Pinnacle Associates Ltd. Increases Stock Position in Intercontinental Exchange, Inc. (NYSE:ICE)

Pinnacle Associates Ltd. increased its stake in shares of Intercontinental Exchange, Inc. (NYSE:ICE) by 9.2% in the 3rd quarter, Holdings Channel reports. The firm owned 10,120 shares of the financial services provider’s stock after buying an additional 854 shares during the period. Pinnacle Associates Ltd.’s holdings in Intercontinental Exchange were worth $1,626,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. New Millennium Group LLC bought a new stake in Intercontinental Exchange in the 2nd quarter worth approximately $25,000. International Assets Investment Management LLC bought a new stake in Intercontinental Exchange in the 2nd quarter worth approximately $25,000. Fairscale Capital LLC bought a new stake in Intercontinental Exchange in the 2nd quarter worth approximately $25,000. Wolff Wiese Magana LLC grew its position in Intercontinental Exchange by 1,470.0% in the 3rd quarter. Wolff Wiese Magana LLC now owns 157 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 147 shares during the period. Finally, Northwest Investment Counselors LLC bought a new stake in Intercontinental Exchange in the 3rd quarter worth approximately $26,000. Institutional investors own 89.30% of the company’s stock.

Insiders Place Their Bets

In other Intercontinental Exchange news, General Counsel Andrew J. Surdykowski sold 2,048 shares of the business’s stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $159.57, for a total value of $326,799.36. Following the sale, the general counsel now owns 44,865 shares in the company, valued at $7,159,108.05. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Intercontinental Exchange news, General Counsel Andrew J. Surdykowski sold 2,048 shares of the business’s stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $159.57, for a total value of $326,799.36. Following the sale, the general counsel now owns 44,865 shares in the company, valued at $7,159,108.05. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Martha A. Tirinnanzi sold 509 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $158.98, for a total transaction of $80,920.82. Following the completion of the sale, the director now owns 3,958 shares in the company, valued at approximately $629,242.84. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 7,489 shares of company stock worth $1,202,259 in the last 90 days. 1.10% of the stock is currently owned by corporate insiders.

Intercontinental Exchange Stock Down 0.8 %

ICE opened at $154.64 on Friday. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.99 and a current ratio of 0.99. Intercontinental Exchange, Inc. has a fifty-two week low of $104.91 and a fifty-two week high of $167.99. The firm’s fifty day moving average is $161.98 and its 200 day moving average is $148.20. The stock has a market cap of $88.79 billion, a price-to-earnings ratio of 38.28, a price-to-earnings-growth ratio of 2.51 and a beta of 1.08.

Intercontinental Exchange (NYSE:ICE) last released its earnings results on Thursday, October 31st. The financial services provider reported $1.55 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.55. The company had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.35 billion. Intercontinental Exchange had a net margin of 21.43% and a return on equity of 12.70%. Intercontinental Exchange’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.46 EPS. On average, sell-side analysts forecast that Intercontinental Exchange, Inc. will post 6.13 earnings per share for the current fiscal year.

Intercontinental Exchange Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be paid a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 1.16%. The ex-dividend date of this dividend is Monday, December 16th. Intercontinental Exchange’s payout ratio is currently 44.55%.

Analysts Set New Price Targets

A number of equities research analysts have commented on ICE shares. Bank of America lifted their target price on shares of Intercontinental Exchange from $168.00 to $175.00 and gave the stock a “buy” rating in a research report on Thursday, October 3rd. TD Cowen started coverage on shares of Intercontinental Exchange in a research report on Thursday, September 26th. They issued a “buy” rating and a $182.00 target price for the company. Morgan Stanley lifted their price target on shares of Intercontinental Exchange from $160.00 to $174.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 17th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $168.00 price target on shares of Intercontinental Exchange in a research note on Tuesday, August 6th. Finally, Barclays dropped their price target on shares of Intercontinental Exchange from $179.00 to $173.00 and set an “overweight” rating on the stock in a research note on Friday. One research analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $173.93.

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.