Dimensional Fund Advisors LP Increases Stake in Intercontinental Exchange Inc. (NYSE:ICE)

Key Points

• Dimensional Fund Advisors LP has increased its stake in Intercontinental Exchange Inc. (ICE) by 5.0%, now holding 1,935,649 shares valued at approximately $334 million.
• Other major institutional investors, including Royal Bank of Canada and Kovitz Investment Group Partners LLC, significantly raised their holdings in ICE in the last quarter, reflecting strong institutional interest in the company.
• Intercontinental Exchange recently reported better-than-expected quarterly earnings of $1.81 per share, surpassing analyst estimates, with a revenue of $3.26 billion, marking a 9.8% increase year-over-year.

Dimensional Fund Advisors LP increased its holdings in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 5.0% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,935,649 shares of the financial services provider's stock after purchasing an additional 92,209 shares during the period. Dimensional Fund Advisors LP owned approximately 0.34% of Intercontinental Exchange worth $333,926,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ICE. Royal Bank of Canada raised its holdings in Intercontinental Exchange by 132.9% during the 4th quarter. Royal Bank of Canada now owns 9,121,352 shares of the financial services provider's stock valued at $1,359,173,000 after buying an additional 5,204,309 shares during the last quarter. Kovitz Investment Group Partners LLC raised its holdings in Intercontinental Exchange by 423.8% during the 4th quarter. Kovitz Investment Group Partners LLC now owns 4,546,437 shares of the financial services provider's stock valued at $677,465,000 after buying an additional 3,678,384 shares during the last quarter. Nuveen LLC bought a new stake in Intercontinental Exchange during the 1st quarter valued at $575,383,000. GAMMA Investing LLC raised its holdings in Intercontinental Exchange by 24,394.4% during the 1st quarter. GAMMA Investing LLC now owns 2,264,753 shares of the financial services provider's stock valued at $3,906,700,000 after buying an additional 2,255,507 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Intercontinental Exchange by 50.6% during the 1st quarter. Bank of New York Mellon Corp now owns 5,933,532 shares of the financial services provider's stock valued at $1,023,534,000 after buying an additional 1,993,084 shares during the last quarter. 89.30% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, General Counsel Andrew J. Surdykowski sold 3,848 shares of the stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $179.12, for a total transaction of $689,253.76. Following the sale, the general counsel directly owned 48,480 shares of the company's stock, valued at approximately $8,683,737.60. This represents a 7.35% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Sharon Bowen sold 795 shares of the stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $183.30, for a total transaction of $145,723.50. Following the sale, the director directly owned 15,000 shares in the company, valued at $2,749,500. This trade represents a 5.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 443,488 shares of company stock worth $80,323,823 over the last 90 days. Corporate insiders own 1.00% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on ICE. UBS Group upped their price target 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. Piper Sandler upped their price target 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. Keefe, Bruyette & Woods upped their price objective 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. Barclays upped their price objective on shares of Intercontinental Exchange from $206.00 to $212.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Finally, Morgan Stanley upped their price objective on shares of Intercontinental Exchange from $181.00 to $192.00 and gave the stock an "equal weight" rating in a report on Monday, May 5th. 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, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $194.92.

Intercontinental Exchange Stock Down 0.9%

Shares of Intercontinental Exchange stock opened at $181.12 on Friday. 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 company has a 50-day moving average of $182.02 and a 200 day moving average of $173.50. The firm has a market cap of $103.68 billion, a price-to-earnings ratio of 34.76, a PEG ratio of 2.15 and a beta of 1.11. 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 issued its quarterly earnings results on Thursday, July 31st. The financial services provider reported $1.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.77 by $0.04. The company had revenue of $3.26 billion during the quarter, compared to analyst estimates of $2.50 billion. Intercontinental Exchange had a net margin of 23.92% and a return on equity of 13.66%. Intercontinental Exchange's quarterly revenue was up 9.8% compared to the same quarter last year. During the same period last year, the business earned $1.52 EPS. As a group, sell-side analysts anticipate that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current fiscal year.

Intercontinental Exchange Announces Dividend

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

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.

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