Intercontinental Exchange (ICE) Shares Down 0.8% on Analyst Downgrade
Shares of Intercontinental Exchange Inc (NYSE:ICE) were down 0.8% on Friday after Bank of America lowered their price target on the stock from $83.00 to $82.00. Bank of America currently has a buy rating on the stock. Intercontinental Exchange traded as low as $66.97 and last traded at $67.55. Approximately 2,450,000 shares changed hands during trading, a decline of 10% from the average daily volume of 2,720,000 shares. The stock had previously closed at $67.00.
ICE has been the subject of a number of other research reports. Argus upped their target price on Intercontinental Exchange from $72.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, December 20th. Berenberg Bank started coverage on Intercontinental Exchange in a report on Thursday, January 25th. They issued a “buy” rating and a $90.00 target price for the company. Zacks Investment Research raised Intercontinental Exchange from a “hold” rating to a “buy” rating and set a $78.00 target price for the company in a report on Wednesday, January 3rd. Royal Bank of Canada upped their target price on Intercontinental Exchange from $70.00 to $76.00 and gave the stock an “outperform” rating in a report on Monday, October 16th. Finally, Citigroup upped their target price on Intercontinental Exchange from $75.00 to $77.00 and gave the stock a “neutral” rating in a report on Friday, November 3rd. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Intercontinental Exchange has an average rating of “Buy” and an average price target of $76.08.
In other news, insider Dean S. Mathison sold 1,042 shares of the stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $75.79, for a total value of $78,973.18. Following the completion of the sale, the insider now owns 12,485 shares of the company’s stock, valued at $946,238.15. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Vice Chairman Charles A. Vice sold 7,500 shares of the stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $71.93, for a total value of $539,475.00. Following the completion of the sale, the insider now directly owns 377,471 shares of the company’s stock, valued at approximately $27,151,489.03. The disclosure for this sale can be found here. In the last three months, insiders sold 48,910 shares of company stock valued at $3,579,672. Insiders own 1.50% of the company’s stock.
The stock has a market cap of $40,910.00, a P/E ratio of 16.14, a price-to-earnings-growth ratio of 2.31 and a beta of 0.63. The company has a current ratio of 0.99, a quick ratio of 1.01 and a debt-to-equity ratio of 0.25.
Intercontinental Exchange (NYSE:ICE) last issued its quarterly earnings results on Wednesday, February 7th. The financial services provider reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.01. Intercontinental Exchange had a return on equity of 10.83% and a net margin of 43.09%. The company had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter in the prior year, the firm posted $0.71 earnings per share. The business’s quarterly revenue was up .5% on a year-over-year basis. equities analysts predict that Intercontinental Exchange Inc will post 3.63 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Thursday, September 13th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Wednesday, September 12th. This represents a $0.96 annualized dividend and a yield of 1.40%. Intercontinental Exchange’s dividend payout ratio is currently 18.87%.
Intercontinental Exchange announced that its board has approved a stock repurchase program on Thursday, November 2nd that allows the company to buyback $1.20 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 3.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
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Intercontinental Exchange Company Profile
Intercontinental Exchange Inc, formerly IntercontinentalExchange Group, Inc, is a network of regulated exchanges and clearing houses for financial and commodity markets. The Company delivers transparent and accessible data, technology and risk management services to markets around the world through its portfolio of exchanges, including the New York Stock Exchange, ICE Futures, Liffe and Euronext.
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