Cullen Frost Bankers Inc. Increases Stock Position in Intercontinental Exchange Inc. $ICE

Cullen Frost Bankers Inc. raised its position in shares of Intercontinental Exchange Inc. (NYSE:ICE) by 7.3% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 133,056 shares of the financial services provider’s stock after buying an additional 9,030 shares during the period. Cullen Frost Bankers Inc.’s holdings in Intercontinental Exchange were worth $21,550,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in Intercontinental Exchange by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 54,153,170 shares of the financial services provider’s stock valued at $8,770,647,000 after buying an additional 413,639 shares during the period. State Street Corp boosted its position in Intercontinental Exchange by 0.8% during the 3rd quarter. State Street Corp now owns 24,816,744 shares of the financial services provider’s stock valued at $4,181,125,000 after buying an additional 194,325 shares during the period. Wellington Management Group LLP boosted its position in Intercontinental Exchange by 64.7% during the 3rd quarter. Wellington Management Group LLP now owns 10,354,224 shares of the financial services provider’s stock valued at $1,744,480,000 after buying an additional 4,067,922 shares during the period. Capital World Investors boosted its position in Intercontinental Exchange by 15.2% during the 3rd quarter. Capital World Investors now owns 7,028,964 shares of the financial services provider’s stock valued at $1,184,238,000 after buying an additional 928,047 shares during the period. Finally, Sands Capital Management LLC boosted its position in Intercontinental Exchange by 6.9% during the 3rd quarter. Sands Capital Management LLC now owns 5,677,266 shares of the financial services provider’s stock valued at $956,506,000 after buying an additional 364,227 shares during the period. Hedge funds and other institutional investors own 89.30% of the company’s stock.

Insider Activity at Intercontinental Exchange

In related news, insider Lynn C. Martin sold 13,456 shares of Intercontinental Exchange stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $153.86, for a total transaction of $2,070,340.16. Following the completion of the transaction, the insider directly owned 54,319 shares of the company’s stock, valued at $8,357,521.34. This trade represents a 19.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, General Counsel Andrew J. Surdykowski sold 4,571 shares of Intercontinental Exchange stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $162.00, for a total transaction of $740,502.00. Following the transaction, the general counsel directly owned 48,181 shares of the company’s stock, valued at approximately $7,805,322. This trade represents a 8.67% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 39,956 shares of company stock worth $6,190,895 over the last 90 days. 0.84% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft raised shares of Intercontinental Exchange from a “hold” rating to a “buy” rating and set a $188.00 price target for the company in a research report on Friday, March 6th. Morgan Stanley raised their target price on shares of Intercontinental Exchange from $183.00 to $187.00 and gave the stock an “equal weight” rating in a research report on Friday, April 10th. Wall Street Zen raised shares of Intercontinental Exchange from a “sell” rating to a “hold” rating in a research report on Saturday, February 7th. Piper Sandler reaffirmed an “overweight” rating and issued a $211.00 target price (up from $195.00) on shares of Intercontinental Exchange in a research report on Wednesday, April 15th. Finally, Keefe, Bruyette & Woods initiated coverage on shares of Intercontinental Exchange in a research report on Wednesday, April 8th. They issued an “outperform” rating and a $190.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $194.10.

Intercontinental Exchange Trading Down 1.2%

NYSE:ICE opened at $154.18 on Wednesday. The company has a 50-day moving average price of $158.87 and a 200-day moving average price of $159.96. Intercontinental Exchange Inc. has a 12 month low of $143.17 and a 12 month high of $189.35. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.63. The stock has a market cap of $87.19 billion, a price-to-earnings ratio of 22.44, a P/E/G ratio of 1.44 and a beta of 0.96.

Intercontinental Exchange (NYSE:ICE) last posted its earnings results on Thursday, April 30th. The financial services provider reported $2.35 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 firm had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $2.88 billion. During the same period last year, the company posted $1.72 EPS. The company’s quarterly revenue was up 20.4% compared to the same quarter last year. Equities analysts predict that Intercontinental Exchange Inc. will post 8.16 EPS for the current year.

Intercontinental Exchange 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.