Intercontinental Exchange Inc. (ICE) Issues Quarterly Earnings Results
Intercontinental Exchange Inc. (NYSE:ICE) issued its earnings results on Thursday. The financial services provider reported $0.73 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.02, Bloomberg Earnings reports. Intercontinental Exchange had a return on equity of 10.80% and a net margin of 27.56%. The firm had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same period last year, the company earned $0.64 earnings per share. The firm’s revenue for the quarter was up 6.0% on a year-over-year basis.
Intercontinental Exchange declared that its Board of Directors has authorized a stock buyback plan on Thursday, November 2nd that permits the company to buyback $1.20 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 3.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
Several research analysts have recently issued reports on ICE shares. Wells Fargo & Company increased their price target on Intercontinental Exchange from $65.00 to $73.00 and gave the stock a “market perform” rating in a research note on Thursday, October 5th. Royal Bank Of Canada reissued a “buy” rating on shares of Intercontinental Exchange in a research note on Tuesday, August 15th. BidaskClub cut Intercontinental Exchange from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Jefferies Group LLC reissued a “buy” rating and issued a $73.00 price target (up previously from $70.00) on shares of Intercontinental Exchange in a research note on Monday, July 17th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and issued a $73.00 price target on shares of Intercontinental Exchange in a research note on Sunday, October 8th. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Intercontinental Exchange has an average rating of “Buy” and a consensus price target of $72.33.
In other news, insider Charles A. Vice sold 12,500 shares of the business’s stock in a transaction on Thursday, September 7th. The stock was sold at an average price of $64.32, for a total transaction of $804,000.00. Following the completion of the sale, the insider now owns 382,471 shares in the company, valued at $24,600,534.72. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Jeffrey C. Sprecher sold 80,420 shares of the business’s stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $65.24, for a total value of $5,246,600.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 143,050 shares of company stock valued at $9,557,830. Corporate insiders own 1.50% of the company’s stock.
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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