AGF Management Ltd. Trims Stake in Intercontinental Exchange Inc. (NYSE:ICE)

Key Points

• AGF Management Ltd. has reduced its ownership in Intercontinental Exchange Inc. (NYSE:ICE) by 44.5%, now holding 1,193,474 shares after selling 956,208 shares in the first quarter.
• Several institutional investors have increased their holdings in Intercontinental Exchange, with notable purchases from Royal Bank of Canada and Kovitz Investment Group Partners, significantly boosting their positions.
• Intercontinental Exchange recently reported quarterly earnings of $1.81 EPS, exceeding expectations with revenues reaching $3.26 billion, marking a year-over-year increase of 9.8%.

AGF Management Ltd. trimmed its stake in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 44.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,193,474 shares of the financial services provider's stock after selling 956,208 shares during the quarter. Intercontinental Exchange makes up 1.1% of AGF Management Ltd.'s holdings, making the stock its 20th biggest position. AGF Management Ltd. owned approximately 0.21% of Intercontinental Exchange worth $205,874,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of ICE. Governors Lane LP increased its position in Intercontinental Exchange by 88.0% in the fourth quarter. Governors Lane LP now owns 127,100 shares of the financial services provider's stock worth $18,939,000 after buying an additional 59,500 shares during the last quarter. Tema Etfs LLC purchased a new stake in Intercontinental Exchange in the 4th quarter worth about $1,107,000. Capital Investment Advisory Services LLC purchased a new stake in Intercontinental Exchange in the 1st quarter worth about $349,000. Sequoia Financial Advisors LLC raised its stake in Intercontinental Exchange by 18.3% in the 1st quarter. Sequoia Financial Advisors LLC now owns 12,168 shares of the financial services provider's stock valued at $2,099,000 after acquiring an additional 1,879 shares during the period. Finally, Lansforsakringar Fondforvaltning AB publ purchased a new stake in Intercontinental Exchange during the fourth quarter valued at about $28,949,000. 89.30% of the stock is owned by institutional investors.

Intercontinental Exchange Price Performance

Intercontinental Exchange stock traded up $1.37 during midday trading on Thursday, hitting $182.78. 6,072,614 shares of the company's stock were exchanged, compared to its average volume of 3,016,791. Intercontinental Exchange Inc. has a 52-week low of $142.29 and a 52-week high of $189.35. The company has a market cap of $104.63 billion, a P/E ratio of 35.08, a PEG ratio of 2.17 and a beta of 1.11. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a 50-day moving average price of $181.89 and a two-hundred day moving average price of $173.08.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The financial services provider reported $1.81 earnings per share for the quarter, beating the consensus estimate of $1.77 by $0.04. Intercontinental Exchange had a net margin of 23.92% and a return on equity of 13.66%. The firm had revenue of $3.26 billion for the quarter, compared to analysts' expectations of $2.50 billion. During the same quarter last year, the company posted $1.52 EPS. The business's quarterly revenue was up 9.8% on a year-over-year basis. On average, equities research analysts forecast that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current year.

Intercontinental Exchange Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be paid a $0.48 dividend. This represents a $1.92 annualized dividend and a yield of 1.1%. Intercontinental Exchange's dividend payout ratio is currently 36.85%.

Insiders Place Their Bets

In other Intercontinental Exchange news, CAO James W. Namkung sold 612 shares of the business's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $180.00, for a total value of $110,160.00. Following the completion of the sale, the chief accounting officer directly owned 13,220 shares of the company's stock, valued at $2,379,600. The trade was a 4.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, General Counsel Andrew J. Surdykowski sold 3,848 shares of the business's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $179.12, for a total value of $689,253.76. Following the completion of the sale, the general counsel directly owned 48,480 shares of the company's stock, valued at approximately $8,683,737.60. This trade represents a 7.35% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 443,488 shares of company stock valued at $80,323,823 over the last 90 days. Company insiders own 1.00% of the company's stock.

Wall Street Analysts Forecast Growth

ICE has been the subject of several recent research reports. UBS Group lifted their target price on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. Morgan Stanley lifted their price objective on shares of Intercontinental Exchange from $181.00 to $192.00 and gave the company an "equal weight" rating in a research note on Monday, May 5th. Barclays increased their target price on Intercontinental Exchange from $206.00 to $212.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Keefe, Bruyette & Woods lifted their price target on Intercontinental Exchange from $183.00 to $189.00 and gave the company an "outperform" rating in a research report on Friday, May 2nd. Finally, Piper Sandler increased their price objective on Intercontinental Exchange from $180.00 to $202.00 and gave the stock an "overweight" rating in a report on Tuesday, July 15th. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $194.92.

Intercontinental Exchange Company Profile

Intercontinental Exchange, Inc, together with its subsidiaries, engages in the provision of market infrastructure, data services, and technology solutions for financial institutions, corporations, and government entities in the United States, the United Kingdom, the European Union, Singapore, India, Abu Dhabi, Israel, and Canada.