Cresset Asset Management LLC Increases Holdings in Intercontinental Exchange Inc. $ICE

Key Points

• Cresset Asset Management LLC increased its stake in Intercontinental Exchange by 8.5%, owning a total of 128,354 shares valued at approximately $22.14 million after adding 10,040 shares in the first quarter.
• CEO Jeffrey C. Sprecher sold 150,000 shares of Intercontinental Exchange stock, reducing his ownership by 7.14% and retaining approximately 1.95 million shares valued over $357 million.
• Analysts have a consensus price target of $194.92 for Intercontinental Exchange, with an average rating of "Moderate Buy," reflecting optimism about the company's stock potential.

Cresset Asset Management LLC boosted its holdings in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 8.5% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 128,354 shares of the financial services provider's stock after buying an additional 10,040 shares during the quarter. Cresset Asset Management LLC's holdings in Intercontinental Exchange were worth $22,141,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of ICE. REAP Financial Group LLC increased its position in shares of Intercontinental Exchange by 116.7% during the 4th quarter. REAP Financial Group LLC now owns 169 shares of the financial services provider's stock valued at $25,000 after purchasing an additional 91 shares during the last quarter. Tsfg LLC increased its position in shares of Intercontinental Exchange by 187.3% during the 1st quarter. Tsfg LLC now owns 158 shares of the financial services provider's stock valued at $27,000 after purchasing an additional 103 shares during the last quarter. Menard Financial Group LLC purchased a new stake in shares of Intercontinental Exchange during the 4th quarter valued at about $29,000. Rakuten Securities Inc. increased its position in shares of Intercontinental Exchange by 595.8% during the 1st quarter. Rakuten Securities Inc. now owns 167 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 143 shares during the last quarter. Finally, McClarren Financial Advisors Inc. purchased a new stake in shares of Intercontinental Exchange during the 1st quarter valued at about $30,000. Hedge funds and other institutional investors own 89.30% of the company's stock.

Intercontinental Exchange Trading Up 0.1%

Shares of NYSE:ICE traded up $0.0980 during trading on Tuesday, hitting $178.0380. The company had a trading volume of 2,580,432 shares, compared to its average volume of 3,182,714. The stock has a market cap of $101.91 billion, a price-to-earnings ratio of 34.17, a price-to-earnings-growth ratio of 2.11 and a beta of 1.11. Intercontinental Exchange Inc. has a one year low of $142.29 and a one year high of $189.35. The company has a fifty day simple moving average of $182.07 and a two-hundred day simple moving average of $173.73. 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 released its quarterly earnings results 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 return on equity of 13.66% and a net margin of 23.92%.The company had revenue of $3.26 billion for the quarter, compared to analyst estimates of $2.50 billion. During the same quarter in the prior year, the firm posted $1.52 EPS. Intercontinental Exchange's quarterly revenue was up 9.8% compared to the same quarter last year. As a group, equities analysts forecast that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current year.

Intercontinental Exchange Announces Dividend

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

Insider Activity at Intercontinental Exchange

In related news, CAO James W. Namkung sold 612 shares of the stock in a transaction on Friday, May 30th. The stock was sold at an average price of $180.00, for a total transaction of $110,160.00. Following the sale, the chief accounting officer owned 13,220 shares in the company, valued at approximately $2,379,600. This represents a 4.42% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Douglas Foley sold 1,600 shares of the stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $177.48, for a total value of $283,968.00. Following the sale, the senior vice president owned 27,313 shares in the company, valued at $4,847,511.24. The trade was a 5.53% 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 ninety days. Corporate insiders own 1.00% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on ICE shares. Barclays upped their price target on shares of Intercontinental Exchange from $206.00 to $212.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. UBS Group increased their price target on Intercontinental Exchange from $195.00 to $210.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. Piper Sandler upped their price target on Intercontinental Exchange from $180.00 to $202.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 15th. Keefe, Bruyette & Woods upped their price target on Intercontinental Exchange from $183.00 to $189.00 and gave the stock an "outperform" rating in a research note on Friday, May 2nd. Finally, Morgan Stanley upped their price target on Intercontinental Exchange from $181.00 to $192.00 and gave the stock an "equal weight" rating in a research note on Monday, May 5th. Ten analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $194.92.

Intercontinental Exchange 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.