Intercontinental Exchange Inc. (NYSE:ICE) Stake Boosted by Prudential PLC

Key Points

• Prudential PLC significantly increased its stake in Intercontinental Exchange by 679.1% during the first quarter, acquiring an additional 88,942 shares worth approximately $17.6 million.
• Intercontinental Exchange reported quarterly earnings of $1.81 per share, surpassing analysts' expectations by $0.04, along with a 23.92% net margin and year-over-year revenue growth of 9.8%.
• The company declared a quarterly dividend of $0.48 to be paid at the end of September, resulting in an annualized yield of 1.0%.

Prudential PLC grew its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 679.1% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 102,039 shares of the financial services provider's stock after purchasing an additional 88,942 shares during the period. Prudential PLC's holdings in Intercontinental Exchange were worth $17,602,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in ICE. REAP Financial Group LLC boosted its position in shares of Intercontinental Exchange by 116.7% during the 4th quarter. REAP Financial Group LLC now owns 169 shares of the financial services provider's stock worth $25,000 after purchasing an additional 91 shares in the last quarter. Tsfg LLC boosted its position in shares of Intercontinental Exchange by 187.3% during the 1st quarter. Tsfg LLC now owns 158 shares of the financial services provider's stock worth $27,000 after purchasing an additional 103 shares in the last quarter. Menard Financial Group LLC purchased a new stake in shares of Intercontinental Exchange during the 4th quarter worth $29,000. Rakuten Securities Inc. boosted its position in shares of Intercontinental Exchange by 595.8% during 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. purchased a new stake in shares of Intercontinental Exchange during the 1st quarter worth $30,000. 89.30% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Intercontinental Exchange

In other Intercontinental Exchange news, CAO James W. Namkung sold 612 shares of the company's stock in a transaction that occurred on Friday, May 30th. The stock was 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 owned 13,220 shares in the company, valued at $2,379,600. This represents a 4.42% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Sharon Bowen sold 795 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $183.30, for a total value of $145,723.50. Following the completion of the transaction, the director owned 15,000 shares of the company's stock, valued at approximately $2,749,500. This represents a 5.03% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 443,488 shares of company stock worth $80,323,823 over the last 90 days. 1.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

ICE has been the topic of several research analyst reports. Morgan Stanley boosted their target price on shares of Intercontinental Exchange from $181.00 to $192.00 and gave the stock an "equal weight" rating in a research report on Monday, May 5th. 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. Piper Sandler boosted their price objective on shares of 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 boosted their price objective on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. Finally, Barclays boosted their price objective on shares of Intercontinental Exchange from $206.00 to $212.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $194.92.

Intercontinental Exchange Trading Down 0.9%

Shares of NYSE ICE traded down $1.56 on Friday, reaching $181.12. 2,840,944 shares of the company traded hands, compared to its average volume of 3,015,576. Intercontinental Exchange Inc. has a fifty-two week low of $142.29 and a fifty-two week high of $189.35. The company has a 50 day moving average of $181.97 and a 200 day moving average of $173.23. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $103.68 billion, a PE ratio of 34.76, a P/E/G ratio of 2.15 and a beta of 1.11.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last issued its earnings results on Thursday, July 31st. The financial services provider reported $1.81 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.77 by $0.04. Intercontinental Exchange had a return on equity of 13.66% and a net margin of 23.92%. The business had revenue of $3.26 billion during the quarter, compared to analysts' expectations of $2.50 billion. During the same quarter in the previous year, the business earned $1.52 EPS. The company's revenue for the quarter was up 9.8% on a year-over-year basis. On average, equities research analysts forecast that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current fiscal year.

Intercontinental Exchange Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be issued a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 1.1%. Intercontinental Exchange's dividend payout ratio is presently 36.85%.

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.