Bank of New Hampshire Sells 4,733 Shares of Intercontinental Exchange Inc. $ICE

Bank of New Hampshire lessened its holdings in Intercontinental Exchange Inc. (NYSE:ICE) by 46.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,470 shares of the financial services provider’s stock after selling 4,733 shares during the period. Bank of New Hampshire’s holdings in Intercontinental Exchange were worth $832,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. acquired a new position in shares of Intercontinental Exchange during the 2nd quarter valued at $6,245,085,000. USS Investment Management Ltd grew its holdings in Intercontinental Exchange by 37.2% in the first quarter. USS Investment Management Ltd now owns 946,920 shares of the financial services provider’s stock worth $148,960,000 after purchasing an additional 256,851 shares during the period. Lombard Odier Asset Management Europe Ltd acquired a new stake in Intercontinental Exchange in the first quarter worth $11,498,000. Swedbank AB increased its stake in Intercontinental Exchange by 7.6% in the first quarter. Swedbank AB now owns 3,795,369 shares of the financial services provider’s stock valued at $596,936,000 after purchasing an additional 268,254 shares in the last quarter. Finally, Munich Reinsurance Co Stock Corp in Munich increased its stake in Intercontinental Exchange by 35.5% in the second quarter. Munich Reinsurance Co Stock Corp in Munich now owns 331,547 shares of the financial services provider’s stock valued at $40,817,000 after purchasing an additional 86,897 shares in the last quarter. Institutional investors and hedge funds own 89.30% of the company’s stock.

Intercontinental Exchange Stock Up 0.9%

Shares of Intercontinental Exchange stock traded up $1.35 during trading hours on Tuesday, reaching $153.50. The company’s stock had a trading volume of 2,116,906 shares, compared to its average volume of 3,826,106. The company has a market capitalization of $86.17 billion, a P/E ratio of 21.68, a P/E/G ratio of 1.45 and a beta of 0.94. The stock’s fifty day simple moving average is $155.73 and its two-hundred day simple moving average is $150.85. Intercontinental Exchange Inc. has a one year low of $121.79 and a one year high of $176.05. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.01 and a current ratio of 1.01.

Intercontinental Exchange (NYSE:ICE) last posted its earnings results on Thursday, July 30th. The financial services provider reported $1.90 EPS for the quarter, topping the consensus estimate of $1.84 by $0.06. Intercontinental Exchange had a net margin of 30.08% and a return on equity of 14.95%. The company had revenue of $3.61 billion during the quarter, compared to the consensus estimate of $2.63 billion. During the same period in the previous year, the firm posted $1.81 earnings per share. The firm’s revenue for the quarter was up 4.8% on a year-over-year basis. On average, research analysts forecast that Intercontinental Exchange Inc. will post 8.12 earnings per share for the current year.

Trending Headlines about Intercontinental Exchange

Here are the key news stories impacting Intercontinental Exchange this week:

• Positive Sentiment: ICE reported a 51% year-over-year increase in September average daily volume, with especially strong interest-rate activity. Higher volatility and trading volumes typically support transaction-based revenue for the exchange operator. Intercontinental Exchange Reports 51% Rise in September Average Daily Volume
• Positive Sentiment: ICE launched new VLCC tanker and container freight futures and options as freight-market average daily volume rose 33% year to date. The contracts expand ICE’s commodity and shipping derivatives franchise and could create additional fee revenue. ICE Launches New VLCC Tanker and Container Freight Contracts
• Positive Sentiment: The launch of London gold futures broadens ICE’s metals offering and gives customers another instrument for hedging and trading precious-metals exposure. Intercontinental Exchange launches trading in gold futures in London
• Positive Sentiment: Rising mortgage rates have pushed adjustable-rate mortgage demand to nearly a four-year high, a potentially favorable trend for ICE Mortgage Technology’s origination and workflow businesses. ICE Mortgage Monitor: ARM Demand Hits Nearly Four-Year High
• Neutral Sentiment: ICE and crypto exchange OKX filed plans for a 24/7 platform for tokenized U.S. stocks, potentially opening a new growth channel. However, the venture remains subject to regulatory approval and execution risks. OKX joint venture files with SEC to launch tokenized trading platform
• Neutral Sentiment: Record French government debt and wider bond yields could increase derivatives activity, potentially benefiting U.S. exchange operators such as ICE, though the revenue impact is uncertain. Record French Debt Could Create Opportunities for U.S. Market Operators
• Negative Sentiment: TD Cowen downgraded ICE to Hold from Buy and lowered its price target to $166 from $177, citing a range-bound stock and limited near-term upside. Wells Fargo also initiated coverage with a Strong Sell rating, adding valuation and sentiment pressure. TD Cowen Downgrades Intercontinental Exchange

Insider Activity

In other news, insider Christopher Edmonds sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $160.59, for a total value of $802,950.00. Following the transaction, the insider owned 14,367 shares in the company, valued at $2,307,196.53. This trade represents a 25.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Benjamin Jackson sold 12,862 shares of Intercontinental Exchange stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $160.09, for a total value of $2,059,077.58. Following the transaction, the president directly owned 164,264 shares in the company, valued at approximately $26,297,023.76. The trade was a 7.26% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 41,179 shares of company stock worth $6,473,715. Company insiders own 0.84% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Raymond James Financial reissued a “strong-buy” rating and set a $218.00 price objective on shares of Intercontinental Exchange in a research report on Tuesday, September 1st. Wells Fargo & Company began coverage on Intercontinental Exchange in a research report on Friday. They issued an “underweight” rating and a $159.00 target price for the company. TD Cowen downgraded Intercontinental Exchange from a “buy” rating to a “hold” rating and dropped their price target for the stock from $177.00 to $166.00 in a research note on Monday. Piper Sandler reiterated an “overweight” rating and issued a $195.00 price target (up from $190.00) on shares of Intercontinental Exchange in a report on Friday. Finally, Wall Street Zen cut Intercontinental Exchange from a “hold” rating to a “sell” rating in a research note on Saturday, September 5th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Intercontinental Exchange currently has a consensus rating of “Moderate Buy” and an average target price of $181.77.

About Intercontinental Exchange

Intercontinental Exchange, Inc (NYSE:ICE) operates global exchanges, clearinghouses, data services and technology platforms. The company provides marketplaces and infrastructure that support the trading, clearing and management of risk across financial and commodity markets.

Its businesses include the New York Stock Exchange, ICE Futures exchanges and ICE Clear clearinghouses. ICE offers trading and clearing services for equities, equity options, interest rates, currencies, energy, agricultural commodities, metals and other contracts.