Boston Partners Decreases Stock Holdings in Intercontinental Exchange Inc. (NYSE:ICE)

Key Points

• Boston Partners has reduced its stake in Intercontinental Exchange Inc. (NYSE:ICE) by 16.6%, selling 245,047 shares and now owning approximately 0.21% of the company, valued at $211.6 million.
• Intercontinental Exchange reported a quarterly earnings per share (EPS) of $1.81, which surpassed the analysts' consensus estimate of $1.77, with revenues also significantly exceeding expectations at $3.26 billion.
• The company announced a quarterly dividend of $0.48 to be paid on September 30th, resulting in an annualized dividend yield of 1.1%.

Boston Partners lowered its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 16.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,231,221 shares of the financial services provider's stock after selling 245,047 shares during the period. Boston Partners owned 0.21% of Intercontinental Exchange worth $211,644,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the stock. Fielder Capital Group LLC lifted its stake in Intercontinental Exchange by 2.2% in the 1st quarter. Fielder Capital Group LLC now owns 2,808 shares of the financial services provider's stock valued at $484,000 after buying an additional 61 shares in the last quarter. E Fund Management Co. Ltd. lifted its stake in Intercontinental Exchange by 4.2% in the 1st quarter. E Fund Management Co. Ltd. now owns 1,500 shares of the financial services provider's stock valued at $259,000 after buying an additional 61 shares in the last quarter. Berkeley Capital Partners LLC raised its holdings in Intercontinental Exchange by 1.1% in the 1st quarter. Berkeley Capital Partners LLC now owns 5,639 shares of the financial services provider's stock valued at $973,000 after acquiring an additional 62 shares during the last quarter. GPS Wealth Strategies Group LLC raised its holdings in Intercontinental Exchange by 17.2% in the 1st quarter. GPS Wealth Strategies Group LLC now owns 430 shares of the financial services provider's stock valued at $74,000 after acquiring an additional 63 shares during the last quarter. Finally, Values Added Financial LLC raised its holdings in Intercontinental Exchange by 4.4% in the 1st quarter. Values Added Financial LLC now owns 1,533 shares of the financial services provider's stock valued at $264,000 after acquiring an additional 64 shares during the last quarter. Hedge funds and other institutional investors own 89.30% of the company's stock.

Intercontinental Exchange Trading Down 0.9%

Shares of NYSE:ICE traded down $1.56 during mid-day trading on Friday, reaching $181.12. 2,840,944 shares of the company were exchanged, compared to its average volume of 3,072,402. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.01 and a quick ratio of 1.01. The firm has a market cap of $103.68 billion, a price-to-earnings ratio of 34.76, a P/E/G ratio of 2.15 and a beta of 1.11. The firm's 50-day simple moving average is $182.02 and its 200 day simple moving average is $173.50. Intercontinental Exchange Inc. has a 1 year low of $142.29 and a 1 year high of $189.35.

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, topping analysts' consensus estimates of $1.77 by $0.04. The firm had revenue of $3.26 billion during the quarter, compared to analysts' expectations of $2.50 billion. Intercontinental Exchange had a net margin of 23.92% and a return on equity of 13.66%. The firm's quarterly revenue was up 9.8% on a year-over-year basis. During the same quarter last year, the company posted $1.52 EPS. Equities research analysts forecast that Intercontinental Exchange Inc. will post 6.73 EPS for the current year.

Intercontinental Exchange Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be given a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 1.1%. Intercontinental Exchange's payout ratio is currently 36.85%.

Insider Activity

In related news, General Counsel Andrew J. Surdykowski sold 3,848 shares of the stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $179.12, for a total transaction of $689,253.76. Following the completion of the transaction, the general counsel 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO James W. Namkung sold 612 shares of the firm's stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $180.00, for a total transaction of $110,160.00. Following the completion of the transaction, the chief accounting officer directly owned 13,220 shares of the company's stock, valued at $2,379,600. This represents a 4.42% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 443,488 shares of company stock worth $80,323,823 in the last three months. 1.00% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Morgan Stanley increased their price objective on shares of Intercontinental Exchange from $181.00 to $192.00 and gave the company an "equal weight" rating in a report on Monday, May 5th. UBS Group increased their price objective on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. Barclays increased their price objective on shares of Intercontinental Exchange from $206.00 to $212.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Piper Sandler increased their price objective on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the company an "overweight" rating in a report on Tuesday, July 15th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Intercontinental Exchange from $183.00 to $189.00 and gave the stock an "outperform" rating in a report on Friday, May 2nd. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $194.92.

About Intercontinental Exchange

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.