Summit Financial LLC Grows Position in Intercontinental Exchange, Inc. (NYSE:ICE)

Summit Financial LLC raised its stake in Intercontinental Exchange, Inc. (NYSE:ICE) by 3.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 4,246 shares of the financial services provider’s stock after purchasing an additional 148 shares during the quarter. Summit Financial LLC’s holdings in Intercontinental Exchange were worth $545,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of ICE. Commonwealth Equity Services LLC lifted its holdings in shares of Intercontinental Exchange by 4.3% in the 3rd quarter. Commonwealth Equity Services LLC now owns 41,212 shares of the financial services provider’s stock valued at $4,534,000 after buying an additional 1,716 shares during the period. Simon Quick Advisors LLC raised its holdings in Intercontinental Exchange by 12.8% during the third quarter. Simon Quick Advisors LLC now owns 2,051 shares of the financial services provider’s stock worth $226,000 after purchasing an additional 232 shares during the last quarter. Stratos Wealth Partners LTD. raised its holdings in Intercontinental Exchange by 2.8% during the third quarter. Stratos Wealth Partners LTD. now owns 35,309 shares of the financial services provider’s stock worth $3,885,000 after purchasing an additional 954 shares during the last quarter. Stonegate Investment Group LLC increased its position in Intercontinental Exchange by 11.7% during the third quarter. Stonegate Investment Group LLC now owns 2,096 shares of the financial services provider’s stock worth $231,000 after buying an additional 220 shares in the last quarter. Finally, NorthRock Partners LLC increased its position in Intercontinental Exchange by 16.5% during the third quarter. NorthRock Partners LLC now owns 3,139 shares of the financial services provider’s stock worth $345,000 after buying an additional 445 shares in the last quarter. 89.30% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ICE. Barclays lifted their price objective on Intercontinental Exchange from $153.00 to $155.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. Keefe, Bruyette & Woods lowered their price objective on Intercontinental Exchange from $156.00 to $155.00 and set an “outperform” rating for the company in a research report on Friday. StockNews.com raised Intercontinental Exchange from a “sell” rating to a “hold” rating in a research report on Wednesday, February 14th. UBS Group lifted their price objective on Intercontinental Exchange from $145.00 to $160.00 and gave the company a “buy” rating in a research report on Monday, February 12th. Finally, Bank of America lowered their price objective on Intercontinental Exchange from $156.00 to $153.00 and set a “buy” rating for the company in a research report on Friday, April 19th. Three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $148.31.

Insider Activity

In other news, General Counsel Andrew J. Surdykowski sold 341 shares of the company’s stock in a transaction on Friday, April 26th. The shares were sold at an average price of $131.74, for a total value of $44,923.34. Following the transaction, the general counsel now directly owns 48,713 shares of the company’s stock, valued at $6,417,450.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Warren Gardiner sold 2,176 shares of the firm’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $136.00, for a total value of $295,936.00. Following the sale, the chief financial officer now directly owns 12,061 shares of the company’s stock, valued at $1,640,296. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, General Counsel Andrew J. Surdykowski sold 341 shares of the firm’s stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $131.74, for a total value of $44,923.34. Following the completion of the sale, the general counsel now directly owns 48,713 shares in the company, valued at $6,417,450.62. The disclosure for this sale can be found here. Insiders sold 157,832 shares of company stock worth $21,499,127 over the last quarter. Corporate insiders own 1.10% of the company’s stock.

Intercontinental Exchange Stock Performance

Shares of ICE stock opened at $129.82 on Friday. The firm has a market capitalization of $74.34 billion, a price-to-earnings ratio of 30.14, a price-to-earnings-growth ratio of 2.11 and a beta of 1.02. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.00 and a quick ratio of 1.00. Intercontinental Exchange, Inc. has a 12-month low of $103.81 and a 12-month high of $140.43. The business has a 50 day simple moving average of $135.17 and a 200 day simple moving average of $125.68.

Intercontinental Exchange (NYSE:ICE) last released its earnings results on Thursday, May 2nd. The financial services provider reported $1.48 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.48. The company had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.31 billion. Intercontinental Exchange had a return on equity of 12.91% and a net margin of 23.91%. The company’s revenue for the quarter was up 20.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.41 earnings per share. On average, equities research analysts anticipate that Intercontinental Exchange, Inc. will post 5.95 EPS for the current year.

Intercontinental Exchange Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Thursday, June 13th will be issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.39%. Intercontinental Exchange’s payout ratio is currently 42.86%.

Intercontinental Exchange Company 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.