Share Repurchase Program Announced by Intercontinental Exchange (ICE) Board of Directors
Intercontinental Exchange (NYSE:ICE) announced that its board has initiated a stock repurchase plan, which allows the company to repurchase $1.20 billion in outstanding shares on Thursday, November 2nd, EventVestor reports. This repurchase authorization allows the financial services provider to buy up to 3.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.
Several research firms have recently issued reports on ICE. Zacks Investment Research raised shares of Intercontinental Exchange from a “sell” rating to a “hold” rating in a research report on Thursday, October 5th. Wells Fargo & Company boosted their price objective on shares of Intercontinental Exchange from $65.00 to $73.00 and gave the company a “market perform” rating in a research note on Thursday, October 5th. Barclays PLC boosted their price objective on shares of Intercontinental Exchange from $72.00 to $78.00 and gave the company an “overweight” rating in a research note on Tuesday, October 10th. Royal Bank Of Canada boosted their price objective on shares of Intercontinental Exchange from $70.00 to $76.00 and gave the company an “outperform” rating in a research note on Monday, October 16th. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $73.00 price objective on shares of Intercontinental Exchange in a research note on Sunday, October 8th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $72.33.
Intercontinental Exchange (NYSE:ICE) last posted its earnings results on Thursday, November 2nd. The financial services provider reported $0.73 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.03. Intercontinental Exchange had a net margin of 27.56% and a return on equity of 10.80%. The firm had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same period last year, the firm posted $0.64 earnings per share. Intercontinental Exchange’s revenue for the quarter was up 6.0% compared to the same quarter last year.
In related news, CFO Scott A. Hill sold 37,630 shares of the firm’s stock in a transaction on Wednesday, October 4th. The shares were sold at an average price of $70.03, for a total value of $2,635,228.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jeffrey C. Sprecher sold 80,420 shares of the firm’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $65.24, for a total transaction of $5,246,600.80. The disclosure for this sale can be found here. Over the last three months, insiders sold 143,050 shares of company stock valued at $9,557,830. 1.50% of the stock is currently owned by insiders.
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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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