Gulf International Bank UK Ltd Lowers Position in Intercontinental Exchange Inc. (NYSE:ICE)

Key Points

• Gulf International Bank UK Ltd reduced its stake in Intercontinental Exchange Inc. by 26.7%, ending the quarter with 32,834 shares valued at approximately $5.66 million.
• Other institutional investors, such as Governors Lane LP and Lansforsakringar Fondforvaltning AB, have significantly increased their holdings in Intercontinental Exchange, reflecting strong interest in the company.
• Intercontinental Exchange reported strong quarterly earnings with a 9.8% increase in revenue year-over-year and plans to pay a quarterly dividend of $0.48 on September 30th.

Gulf International Bank UK Ltd cut its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 26.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 32,834 shares of the financial services provider's stock after selling 11,936 shares during the quarter. Gulf International Bank UK Ltd's holdings in Intercontinental Exchange were worth $5,663,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of ICE. National Pension Service lifted its holdings in Intercontinental Exchange by 6.2% in the 1st quarter. National Pension Service now owns 1,316,189 shares of the financial services provider's stock worth $227,043,000 after buying an additional 77,049 shares during the period. Terril Brothers Inc. purchased a new position in shares of Intercontinental Exchange in the 1st quarter valued at approximately $230,000. LGT Fund Management Co Ltd. lifted its stake in shares of Intercontinental Exchange by 7.2% in the 1st quarter. LGT Fund Management Co Ltd. now owns 64,463 shares of the financial services provider's stock valued at $11,120,000 after purchasing an additional 4,341 shares during the period. Russell Investments Group Ltd. lifted its stake in shares of Intercontinental Exchange by 58.6% in the 1st quarter. Russell Investments Group Ltd. now owns 611,448 shares of the financial services provider's stock valued at $105,584,000 after purchasing an additional 225,863 shares during the period. Finally, Prudential PLC lifted its stake in shares of Intercontinental Exchange by 679.1% in the 1st quarter. Prudential PLC now owns 102,039 shares of the financial services provider's stock valued at $17,602,000 after purchasing an additional 88,942 shares during the period. 89.30% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on ICE. UBS Group raised their target price on Intercontinental Exchange from $195.00 to $210.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. Piper Sandler raised their target price on Intercontinental Exchange from $180.00 to $202.00 and gave the company an "overweight" rating in a research note on Tuesday, July 15th. Keefe, Bruyette & Woods raised their target price on Intercontinental Exchange from $183.00 to $189.00 and gave the company an "outperform" rating in a research note on Friday, May 2nd. Morgan Stanley raised their target price on Intercontinental Exchange from $181.00 to $192.00 and gave the company an "equal weight" rating in a research note on Monday, May 5th. Finally, Barclays lifted their price objective on Intercontinental Exchange from $206.00 to $212.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Three investment 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.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $194.92.

Intercontinental Exchange Stock Down 0.9%

Shares of Intercontinental Exchange stock traded down $1.56 on Friday, reaching $181.12. The company's stock had a trading volume of 2,840,944 shares, compared to its average volume of 3,072,402. The company has a market capitalization of $103.68 billion, a price-to-earnings ratio of 34.76, a P/E/G ratio of 2.15 and a beta of 1.11. The firm's fifty day simple moving average is $182.02 and its two-hundred day simple moving average is $173.50. Intercontinental Exchange Inc. has a 52 week low of $142.29 and a 52 week high of $189.35. 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 (NYSE:ICE - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The financial services provider reported $1.81 EPS for the quarter, topping the consensus estimate of $1.77 by $0.04. Intercontinental Exchange had a return on equity of 13.66% and a net margin of 23.92%. The company had revenue of $3.26 billion during the quarter, compared to analyst estimates of $2.50 billion. During the same quarter in the previous year, the company posted $1.52 earnings per share. Intercontinental Exchange's revenue was up 9.8% compared to the same quarter last year. Equities analysts anticipate that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current year.

Intercontinental Exchange Dividend Announcement

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

Insider Buying and Selling

In related news, Director Sharon Bowen sold 794 shares of Intercontinental Exchange stock in a transaction on Friday, July 25th. The stock was sold at an average price of $185.00, for a total value of $146,890.00. Following the completion of the sale, the director owned 14,206 shares of the company's stock, valued at $2,628,110. The trade was a 5.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, General Counsel Andrew J. Surdykowski sold 3,848 shares of Intercontinental Exchange stock in a transaction on 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 sale, the general counsel directly owned 48,480 shares of the company's stock, valued at $8,683,737.60. The trade was a 7.35% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 443,488 shares of company stock valued at $80,323,823 over the last ninety days. 1.00% of the stock is owned by insiders.

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.