CIBC Asset Management Inc Grows Stock Position in Intercontinental Exchange Inc. $ICE

CIBC Asset Management Inc increased its holdings in Intercontinental Exchange Inc. (NYSE:ICE) by 28.3% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 249,647 shares of the financial services provider’s stock after purchasing an additional 55,075 shares during the quarter. CIBC Asset Management Inc’s holdings in Intercontinental Exchange were worth $40,421,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Marble Wealth LLC purchased a new stake in shares of Intercontinental Exchange in the 4th quarter worth about $339,000. Dover Advisors LLC boosted its position in shares of Intercontinental Exchange by 25.4% in the 4th quarter. Dover Advisors LLC now owns 5,283 shares of the financial services provider’s stock worth $856,000 after buying an additional 1,071 shares in the last quarter. Kesler Norman & Wride LLC boosted its position in shares of Intercontinental Exchange by 3.1% in the 4th quarter. Kesler Norman & Wride LLC now owns 53,177 shares of the financial services provider’s stock worth $8,612,000 after buying an additional 1,622 shares in the last quarter. Bridges Investment Management Inc. boosted its position in shares of Intercontinental Exchange by 3.8% in the 4th quarter. Bridges Investment Management Inc. now owns 392,973 shares of the financial services provider’s stock worth $63,646,000 after buying an additional 14,225 shares in the last quarter. Finally, Greenwich Wealth Management LLC boosted its position in shares of Intercontinental Exchange by 0.5% in the 4th quarter. Greenwich Wealth Management LLC now owns 18,879 shares of the financial services provider’s stock worth $3,058,000 after buying an additional 98 shares in the last quarter. 89.30% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ICE has been the topic of several recent research reports. Piper Sandler reiterated an “overweight” rating and issued a $211.00 price objective (up from $195.00) on shares of Intercontinental Exchange in a research report on Wednesday, April 15th. Barclays reiterated an “overweight” rating and issued a $201.00 price objective (up from $198.00) on shares of Intercontinental Exchange in a research report on Friday, May 1st. UBS Group restated a “buy” rating and issued a $205.00 target price on shares of Intercontinental Exchange in a report on Wednesday, May 20th. Wall Street Zen raised shares of Intercontinental Exchange from a “sell” rating to a “hold” rating in a research note on Saturday, February 7th. Finally, Keefe, Bruyette & Woods started coverage on shares of Intercontinental Exchange in a research note on Wednesday, April 8th. They set an “outperform” rating and a $190.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $194.60.

Insider Activity at Intercontinental Exchange

In other news, General Counsel Andrew J. Surdykowski sold 4,573 shares of the 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 transaction, the general counsel directly owned 45,473 shares in the company, valued at $6,891,887.88. This represents a 9.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Sharon Bowen sold 667 shares of the stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $151.28, for a total transaction of $100,903.76. Following the transaction, the director owned 15,077 shares in the company, valued at approximately $2,280,848.56. The trade was a 4.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 12,001 shares of company stock worth $1,847,820. 0.84% of the stock is owned by insiders.

Intercontinental Exchange Price Performance

Intercontinental Exchange stock opened at $138.49 on Thursday. Intercontinental Exchange Inc. has a 12-month low of $136.67 and a 12-month high of $189.35. The stock has a market capitalization of $78.31 billion, a P/E ratio of 20.16, a P/E/G ratio of 1.37 and a beta of 0.92. The firm’s 50-day moving average is $156.42 and its two-hundred day moving average is $159.92. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.01 and a quick ratio of 1.01.

Intercontinental Exchange (NYSE:ICE) last released its quarterly 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 last year, the company earned $1.72 EPS. The firm’s revenue for the quarter was up 20.4% compared to the same quarter last year. Equities analysts predict that Intercontinental Exchange Inc. will post 8.16 earnings per share for the current year.

Intercontinental Exchange Company Profile

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.