NYSE Texas becomes first exchange in the state

DALLAS - The New York Stock Exchange, operated by Intercontinental Exchange, Inc. (NYSE: ICE), a $100.4 billion market cap company trading near its 52-week high, announced today that NYSE Texas has officially commenced operations as the first securities exchange in Texas. According to InvestingPro data, ICE has demonstrated strong financial health with a 16.2% revenue growth over the last twelve months. Trump Media & Technology Group (TMTG) is the inaugural company to list on this new exchange, under the ticker symbol "DJT."

NYSE Texas aims to leverage the state’s robust economy and pro-business environment to attract companies seeking to benefit from Texas’ growth and favorable conditions. The exchange’s headquarters will be established in Dallas, positioning itself amid a significant number of NYSE-listed companies already based in Texas, which collectively represent an aggregate market value exceeding $3.7 trillion.

Lynn Martin, President of NYSE Group, expressed enthusiasm for the expansion into Texas and the addition of TMTG to the NYSE community. TMTG’s CEO and Chairman Devin Nunes remarked on the alignment of Texas’ business climate with TMTG’s objectives, indicating a broader strategy to engage with states that support free enterprise and individual liberties.

The launch of NYSE Texas underscores the state’s commitment to fostering innovation in U.S. capital markets, as well as providing a new platform for companies to access capital and grow. TMTG will maintain its primary listing while also being dually listed on NYSE Texas.

Intercontinental Exchange, the parent company of NYSE, is a Fortune 500 entity that develops digital networks, financial technology, and data services to enhance market transparency and efficiency across various asset classes. The company has maintained a strong dividend track record, having raised its dividend for 13 consecutive years, with a current yield of 1.1%. InvestingPro analysis reveals 8 additional key insights about ICE’s performance and outlook, available to subscribers.

This move by NYSE Texas and TMTG is a strategic step that reflects the ongoing trend of businesses opting for locations that align with their corporate philosophies and growth plans. ICE’s robust financial metrics, including a "GOOD" overall financial health score from InvestingPro, suggest strong positioning for this expansion. Discover comprehensive analysis and Fair Value estimates for ICE and 1,400+ other stocks through InvestingPro’s detailed research reports.

The information regarding the launch of NYSE Texas and TMTG’s listing is based on a press release statement from Intercontinental Exchange.

In other recent news, Intercontinental Exchange (ICE) has reported strong fourth-quarter results for 2024, surpassing earnings per share (EPS) and revenue expectations, which has led to several analyst firms adjusting their price targets for the company. TD Cowen increased its price target from $171 to $191, maintaining a Buy rating, citing favorable economic conditions and ICE’s robust performance. Similarly, Keefe, Bruyette & Woods raised their target to $186, noting the company’s ability to manage expenses and interest costs effectively. Raymond James also lifted its price target to $195, highlighting ICE’s strong exchange results and diversified platform as key strengths.

Additionally, ICE announced the launch of a new electronic exchange, NYSE Texas, which will be based in Dallas, subject to regulatory approvals. This move is seen as a strategic effort to tap into Texas’s pro-business environment and significant market presence. In another development, ICE has partnered with CanDeal DNA to enhance its fixed income data services, providing more frequent updates for Canadian securities. This collaboration aims to offer clients comprehensive market insights and support informed investment decisions.

These recent developments reflect ICE’s ongoing efforts to expand its market presence and enhance its service offerings across various sectors.

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