Bestgate Wealth Advisors LLC Makes New Investment in Intercontinental Exchange Inc. (NYSE:ICE)

Bestgate Wealth Advisors LLC bought a new position in shares of Intercontinental Exchange Inc. (NYSE:ICE) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,329 shares of the financial services provider’s stock, valued at approximately $229,000.

Several other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of Intercontinental Exchange by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 52,228,177 shares of the financial services provider’s stock worth $7,782,521,000 after acquiring an additional 538,670 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Intercontinental Exchange by 2.8% in the fourth quarter. Geode Capital Management LLC now owns 11,883,252 shares of the financial services provider’s stock worth $1,765,317,000 after buying an additional 327,637 shares in the last quarter. Royal Bank of Canada raised its position in shares of Intercontinental Exchange by 132.9% in the fourth quarter. Royal Bank of Canada now owns 9,121,352 shares of the financial services provider’s stock worth $1,359,173,000 after buying an additional 5,204,309 shares in the last quarter. Norges Bank bought a new stake in Intercontinental Exchange during the fourth quarter valued at $1,196,258,000. Finally, Northern Trust Corp boosted its stake in Intercontinental Exchange by 9.7% during the fourth quarter. Northern Trust Corp now owns 7,422,007 shares of the financial services provider’s stock valued at $1,105,953,000 after buying an additional 655,247 shares during the period. Hedge funds and other institutional investors own 89.30% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on ICE shares. Bank of America dropped their price objective on Intercontinental Exchange from $237.00 to $230.00 and set a “buy” rating for the company in a research note on Wednesday, April 2nd. Morgan Stanley lifted their price objective on Intercontinental Exchange from $181.00 to $192.00 and gave the company an “equal weight” rating in a research note on Monday, May 5th. Keefe, Bruyette & Woods lifted their price objective on Intercontinental Exchange from $183.00 to $189.00 and gave the company an “outperform” rating in a research note on Friday, May 2nd. Finally, Barclays lifted their price objective on Intercontinental Exchange from $189.00 to $198.00 and gave the company an “overweight” rating in a research note on Friday, May 2nd. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $188.46.

Intercontinental Exchange Trading Up 0.8%

Shares of ICE stock opened at $183.11 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.62. The business has a 50-day moving average price of $177.16 and a two-hundred day moving average price of $166.50. Intercontinental Exchange Inc. has a 12-month low of $139.61 and a 12-month high of $183.76. The firm has a market cap of $105.04 billion, a P/E ratio of 37.91, a price-to-earnings-growth ratio of 1.98 and a beta of 1.11.

Intercontinental Exchange (NYSE:ICE) last issued its quarterly earnings results on Thursday, May 1st. The financial services provider reported $1.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.70 by $0.02. Intercontinental Exchange had a return on equity of 13.27% and a net margin of 22.84%. The firm had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.44 billion. During the same quarter in the previous year, the company posted $1.48 earnings per share. The company’s revenue was up 8.0% compared to the same quarter last year. Equities analysts anticipate that Intercontinental Exchange Inc. will post 6.73 EPS for the current fiscal year.

Intercontinental Exchange Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were issued a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 1.05%. Intercontinental Exchange’s dividend payout ratio is currently 39.75%.

Insider Transactions at Intercontinental Exchange

In other news, General Counsel Andrew J. Surdykowski sold 3,848 shares of Intercontinental Exchange stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $179.12, for a total value of $689,253.76. Following the transaction, the general counsel owned 48,480 shares in the company, valued at approximately $8,683,737.60. The trade was a 7.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Judith A. Sprieser sold 2,630 shares of Intercontinental Exchange stock in a transaction dated Wednesday, April 16th. The stock was sold at an average price of $159.00, for a total value of $418,170.00. Following the completion of the transaction, the director owned 21,364 shares in the company, valued at approximately $3,396,876. This represents a 10.96% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 228,749 shares of company stock valued at $40,942,387. 1.00% of the stock is currently owned by corporate insiders.

Intercontinental Exchange Profile

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.