Jackson Benjamin, President of Intercontinental Exchange, Inc. (NYSE:ICE), recently executed a significant stock sale. According to a Form 4 filing with the Securities and Exchange Commission, Benjamin sold a total of 7,900 shares of the company's common stock on February 26, 2025. These transactions, conducted under a Rule 10b5-1 trading plan, were executed at prices ranging from $171.23 to $172.22 per share, amounting to a total value of approximately $1,354,308. The sale comes as ICE, now valued at $99.26 billion, trades near its 52-week high of $173.52, with InvestingPro analysis indicating the stock is currently in overbought territory.
Following these sales, Benjamin retains direct ownership of 147,274 shares. This transaction is part of a pre-arranged trading plan established in August 2024, allowing for systematic sales to be made over time. The stock has shown strong momentum, delivering a 14.65% return year-to-date while maintaining its 13-year streak of dividend increases. InvestingPro subscribers can access 8 additional key insights and a comprehensive analysis of ICE's current valuation metrics, including its P/E ratio of 35.83.
In other recent news, Intercontinental Exchange (ICE) has reported stronger-than-expected fourth-quarter results for 2024, leading to several analyst firms adjusting their price targets for the company. TD Cowen raised its price target from $171 to $191, maintaining a Buy rating, while Keefe, Bruyette & Woods increased their target from $178 to $186, reiterating an Outperform rating. Additionally, Raymond James lifted its target to $195, also maintaining an Outperform rating, citing ICE's robust Exchange results and potential for growth despite challenges in the Mortgage Tech segment.
In a strategic move, ICE announced the establishment of a new electronic equities exchange named NYSE Texas, set to be based in Dallas, Texas. This development, pending regulatory approval, involves the reincorporation of NYSE Chicago to Texas, aiming to attract companies drawn to the state's strong economy and business-friendly environment. Furthermore, ICE has expanded its fixed income data services through a partnership with CanDeal DNA, offering more frequent updates for Canadian securities, enhancing market insights for clients. These recent developments reflect ICE's ongoing efforts to strengthen its market position and provide comprehensive services across various asset classes.
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