Prana Capital Management LP Purchases 85,844 Shares of Intercontinental Exchange Inc. $ICE

Prana Capital Management LP grew its holdings in shares of Intercontinental Exchange Inc. (NYSE:ICE) by 17.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 564,611 shares of the financial services provider’s stock after buying an additional 85,844 shares during the period. Intercontinental Exchange accounts for about 3.2% of Prana Capital Management LP’s investment portfolio, making the stock its 8th biggest holding. Prana Capital Management LP’s holdings in Intercontinental Exchange were worth $95,126,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in ICE. Vanguard Group Inc. increased its position in Intercontinental Exchange by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 53,685,491 shares of the financial services provider’s stock valued at $9,849,677,000 after acquiring an additional 745,135 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 worth $4,181,125,000 after acquiring an additional 194,325 shares during the period. Wellington Management Group LLP grew its stake in shares of Intercontinental Exchange by 64.7% in the third quarter. Wellington Management Group LLP now owns 10,354,224 shares of the financial services provider’s stock worth $1,744,480,000 after purchasing an additional 4,067,922 shares in the last quarter. Norges Bank bought a new position in shares of Intercontinental Exchange in the second quarter worth $1,542,780,000. Finally, Capital World Investors increased its holdings in shares of Intercontinental Exchange by 15.2% during the third quarter. Capital World Investors now owns 7,028,964 shares of the financial services provider’s stock valued at $1,184,238,000 after purchasing an additional 928,047 shares during the period. 89.30% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on ICE shares. Deutsche Bank Aktiengesellschaft raised shares of Intercontinental Exchange from a “hold” rating to a “buy” rating and set a $188.00 price objective for the company in a report on Friday, March 6th. Weiss Ratings reissued a “buy (b-)” rating on shares of Intercontinental Exchange in a research note on Monday, December 29th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $180.00 price target on shares of Intercontinental Exchange in a research note on Tuesday, January 6th. Barclays set a $193.00 price objective on shares of Intercontinental Exchange and gave the company an “overweight” rating in a report on Friday, February 6th. Finally, Piper Sandler reiterated an “overweight” rating and set a $195.00 price objective (down from $202.00) on shares of Intercontinental Exchange in a research note on Wednesday, January 14th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $194.73.

Insider Activity at Intercontinental Exchange

In other news, General Counsel Andrew J. Surdykowski sold 4,571 shares of the business’s stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $162.00, for a total transaction of $740,502.00. Following the sale, the general counsel owned 48,181 shares in the company, valued at $7,805,322. The trade was a 8.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Lynn C. Martin sold 13,456 shares of the company’s stock in a transaction that occurred on 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 sale, the insider owned 54,319 shares of the company’s stock, valued at approximately $8,357,521.34. This trade represents a 19.85% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 348,418 shares of company stock valued at $54,196,631. Corporate insiders own 1.00% of the company’s stock.

Intercontinental Exchange Price Performance

Shares of NYSE:ICE opened at $160.77 on Wednesday. The company has a market capitalization of $91.30 billion, a PE ratio of 27.86, a price-to-earnings-growth ratio of 1.74 and a beta of 1.04. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.02 and a current ratio of 1.02. The stock has a fifty day moving average of $164.33 and a 200-day moving average of $161.89. Intercontinental Exchange Inc. has a one year low of $143.17 and a one year high of $189.35.

Intercontinental Exchange (NYSE:ICE) last announced its earnings results on Thursday, February 5th. The financial services provider reported $1.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.67 by $0.04. Intercontinental Exchange had a return on equity of 13.99% and a net margin of 26.23%.The company had revenue of $3.14 billion for the quarter, compared to analyst estimates of $2.51 billion. During the same period in the previous year, the firm earned $1.52 earnings per share. Intercontinental Exchange’s revenue for the quarter was up 7.8% compared to the same quarter last year. As a group, 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 will be paid on Thursday, December 31st. Shareholders of record on Wednesday, December 16th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 1.3%. The ex-dividend date is Wednesday, December 16th. Intercontinental Exchange’s payout ratio is presently 36.05%.

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.