PNC Financial Reduces Stake in Intercontinental Exchange by 0.9%

PNC Financial Services Group Inc. has reduced its stake in Intercontinental Exchange Inc. (NYSE: ICE) by 0.9% during the second quarter of 2023. According to HoldingsChannel.com, the firm now holds 180,399 shares after selling 1,690 shares during this period. As of the latest filing with the Securities and Exchange Commission, these shares are valued at approximately $33,098,000.

Several other institutional investors have also adjusted their positions in Intercontinental Exchange. Advisors Capital Management LLC increased its holdings by 25% in the first quarter, acquiring an additional 396 shares, bringing its total to 1,978 shares valued at $341,000. Similarly, Trillium Asset Management LLC boosted its stake by 12% in the second quarter, raising its ownership to 272,010 shares worth $49,907,000 after acquiring 29,250 shares.

Allspring Global Investments Holdings LLC reported a 6.6% increase in its holdings during the same quarter, now owning 886,369 shares valued at $161,195,000. King Luther Capital Management Corp also expanded its stake by 19.7%, now holding 294,112 shares valued at $53,961,000. Lecap Asset Management Ltd. entered a new position during the second quarter, investing $1,075,000 in Intercontinental Exchange. Notably, institutional investors and hedge funds collectively own 89.3% of the company’s stock.

Insider Transactions and Stock Performance

In related news, Director Judith A. Sprieser sold 2,900 shares of Intercontinental Exchange on September 4, 2023. The shares were sold at an average price of $174.51, resulting in a total transaction value of $506,079. Post-sale, Sprieser owns 18,169 shares valued at approximately $3,170,672, reflecting a 13.76% reduction in her position.

General Counsel Andrew J. Surdykowski also sold shares, offloading 2,081 shares on November 11, 2023, for a total of $314,231 at an average price of $151.00. Following this sale, Surdykowski holds 44,212 shares valued at around $6,676,012, which represents a 4.5% decrease in his position. Over the past 90 days, insiders have sold a total of 25,668 shares worth $4,304,167, with insiders holding 1% of the company’s stock.

On the trading front, shares of Intercontinental Exchange opened at $152.61 on the latest trading day. The company boasts a market capitalization of $87.01 billion, with a price-to-earnings ratio of 29.29 and a twelve-month range of $142.29 to $189.35. The firm recently reported its quarterly earnings, revealing earnings per share (EPS) of $1.71 for the third quarter, meeting analysts’ expectations. Revenue for the quarter reached $3.01 billion, significantly surpassing projections of $2.49 billion.

Intercontinental Exchange’s net margin stands at 23.92%, with a return on equity of 13.66%. Compared to the same period last year, revenue increased by 2.6%, with the previous year’s EPS reported at $1.55. Analysts anticipate that Intercontinental Exchange will achieve an EPS of $6.73 for the current fiscal year.

Intercontinental Exchange, alongside its subsidiaries, provides market infrastructure, data services, and technology solutions to financial institutions, corporations, and government entities across various regions including the United States, the United Kingdom, the European Union, and Canada.

Investors seeking the latest updates on Intercontinental Exchange and its institutional holdings can access comprehensive reports on platforms such as HoldingsChannel.com.