Royal Bank Of Canada Reiterates Buy Rating for Intercontinental Exchange Inc. (ICE)

Intercontinental Exchange Inc. (NYSE:ICE)‘s stock had its “buy” rating reiterated by stock analysts at Royal Bank Of Canada in a research report issued on Tuesday.

A number of other research analysts have also recently commented on the stock. Jefferies Group LLC reaffirmed a “buy” rating and issued a $73.00 target price (up previously from $70.00) on shares of Intercontinental Exchange in a research report on Monday, July 17th. Zacks Investment Research raised shares of Intercontinental Exchange from a “hold” rating to a “buy” rating and set a $74.00 target price on the stock in a research report on Thursday, July 13th. Citigroup Inc. began coverage on shares of Intercontinental Exchange in a research report on Wednesday, July 12th. They issued a “neutral” rating and a $67.00 target price on the stock. BidaskClub cut shares of Intercontinental Exchange from a “buy” rating to a “hold” rating in a research report on Wednesday, July 12th. Finally, Deutsche Bank AG reaffirmed a “buy” rating and issued a $66.00 target price (down previously from $67.00) on shares of Intercontinental Exchange in a research report on Monday, May 15th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Intercontinental Exchange presently has a consensus rating of “Buy” and a consensus price target of $68.36.

Shares of Intercontinental Exchange (NYSE ICE) opened at 66.06 on Tuesday. The company’s 50-day moving average is $65.90 and its 200-day moving average is $61.67. Intercontinental Exchange has a one year low of $52.27 and a one year high of $67.48. The company has a market cap of $7.60 billion, a price-to-earnings ratio of 24.48 and a beta of 0.71.

Intercontinental Exchange (NYSE:ICE) last announced its quarterly earnings data on Thursday, August 3rd. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.75. Intercontinental Exchange had a net margin of 27.56% and a return on equity of 10.80%. The firm had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same quarter in the prior year, the firm posted $0.69 earnings per share. Intercontinental Exchange’s quarterly revenue was up 4.3% on a year-over-year basis. On average, equities analysts predict that Intercontinental Exchange will post $2.95 EPS for the current year.

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In other news, insider Charles A. Vice sold 15,000 shares of the stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $60.37, for a total transaction of $905,550.00. Following the sale, the insider now owns 384,971 shares of the company’s stock, valued at $23,240,699.27. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Charles A. Vice sold 12,500 shares of the stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $66.93, for a total transaction of $836,625.00. Following the sale, the insider now directly owns 382,471 shares in the company, valued at approximately $25,598,784.03. The disclosure for this sale can be found here. Insiders have sold 157,024 shares of company stock worth $9,732,522 in the last three months. Corporate insiders own 1.50% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Intercontinental Exchange by 2.1% in the second quarter. Vanguard Group Inc. now owns 40,162,938 shares of the financial services provider’s stock valued at $2,647,541,000 after buying an additional 844,270 shares in the last quarter. BlackRock Inc. boosted its stake in shares of Intercontinental Exchange by 1.1% in the second quarter. BlackRock Inc. now owns 35,446,221 shares of the financial services provider’s stock valued at $2,336,613,000 after buying an additional 396,042 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Intercontinental Exchange by 2.8% in the first quarter. Wellington Management Group LLP now owns 26,817,902 shares of the financial services provider’s stock valued at $1,605,588,000 after buying an additional 721,080 shares in the last quarter. State Street Corp boosted its stake in shares of Intercontinental Exchange by 1.9% in the first quarter. State Street Corp now owns 25,648,056 shares of the financial services provider’s stock valued at $1,535,555,000 after buying an additional 481,909 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in shares of Intercontinental Exchange by 19.9% in the second quarter. Northern Trust Corp now owns 11,355,251 shares of the financial services provider’s stock valued at $748,538,000 after buying an additional 1,883,432 shares in the last quarter. 89.38% of the stock is currently owned by institutional investors and hedge funds.

About Intercontinental Exchange

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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