Cullen Frost Bankers Inc. Purchases 3,505 Shares of Intercontinental Exchange Inc. $ICE

Cullen Frost Bankers Inc. boosted its position in Intercontinental Exchange Inc. (NYSE:ICE) by 3.0% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 121,179 shares of the financial services provider’s stock after acquiring an additional 3,505 shares during the period. Cullen Frost Bankers Inc.’s holdings in Intercontinental Exchange were worth $22,233,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Tsfg LLC grew its holdings in Intercontinental Exchange by 187.3% in the 1st quarter. Tsfg LLC now owns 158 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 103 shares during the last quarter. Princeton Global Asset Management LLC bought a new stake in shares of Intercontinental Exchange during the 2nd quarter valued at about $28,000. Activest Wealth Management boosted its stake in shares of Intercontinental Exchange by 4,050.0% during the 1st quarter. Activest Wealth Management now owns 166 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 162 shares in the last quarter. McClarren Financial Advisors Inc. bought a new stake in shares of Intercontinental Exchange during the 1st quarter valued at about $30,000. Finally, Hilltop National Bank bought a new stake in shares of Intercontinental Exchange during the 2nd quarter valued at about $31,000. Institutional investors own 89.30% of the company’s stock.

Intercontinental Exchange Trading Up 1.0%

NYSE:ICE opened at $156.78 on Wednesday. Intercontinental Exchange Inc. has a one year low of $142.29 and a one year high of $189.35. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.01 and a quick ratio of 1.01. The company’s 50-day simple moving average is $169.72 and its 200 day simple moving average is $173.45. The firm has a market capitalization of $89.74 billion, a P/E ratio of 30.09, a PEG ratio of 2.17 and a beta of 1.08.

Intercontinental Exchange (NYSE:ICE) last posted its quarterly earnings data on Thursday, July 31st. The financial services provider reported $1.81 EPS for the quarter, topping the consensus estimate of $1.77 by $0.04. Intercontinental Exchange had a net margin of 23.92% and a return on equity of 13.66%. The business had revenue of $3.26 billion for the quarter, compared to analyst estimates of $2.50 billion. During the same quarter in the previous year, the firm posted $1.52 earnings per share. Intercontinental Exchange’s quarterly revenue was up 9.8% on a year-over-year basis. As a group, analysts forecast that Intercontinental Exchange Inc. will post 6.73 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently weighed in on ICE. Keefe, Bruyette & Woods raised shares of Intercontinental Exchange to a “moderate buy” rating in a research note on Monday, October 6th. JPMorgan Chase & Co. lifted their target price on shares of Intercontinental Exchange from $195.00 to $203.00 and gave the company an “overweight” rating in a research note on Thursday, September 25th. Raymond James Financial raised shares of Intercontinental Exchange from an “outperform” rating to a “strong-buy” rating and set a $210.00 target price on the stock in a research note on Monday, October 13th. Piper Sandler lifted their target price on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the company an “overweight” rating in a research note on Tuesday, July 15th. Finally, Morgan Stanley cut their target price on shares of Intercontinental Exchange from $188.00 to $178.00 and set an “equal weight” rating on the stock in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $198.60.

Insiders Place Their Bets

In other Intercontinental Exchange news, Director Duriya M. Farooqui sold 2,036 shares of Intercontinental Exchange stock in a transaction dated Wednesday, August 27th. The shares were sold at an average price of $178.34, for a total value of $363,100.24. Following the completion of the transaction, the director directly owned 14,299 shares of the company’s stock, valued at approximately $2,550,083.66. The trade was a 12.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Mayur Kapani sold 10,082 shares of Intercontinental Exchange stock in a transaction dated Wednesday, October 8th. The stock was sold at an average price of $158.88, for a total transaction of $1,601,828.16. Following the completion of the transaction, the chief technology officer directly owned 65,240 shares of the company’s stock, valued at $10,365,331.20. This trade represents a 13.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 240,956 shares of company stock valued at $43,789,542. 1.00% of the stock is owned by company insiders.

About Intercontinental Exchange

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.