Geneva Capital Management LLC Cuts Holdings in Intercontinental Exchange Inc. (NYSE:ICE)

Key Points

• Geneva Capital Management LLC reduced its holdings in Intercontinental Exchange by 2.3%, now owning 139,733 shares valued at approximately $24.1 million.
• Intercontinental Exchange recently reported a quarterly earnings per share of $1.81, exceeding analysts' expectations of $1.77, and a year-over-year revenue increase of 9.8%.
• The company declared a quarterly dividend of $0.48 per share, contributing to an annualized dividend yield of 1.0% and a payout ratio of 39.75%.

Geneva Capital Management LLC lowered its holdings in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 2.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 139,733 shares of the financial services provider's stock after selling 3,341 shares during the period. Geneva Capital Management LLC's holdings in Intercontinental Exchange were worth $24,104,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in ICE. REAP Financial Group LLC increased its position in Intercontinental Exchange by 116.7% in the fourth quarter. REAP Financial Group LLC now owns 169 shares of the financial services provider's stock worth $25,000 after buying an additional 91 shares during the last quarter. Tsfg LLC increased its holdings in Intercontinental Exchange by 187.3% in the 1st quarter. Tsfg LLC now owns 158 shares of the financial services provider's stock worth $27,000 after acquiring an additional 103 shares during the last quarter. Menard Financial Group LLC purchased a new stake in Intercontinental Exchange during the fourth quarter valued at about $29,000. Rakuten Securities Inc. lifted its holdings in Intercontinental Exchange by 595.8% during the first 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, Global Trust Asset Management LLC purchased a new position in shares of Intercontinental Exchange in the first quarter worth about $31,000. 89.30% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on ICE. Keefe, Bruyette & Woods raised their price target on Intercontinental Exchange from $183.00 to $189.00 and gave the stock an "outperform" rating in a report on Friday, May 2nd. Piper Sandler boosted 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. Barclays upped their price target on shares of Intercontinental Exchange from $206.00 to $212.00 and gave the stock an "overweight" rating in a report on Friday. UBS Group boosted their price objective on Intercontinental Exchange from $195.00 to $210.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. Finally, Morgan Stanley lifted their target price on shares of Intercontinental Exchange from $181.00 to $192.00 and gave the company an "equal weight" rating in a research report on Monday, May 5th. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat, Intercontinental Exchange currently has a consensus rating of "Moderate Buy" and a consensus target price of $194.92.

Insider Buying and Selling at Intercontinental Exchange

In related news, General Counsel Andrew J. Surdykowski sold 3,848 shares of the business's stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $179.12, for a total transaction of $689,253.76. Following the completion of the transaction, the general counsel owned 48,480 shares in the company, valued at $8,683,737.60. The trade was a 7.35% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Douglas Foley sold 1,600 shares of the company's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $177.48, for a total value of $283,968.00. Following the transaction, the senior vice president directly owned 27,313 shares in the company, valued at $4,847,511.24. This represents a 5.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 226,913 shares of company stock worth $40,671,107 over the last quarter. Insiders own 1.00% of the company's stock.

Intercontinental Exchange Price Performance

ICE stock traded down $0.94 during trading on Tuesday, reaching $187.51. The company's stock had a trading volume of 2,929,434 shares, compared to its average volume of 2,429,540. Intercontinental Exchange Inc. has a 1 year low of $142.29 and a 1 year high of $189.23. The company's fifty day moving average is $180.95 and its 200-day moving average is $171.80. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $107.33 billion, a P/E ratio of 35.99, a price-to-earnings-growth ratio of 2.23 and a beta of 1.11.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last posted its earnings results on Thursday, July 31st. The financial services provider reported $1.81 earnings per share for the quarter, topping analysts' consensus estimates of $1.77 by $0.04. The firm had revenue of $3.26 billion for 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 business's quarterly revenue was up 9.8% on a year-over-year basis. During the same period in the previous year, the firm posted $1.52 EPS. On average, research analysts expect that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current fiscal year.

Intercontinental Exchange Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be given a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 1.0%. Intercontinental Exchange's dividend payout ratio (DPR) is presently 36.85%.

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.