Earnest Partners LLC Cuts Holdings in Intercontinental Exchange Inc. $ICE

Key Points

• Earnest Partners LLC reduced its stake in Intercontinental Exchange Inc. by 2.5%, now holding 769,885 shares valued at approximately $132.81 million.
• Intercontinental Exchange reported earnings per share (EPS) of $1.81, exceeding analysts' estimates of $1.77, with a revenue of $3.26 billion for the quarter.
• The company declared a quarterly dividend of $0.48 per share, representing a yield of 1.1% and a dividend payout ratio of 36.85%.

Earnest Partners LLC lessened its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 2.5% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 769,885 shares of the financial services provider's stock after selling 19,534 shares during the period. Earnest Partners LLC owned 0.13% of Intercontinental Exchange worth $132,805,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Tsfg LLC boosted its holdings 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. Rakuten Securities Inc. lifted its holdings in shares of Intercontinental Exchange by 595.8% in the 1st quarter. Rakuten Securities Inc. now owns 167 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 143 shares during the last quarter. REAP Financial Group LLC lifted its holdings in shares of Intercontinental Exchange by 116.7% in the 4th quarter. REAP Financial Group LLC now owns 169 shares of the financial services provider's stock valued at $25,000 after acquiring an additional 91 shares during the last quarter. McClarren Financial Advisors Inc. bought a new position in shares of Intercontinental Exchange in the 1st quarter valued at about $30,000. Finally, Global Trust Asset Management LLC bought a new position in shares of Intercontinental Exchange in the 1st quarter valued at about $31,000. Institutional investors own 89.30% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Piper Sandler increased 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. Barclays increased their price target 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. Morgan Stanley increased their price target 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. Finally, UBS Group raised their price objective 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. Ten analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $194.92.

Insider Buying and Selling at Intercontinental Exchange

In other news, CFO Warren Gardiner sold 1,570 shares of the firm's stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $178.45, for a total transaction of $280,166.50. Following the transaction, the chief financial officer directly owned 22,106 shares of the company's stock, valued at approximately $3,944,815.70. This trade represents a 6.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Douglas Foley sold 1,600 shares of the firm's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $177.48, for a total transaction of $283,968.00. Following the transaction, the senior vice president directly owned 27,313 shares in the company, valued at approximately $4,847,511.24. This trade represents a 5.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 449,993 shares of company stock valued at $81,486,507. 1.00% of the stock is owned by corporate insiders.

Intercontinental Exchange Trading Down 0.3%

NYSE ICE traded down $0.54 during trading on Friday, hitting $176.60. The stock had a trading volume of 1,775,543 shares, compared to its average volume of 3,016,317. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a market capitalization of $101.09 billion, a price-to-earnings ratio of 33.90, a P/E/G 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 stock has a 50 day simple moving average of $182.07 and a 200 day simple moving average of $174.55.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $3.26 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter last year, the firm earned $1.52 earnings per share. Sell-side analysts predict that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current year.

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.