Intercontinental Exchange Inc. (NYSE:ICE) Shares Sold by iA Global Asset Management Inc.

Key Points

• iA Global Asset Management Inc. has reduced its stake in Intercontinental Exchange Inc. by 3.8%, bringing its holdings to 230,871 shares valued at approximately $39.8 million.
• A number of institutional investors have recently modified their holdings, with Governors Lane LP increasing its stake in Intercontinental Exchange by 88% during the fourth quarter.
• Intercontinental Exchange has received several analyst upgrades, with price targets raised by firms such as Piper Sandler and Barclays, reflecting a consensus rating of "Moderate Buy" and a target price of approximately $194.92.

iA Global Asset Management Inc. lessened its holdings in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 3.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 230,871 shares of the financial services provider's stock after selling 9,215 shares during the period. iA Global Asset Management Inc.'s holdings in Intercontinental Exchange were worth $39,825,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Fielder Capital Group LLC boosted its holdings in Intercontinental Exchange by 2.2% during the 1st quarter. Fielder Capital Group LLC now owns 2,808 shares of the financial services provider's stock valued at $484,000 after acquiring an additional 61 shares during the period. Berkeley Capital Partners LLC increased its stake in Intercontinental Exchange by 1.1% during the 1st quarter. Berkeley Capital Partners LLC now owns 5,639 shares of the financial services provider's stock worth $973,000 after buying an additional 62 shares during the period. GPS Wealth Strategies Group LLC boosted its position in Intercontinental Exchange by 17.2% in the 1st quarter. GPS Wealth Strategies Group LLC now owns 430 shares of the financial services provider's stock valued at $74,000 after buying an additional 63 shares during the period. Values Added Financial LLC grew its stake in shares of Intercontinental Exchange by 4.4% in the first quarter. Values Added Financial LLC now owns 1,533 shares of the financial services provider's stock worth $264,000 after acquiring an additional 64 shares in the last quarter. Finally, MV Capital Management Inc. raised its stake in shares of Intercontinental Exchange by 15.7% in the first quarter. MV Capital Management Inc. now owns 501 shares of the financial services provider's stock valued at $86,000 after acquiring an additional 68 shares in the last quarter. 89.30% of the stock is currently owned by hedge funds and other institutional investors.

Intercontinental Exchange Stock Performance

Intercontinental Exchange stock traded up $0.67 during mid-day trading on Wednesday, reaching $188.07. 2,690,504 shares of the company were exchanged, compared to its average volume of 2,478,482. The firm's 50-day simple moving average is $181.13 and its two-hundred day simple moving average is $171.90. Intercontinental Exchange Inc. has a twelve month low of $142.29 and a twelve month high of $189.23. The firm has a market cap of $107.65 billion, a PE ratio of 36.10, a price-to-earnings-growth ratio of 2.22 and a beta of 1.11. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.01.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last issued its quarterly earnings results 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. The firm had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $2.50 billion. Intercontinental Exchange had a return on equity of 13.66% and a net margin of 23.92%. The company's revenue for the quarter was up 9.8% on a year-over-year basis. During the same period last year, the company earned $1.52 earnings per share. Equities 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. Investors of record on Tuesday, September 16th will be given a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 1.0%. Intercontinental Exchange's payout ratio is currently 36.85%.

Insider Transactions at Intercontinental Exchange

In related news, SVP Douglas Foley sold 1,600 shares of the business's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $177.48, for a total transaction of $283,968.00. Following the sale, the senior vice president owned 27,313 shares of the company's stock, valued at approximately $4,847,511.24. The trade was a 5.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO James W. Namkung sold 612 shares of the firm's stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $180.00, for a total value of $110,160.00. Following the completion of the transaction, the chief accounting officer directly owned 13,220 shares of the company's stock, valued at $2,379,600. The trade was a 4.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 226,913 shares of company stock valued at $40,671,107 over the last 90 days. Insiders own 1.00% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on ICE. Piper Sandler boosted their price objective on Intercontinental Exchange from $180.00 to $202.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 15th. UBS Group raised their target price on Intercontinental Exchange from $195.00 to $210.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. Keefe, Bruyette & Woods boosted 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. Barclays increased their target price on shares of Intercontinental Exchange from $206.00 to $212.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Finally, Morgan Stanley upped 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 research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus 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.