Summit Place Financial Advisors LLC has significantly reduced its investments in Intercontinental Exchange Inc. (NYSE: ICE), decreasing its holdings by 77.2% in the third quarter of 2023. According to HoldingsChannel.com, the financial advisory firm now owns 5,782 shares of the financial services provider, down from 25,325 shares after selling 19,543 shares during the quarter. As of its latest filing with the Securities and Exchange Commission, these holdings are valued at approximately $974,000.
Several other investment firms also adjusted their stakes in Intercontinental Exchange during the same period. For instance, Steigerwald Gordon & Koch Inc. initiated a new investment in Intercontinental Exchange valued at $58,000. Beaumont Financial Advisors LLC enhanced its holdings by 42.5%, bringing its total to 4,388 shares, valued at $739,000. Similarly, Kingswood Wealth Advisors LLC increased its stake by 17.0%, now owning 1,682 shares worth $283,000. Groesbeck Investment Management Corp NJ raised its position by 6.2%, while Benjamin Edwards Inc. boosted its stake by 26.0%, now holding 6,627 shares valued at $1,117,000. Institutional investors and hedge funds collectively own 89.30% of Intercontinental Exchange’s stock.
Insider Transactions and Stock Performance
In related news, two executives at Intercontinental Exchange have sold shares recently. Chief Financial Officer Warren Gardiner sold 1,572 shares on November 20, 2023, at an average price of $153.65, totaling $241,537.80. Following this transaction, Gardiner holds 20,534 shares valued at approximately $3,155,049.10, reflecting a 7.11% decrease in his position. Senior Vice President Douglas Foley also sold shares, liquidating 1,600 at an average price of $163.20 on December 12, 2023, for a total of $261,120.00. After this sale, Foley owns 24,196 shares, worth about $3,948,787.20. In total, company insiders sold 166,068 shares valued at $25,470,702 over the last quarter.
Intercontinental Exchange reported its quarterly earnings on October 30, 2023, revealing earnings per share (EPS) of $1.71, which met analysts’ expectations. The company achieved a revenue of $3.01 billion, significantly surpassing the estimated $2.49 billion. Notably, this represents a 2.6% increase in revenue year-over-year. Analysts project that Intercontinental Exchange will report an EPS of $6.73 for the current fiscal year.
Market Sentiment and Analyst Ratings
Recent news indicates a generally positive outlook for Intercontinental Exchange. Zacks Research has upgraded multiple forward EPS estimates, including projections for fiscal year 2027, suggesting an optimistic trajectory for earnings growth. Additionally, ICE plans to extend daily trading hours for European gas and power contracts by February 23, 2024, which could enhance trading volumes and revenue in energy products.
Further bolstering ICE’s market position, the New York Stock Exchange, a subsidiary of Intercontinental Exchange, will serve as the listing venue for MSCI benchmark indexes beginning in early 2026. This move is expected to expand options flow and listing fees, potentially serving as a catalyst for revenue growth.
On the analyst front, several firms have provided favorable ratings for Intercontinental Exchange. Raymond James Financial reissued a “strong-buy” rating with a price target of $211.00. Weiss Ratings reaffirmed a “buy” rating, while Keefe, Bruyette & Woods also upgraded their rating to “moderate buy.” Currently, the stock holds an average rating of “Buy” with a target price of $191.80.
As the financial landscape continues to evolve, the adjustments in holdings and positive market sentiment surrounding Intercontinental Exchange reflect a dynamic environment for both investors and analysts in the sector.
