Mizuho Securities USA LLC Sells 8,414 Shares of Intercontinental Exchange Inc. (NYSE:ICE)

Key Points

• Mizuho Securities USA LLC reduced its stake in Intercontinental Exchange Inc. by 15.5%, selling 8,414 shares to hold a total of 46,005 shares worth approximately $7.94 million.
• In related developments, several institutional investors, including Brighton Jones LLC and Treasurer of the State of North Carolina, increased their positions in ICE, indicating strong institutional interest.
• Intercontinental Exchange reported a 9.8% year-over-year revenue increase and declared a quarterly dividend of $0.48 per share, signifying a solid financial performance.

Mizuho Securities USA LLC cut its holdings in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 15.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 46,005 shares of the financial services provider's stock after selling 8,414 shares during the quarter. Mizuho Securities USA LLC's holdings in Intercontinental Exchange were worth $7,936,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in ICE. REAP Financial Group LLC grew its position in 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 during the last quarter. Tsfg LLC lifted its holdings in shares of Intercontinental Exchange by 187.3% in the first quarter. Tsfg LLC now owns 158 shares of the financial services provider's stock valued at $27,000 after purchasing an additional 103 shares in the last quarter. Menard Financial Group LLC purchased a new position in shares of Intercontinental Exchange during the fourth quarter valued at approximately $29,000. Rakuten Securities Inc. lifted its stake in shares of 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 buying an additional 143 shares during the period. Finally, McClarren Financial Advisors Inc. purchased a new position in Intercontinental Exchange during the first quarter worth approximately $30,000. 89.30% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on ICE shares. UBS Group increased 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. 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 research report on Tuesday, July 15th. Morgan Stanley lifted their price objective on shares of 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 lifted their target price 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. Finally, Barclays boosted their price objective 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. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $194.92.

Intercontinental Exchange Stock Down 0.2%

NYSE ICE traded down $0.42 during trading on Monday, reaching $185.98. The company's stock had a trading volume of 2,036,911 shares, compared to its average volume of 2,624,064. The business has a 50-day moving average price of $181.78 and a 200-day moving average price of $172.96. 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 Inc. has a 1-year low of $142.29 and a 1-year high of $189.35. The stock has a market capitalization of $106.46 billion, a PE ratio of 35.70, a PEG ratio of 2.21 and a beta of 1.11.

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

Intercontinental Exchange Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors 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 currently 36.85%.

Insider Buying and Selling at Intercontinental Exchange

In related news, CEO Jeffrey C. Sprecher sold 150,000 shares of the business's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $179.22, for a total transaction of $26,883,000.00. Following the transaction, the chief executive officer owned 2,101,705 shares of the company's stock, valued at approximately $376,667,570.10. The trade was a 6.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Douglas Foley sold 1,600 shares of the business's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $177.48, for a total transaction 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 trade represents a 5.53% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 226,913 shares of company stock valued at $40,671,107 in the last three months. 1.00% of the stock is owned by insiders.

Intercontinental Exchange Company 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.