Element Capital Management LLC Makes New $2.68 Million Investment in Intercontinental Exchange Inc. $ICE

Key Points

• Element Capital Management LLC has acquired a new position in Intercontinental Exchange Inc., purchasing 15,523 shares valued at approximately $2.68 million in Q1.
• Several other hedge funds have increased their stakes in Intercontinental Exchange, with notable increases from **Royal Bank of Canada** and **GAMMA Investing LLC**, highlighting growing institutional interest.
• Intercontinental Exchange has reported a strong quarterly performance with an earnings per share of **$1.81**, surpassing analyst estimates and showing a year-over-year revenue increase of **9.8%**.

Element Capital Management LLC purchased a new position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 15,523 shares of the financial services provider's stock, valued at approximately $2,678,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Governors Lane LP lifted its holdings in shares of Intercontinental Exchange by 88.0% during the 4th 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 bought a new stake in shares of Intercontinental Exchange during the 4th quarter worth approximately $1,107,000. Capital Investment Advisory Services LLC bought a new stake in shares of Intercontinental Exchange during the 1st quarter worth approximately $349,000. Sequoia Financial Advisors LLC lifted its holdings in shares of Intercontinental Exchange by 18.3% during the 1st quarter. Sequoia Financial Advisors LLC now owns 12,168 shares of the financial services provider's stock worth $2,099,000 after acquiring an additional 1,879 shares during the period. Finally, Lansforsakringar Fondforvaltning AB publ bought a new stake in shares of Intercontinental Exchange during the 4th quarter worth approximately $28,949,000. Institutional investors own 89.30% of the company's stock.

Intercontinental Exchange Trading Down 0.9%

NYSE ICE traded down $1.56 on Friday, hitting $181.12. The company's stock had a trading volume of 2,840,944 shares, compared to its average volume of 3,090,302. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.61. Intercontinental Exchange Inc. has a 1-year low of $142.29 and a 1-year high of $189.35. The company's 50-day moving average is $182.02 and its 200 day moving average is $173.60. The firm has a market cap of $103.68 billion, a PE ratio of 34.76, a PEG ratio of 2.15 and a beta of 1.11.

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 the consensus estimate of $1.77 by $0.04. Intercontinental Exchange had a net margin of 23.92% and a return on equity of 13.66%. 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 posted $1.52 earnings per share. Intercontinental Exchange's revenue for the quarter was up 9.8% compared to the same quarter last year. As a group, analysts predict that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current fiscal year.

Intercontinental Exchange Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be given a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 1.1%. Intercontinental Exchange's dividend payout ratio (DPR) is presently 36.85%.

Wall Street Analyst Weigh In

Several brokerages recently commented on ICE. 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 research note on Friday, August 1st. 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 research note on Tuesday, July 8th. Keefe, Bruyette & Woods increased their price objective on shares of Intercontinental Exchange from $183.00 to $189.00 and gave the company an "outperform" rating in a research note on Friday, May 2nd. 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 research note on Tuesday, July 15th. Finally, 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 research note on Monday, May 5th. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Intercontinental Exchange currently has an average rating of "Moderate Buy" and a consensus price target of $194.92.

Insider Activity at Intercontinental Exchange

In other news, CEO Jeffrey C. Sprecher sold 150,000 shares of the stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $183.09, for a total transaction of $27,463,500.00. Following the completion of the sale, the chief executive officer directly owned 1,951,705 shares in the company, valued at $357,337,668.45. This represents a 7.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Sharon Bowen sold 794 shares of the stock in a transaction on Friday, July 25th. The stock was sold at an average price of $185.00, for a total transaction of $146,890.00. Following the sale, the director owned 14,206 shares of the company's stock, valued at approximately $2,628,110. This trade represents a 5.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 443,488 shares of company stock valued at $80,323,823 over the last 90 days. 1.00% of the stock is owned by company insiders.

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.