by 0.5% in the third quarter. Howard Capital Management now owns 147,879 shares of the financial services provider’s stock valued at $11,075,000 after acquiring an additional 737 shares in the last quarter. 88.92% of the stock is owned by hedge funds and other institutional investors.
In related news, CEO Jeffrey C. Sprecher sold 80,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 22nd. The stock was sold at an average price of $73.28, for a total value of $5,862,400.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Vice Chairman Charles A. Vice sold 35,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 5th. The shares were sold at an average price of $77.09, for a total value of $2,698,150.00. Following the completion of the transaction, the insider now owns 419,907 shares in the company, valued at approximately $32,370,630.63. The disclosure for this sale can be found here. In the last quarter, insiders sold 300,625 shares of company stock worth $22,834,370. 1.50% of the stock is owned by company insiders.
Intercontinental Exchange (NYSE:ICE) last posted its quarterly earnings data on Wednesday, October 31st. The financial services provider reported $0.85 EPS for the quarter, beating the consensus estimate of $0.80 by $0.05. Intercontinental Exchange had a return on equity of 11.67% and a net margin of 43.09%. The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.19 billion. During the same quarter in the prior year, the business earned $0.73 earnings per share. Intercontinental Exchange’s revenue for the quarter was up 4.7% on a year-over-year basis. On average, analysts predict that Intercontinental Exchange Inc will post 3.52 earnings per share for the current year.
Intercontinental Exchange declared that its board has approved a stock repurchase plan on Wednesday, October 31st that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 4.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its shares are undervalued.
Several research firms have recently issued reports on ICE. Zacks Investment Research reaffirmed a “buy” rating and issued a $86.00 target price on shares of Intercontinental Exchange in a report on Tuesday, November 13th. Deutsche Bank upped their target price on Intercontinental Exchange from $85.00 to $86.00 and gave the company a “buy” rating in a report on Friday. Raymond James upped their target price on Intercontinental Exchange from $81.00 to $86.00 and gave the company an “outperform” rating in a report on Thursday, November 1st. Barclays upped their target price on Intercontinental Exchange from $82.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, November 1st. Finally, Citigroup set a $80.00 target price on Intercontinental Exchange and gave the company a “hold” rating in a report on Thursday, November 1st. Two analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Intercontinental Exchange currently has a consensus rating of “Buy” and a consensus target price of $84.86.
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Intercontinental Exchange Company Profile
Intercontinental Exchange, Inc operates regulated exchanges, clearing houses, and listings venues for financial and commodity markets in the United States, the United Kingdom, Continental Europe, Asia, Israel, and Canada. It operates through two segments, Trading and Clearing; and Data and Listings. The company operates marketplaces for listing, trading, and clearing an array of derivatives and securities contracts across various asset classes, including energy and agricultural commodities, interest rates, equities, equity and credit derivatives, exchange traded funds, bonds, and currencies.
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