Zurich Insurance Group Ltd FI Makes New $33.86 Million Investment in Intercontinental Exchange, Inc. (NYSE:ICE)

Zurich Insurance Group Ltd FI bought a new position in Intercontinental Exchange, Inc. (NYSE:ICE) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 210,773 shares of the financial services provider’s stock, valued at approximately $33,859,000.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Quintet Private Bank Europe S.A. boosted its holdings in shares of Intercontinental Exchange by 13.8% during the 3rd quarter. Quintet Private Bank Europe S.A. now owns 511 shares of the financial services provider’s stock valued at $82,000 after purchasing an additional 62 shares during the last quarter. Raleigh Capital Management Inc. boosted its stake in Intercontinental Exchange by 26.4% during the third quarter. Raleigh Capital Management Inc. now owns 302 shares of the financial services provider’s stock valued at $49,000 after buying an additional 63 shares during the last quarter. Integrated Advisors Network LLC boosted its stake in Intercontinental Exchange by 4.0% during the third quarter. Integrated Advisors Network LLC now owns 1,714 shares of the financial services provider’s stock valued at $275,000 after buying an additional 66 shares during the last quarter. American National Bank boosted its position in shares of Intercontinental Exchange by 13.8% during the 2nd quarter. American National Bank now owns 569 shares of the financial services provider’s stock valued at $78,000 after acquiring an additional 69 shares during the last quarter. Finally, Catalyst Capital Advisors LLC boosted its position in shares of Intercontinental Exchange by 6.2% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 1,197 shares of the financial services provider’s stock valued at $192,000 after acquiring an additional 70 shares during the last quarter. Institutional investors own 89.30% of the company’s stock.

Intercontinental Exchange Price Performance

Intercontinental Exchange stock opened at $155.93 on Friday. The stock has a market cap of $89.53 billion, a price-to-earnings ratio of 36.95, a price-to-earnings-growth ratio of 2.58 and a beta of 1.08. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.00 and a quick ratio of 1.00. Intercontinental Exchange, Inc. has a 1 year low of $111.82 and a 1 year high of $167.99. The firm has a 50-day moving average of $160.43 and a two-hundred day moving average of $152.40.

Intercontinental Exchange (NYSE:ICE) last released its quarterly earnings data on Thursday, October 31st. The financial services provider reported $1.55 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.55. Intercontinental Exchange had a net margin of 21.31% and a return on equity of 12.75%. The company had revenue of $2.35 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same period in the prior year, the firm earned $1.46 earnings per share. The firm’s revenue for the quarter was up 17.3% compared to the same quarter last year. On average, research analysts forecast that Intercontinental Exchange, Inc. will post 6.07 earnings per share for the current year.

Insider Buying and Selling

In related news, COO Stuart Glen Williams sold 468 shares of the stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $162.81, for a total transaction of $76,195.08. Following the completion of the sale, the chief operating officer now owns 13,530 shares of the company’s stock, valued at $2,202,819.30. This represents a 3.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, President Benjamin Jackson sold 5,828 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $160.00, for a total transaction of $932,480.00. Following the sale, the president now directly owns 156,163 shares of the company’s stock, valued at $24,986,080. The trade was a 3.60 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 9,696 shares of company stock worth $1,554,559 in the last three months. 1.10% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on ICE shares. Morgan Stanley increased their target price on Intercontinental Exchange from $160.00 to $174.00 and gave the company an “equal weight” rating in a research report on Thursday, October 17th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $200.00 price target on shares of Intercontinental Exchange in a report on Friday, November 1st. TD Cowen started coverage on shares of Intercontinental Exchange in a report on Thursday, September 26th. They issued a “buy” rating and a $182.00 price target for the company. Raymond James lowered Intercontinental Exchange from a “strong-buy” rating to an “outperform” rating and set a $185.00 price objective for the company. in a research note on Monday, October 14th. Finally, Bank of America raised their price objective on Intercontinental Exchange from $168.00 to $175.00 and gave the company a “buy” rating in a research note on Thursday, October 3rd. Three research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Intercontinental Exchange has an average rating of “Moderate Buy” and a consensus price target of $174.13.

Intercontinental Exchange 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.