Intercontinental Exchange Inc. (NYSE:ICE) Shares Sold by Fayez Sarofim & Co

Key Points

• Fayez Sarofim & Co has reduced its stake in Intercontinental Exchange Inc. by 2.0%, selling 42,314 shares during the first quarter, leaving them with approximately 2,120,738 shares valued at $365.8 million.
• Several institutional investors, including Mitsubishi UFJ Asset Management and VeraBank N.A., have recently increased their stakes in Intercontinental Exchange, contributing to a total of 89.3% of the company's stock being owned by hedge funds and institutional investors.
• Intercontinental Exchange reported a quarterly earnings per share of $1.81, surpassing analysts' estimates, and recently declared a $0.48 quarterly dividend, with a yield of 1.0%.

Fayez Sarofim & Co lessened its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 2.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,120,738 shares of the financial services provider's stock after selling 42,314 shares during the period. Fayez Sarofim & Co owned 0.37% of Intercontinental Exchange worth $365,827,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. REAP Financial Group LLC raised its position in shares of Intercontinental Exchange by 116.7% in the fourth quarter. REAP Financial Group LLC now owns 169 shares of the financial services provider's stock valued at $25,000 after buying an additional 91 shares during the last quarter. Tsfg LLC grew its stake in 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 acquiring an additional 103 shares in the last quarter. Menard Financial Group LLC acquired a new stake in Intercontinental Exchange in the 4th quarter valued at about $29,000. Rakuten Securities Inc. lifted its stake in Intercontinental Exchange by 595.8% in the 1st quarter. Rakuten Securities Inc. now owns 167 shares of the financial services provider's stock worth $29,000 after purchasing an additional 143 shares in the last quarter. Finally, McClarren Financial Advisors Inc. acquired a new position in shares of Intercontinental Exchange during the 1st quarter worth approximately $30,000. 89.30% of the stock is owned by hedge funds and other institutional investors.

Intercontinental Exchange Price Performance

Shares of NYSE:ICE traded down $1.49 on Friday, hitting $186.53. The company had a trading volume of 2,783,624 shares, compared to its average volume of 2,563,729. Intercontinental Exchange Inc. has a 52-week low of $142.29 and a 52-week high of $189.35. The business has a 50 day moving average of $181.66 and a 200 day moving average of $172.52. The company has a market cap of $106.77 billion, a PE ratio of 35.80, a PEG ratio of 2.23 and a beta of 1.11. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last released its 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 business had revenue of $3.26 billion for the quarter, compared to analysts' expectations of $2.50 billion. Intercontinental Exchange had a net margin of 23.92% and a return on equity of 13.66%. The company's quarterly revenue was up 9.8% on a year-over-year basis. During the same period last year, the company earned $1.52 earnings per share. As a group, equities analysts anticipate that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current fiscal year.

Intercontinental Exchange Announces Dividend

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 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 dividend payout ratio is currently 36.85%.

Insider Activity at Intercontinental Exchange

In related news, General Counsel Andrew J. Surdykowski sold 3,848 shares of the stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $179.12, for a total value of $689,253.76. Following the completion of the transaction, the general counsel owned 48,480 shares of the company's stock, valued at approximately $8,683,737.60. This represents a 7.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Jeffrey C. Sprecher sold 150,000 shares of the company's stock in a transaction that occurred on Wednesday, June 4th. The shares were 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 directly owned 2,101,705 shares in the company, valued at approximately $376,667,570.10. The trade was a 6.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 226,913 shares of company stock valued at $40,671,107. 1.00% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Morgan Stanley raised their target price 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. Keefe, Bruyette & Woods raised their price objective on shares of Intercontinental Exchange from $183.00 to $189.00 and gave the stock an "outperform" rating in a research report on Friday, May 2nd. UBS Group lifted their target price 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. Barclays boosted their target price 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. Finally, Piper Sandler raised their price target on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the stock an "overweight" rating in a report on Tuesday, July 15th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price 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.