Cary Street Partners Financial LLC Sells 1,986 Shares of Intercontinental Exchange Inc. (NYSE:ICE)

Key Points

• Cary Street Partners Financial LLC reduced its stake in Intercontinental Exchange by 24.2%, selling 1,986 shares during the first quarter, bringing their holdings to 6,219 shares valued at approximately $1,073,000.
• Intercontinental Exchange reported $1.81 EPS for the most recent quarter, exceeding estimates by $0.04, with revenues of $3.26 billion, up 9.8% year-over-year.
• The company declared a quarterly dividend of $0.48 per share, with a payment date set for September 30th, resulting in an annualized dividend yield of 1.0%.

Cary Street Partners Financial LLC cut its position in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 24.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,219 shares of the financial services provider's stock after selling 1,986 shares during the quarter. Cary Street Partners Financial LLC's holdings in Intercontinental Exchange were worth $1,073,000 at the end of the most recent reporting period.

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

Intercontinental Exchange Stock Performance

Shares of Intercontinental Exchange stock opened at $188.05 on Friday. The company's 50 day moving average price is $181.53 and its two-hundred day moving average price is $172.29. The firm has a market capitalization of $107.64 billion, a P/E ratio of 36.09, a P/E/G ratio of 2.23 and a beta of 1.11. Intercontinental Exchange Inc. has a fifty-two week low of $142.29 and a fifty-two week high of $189.23. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.01 and a quick ratio of 1.01.

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

Intercontinental Exchange Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be paid a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 1.0%. Intercontinental Exchange's payout ratio is 36.85%.

Insider Activity

In other news, CEO Jeffrey C. Sprecher sold 150,000 shares of the company's stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer owned 2,101,705 shares of the company's stock, valued at $376,667,570.10. This represents a 6.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available 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 owned 13,220 shares of the company's stock, valued at approximately $2,379,600. This trade represents a 4.42% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 226,913 shares of company stock valued at $40,671,107. 1.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ICE. Barclays increased their price target 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 raised their price target on Intercontinental Exchange from $183.00 to $189.00 and gave the stock an "outperform" rating in a research report on Friday, May 2nd. Morgan Stanley boosted their price target 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. Piper Sandler upped their price objective on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 15th. Finally, UBS Group raised their target price 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. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, 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.

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