Intercontinental Exchange Inc. (NYSE:ICE) Shares Sold by Avantax Advisory Services Inc.

Key Points

• Avantax Advisory Services Inc. decreased its stake in Intercontinental Exchange (NYSE:ICE) by 14.1%, now holding 30,649 shares valued at $5.29 million at the end of the latest reporting period.
• Major institutional investors, including REAP Financial Group and Rakuten Securities, significantly increased their positions in Intercontinental Exchange, reflecting growing confidence in the company.
• Intercontinental Exchange recently declared a quarterly dividend of $0.48, representing an annual yield of 1.04%, while having an impressive revenue growth of 8% year-over-year in their latest financial report.

Avantax Advisory Services Inc. lessened its holdings in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 14.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 30,649 shares of the financial services provider's stock after selling 5,015 shares during the quarter. Avantax Advisory Services Inc.'s holdings in Intercontinental Exchange were worth $5,287,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Governors Lane LP lifted its stake in Intercontinental Exchange by 88.0% in the 4th quarter. Governors Lane LP now owns 127,100 shares of the financial services provider's stock worth $18,939,000 after purchasing an additional 59,500 shares in the last quarter. Tema Etfs LLC purchased a new position in Intercontinental Exchange during the fourth quarter worth approximately $1,107,000. Ilmarinen Mutual Pension Insurance Co raised its stake in Intercontinental Exchange by 61.0% during the fourth quarter. Ilmarinen Mutual Pension Insurance Co now owns 157,800 shares of the financial services provider's stock worth $23,514,000 after purchasing an additional 59,800 shares during the period. Capital Investment Advisory Services LLC acquired a new stake in shares of Intercontinental Exchange during the first quarter valued at about $349,000. Finally, Sequoia Financial Advisors LLC raised its position in Intercontinental Exchange by 18.3% in the first quarter. Sequoia Financial Advisors LLC now owns 12,168 shares of the financial services provider's stock valued at $2,099,000 after purchasing an additional 1,879 shares during the period. Hedge funds and other institutional investors own 89.30% of the company's stock.

Intercontinental Exchange Price Performance

Shares of ICE traded up $1.52 on Wednesday, reaching $186.23. The stock had a trading volume of 1,609,825 shares, compared to its average volume of 2,963,630. The firm has a 50-day moving average of $180.10 and a 200 day moving average of $170.55. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $106.82 billion, a PE ratio of 38.59, a PEG ratio of 2.00 and a beta of 1.11. Intercontinental Exchange Inc. has a twelve month low of $142.29 and a twelve month high of $187.38.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The financial services provider reported $1.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.70 by $0.02. Intercontinental Exchange had a net margin of 22.84% and a return on equity of 13.27%. The company had revenue of $2.47 billion for the quarter, compared to analysts' expectations of $2.44 billion. During the same period last year, the company earned $1.48 EPS. The firm's revenue for the quarter was up 8.0% compared to the same quarter last year. Sell-side analysts expect that Intercontinental Exchange Inc. will post 6.73 EPS for the current year.

Intercontinental Exchange Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were issued a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 1.03%. Intercontinental Exchange's payout ratio is 39.75%.

Insider Transactions at Intercontinental Exchange

In other news, CEO Jeffrey C. Sprecher sold 150,000 shares of Intercontinental Exchange stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $179.22, for a total value of $26,883,000.00. Following the transaction, the chief executive officer directly owned 2,101,705 shares of the company's stock, valued at $376,667,570.10. The trade was a 6.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Sharon Bowen sold 795 shares of the stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $183.30, for a total transaction of $145,723.50. Following the completion of the sale, the director directly owned 15,000 shares of the company's stock, valued at $2,749,500. The trade was a 5.03% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 226,913 shares of company stock valued at $40,671,107 in the last ninety days. Company insiders own 1.00% of the company's stock.

Wall Street Analysts Forecast Growth

ICE has been the topic of several recent research reports. UBS Group upped 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. Barclays upped their price objective on shares of Intercontinental Exchange from $198.00 to $206.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Bank of America cut their price target on Intercontinental Exchange from $237.00 to $230.00 and set a "buy" rating on the stock in a research report on Wednesday, April 2nd. Morgan Stanley boosted their price objective on Intercontinental Exchange from $181.00 to $192.00 and gave the company an "equal weight" rating in a research note on Monday, May 5th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Intercontinental Exchange from $183.00 to $189.00 and gave the company an "outperform" rating in a research note on Friday, May 2nd. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Intercontinental Exchange has an average rating of "Moderate Buy" and a consensus target price of $194.42.

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.