Zurcher Kantonalbank Zurich Cantonalbank Sells 3,381 Shares of Intercontinental Exchange Inc. (NYSE:ICE)

Key Points

• Zurcher Kantonalbank Zurich Cantonalbank reduced its stake in Intercontinental Exchange by 1.3%, holding 247,982 shares worth approximately $42.8 million as of the latest SEC filing.
• Intercontinental Exchange reported earnings per share of $1.72 for the latest quarter, exceeding analyst expectations of $1.70, with revenue increasing by 8% year-over-year to $2.47 billion.
• The company recently declared a quarterly dividend of $0.48 per share, reflecting a dividend yield of 1.04% and a payout ratio of 39.75%.

Zurcher Kantonalbank Zurich Cantonalbank reduced its position in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 1.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 247,982 shares of the financial services provider's stock after selling 3,381 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Intercontinental Exchange were worth $42,777,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. REAP Financial Group LLC boosted its holdings in shares of Intercontinental Exchange by 116.7% in the 4th quarter. REAP Financial Group LLC now owns 169 shares of the financial services provider's stock valued at $25,000 after purchasing an additional 91 shares in the last quarter. Tsfg LLC lifted 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 buying an additional 103 shares during the last quarter. Menard Financial Group LLC acquired a new stake in Intercontinental Exchange in the fourth quarter valued at about $29,000. Rakuten Securities Inc. grew its position in Intercontinental Exchange by 595.8% in the first quarter. Rakuten Securities Inc. now owns 167 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 143 shares during the last quarter. Finally, Global Trust Asset Management LLC acquired a new position in Intercontinental Exchange during the first quarter worth about $31,000. 89.30% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ICE has been the topic of a number of research analyst reports. Bank of America reduced their price target on shares of Intercontinental Exchange from $237.00 to $230.00 and set a "buy" rating on the stock in a research note on Wednesday, April 2nd. UBS Group increased their price objective on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. Barclays boosted their target price on shares of Intercontinental Exchange from $198.00 to $206.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Piper Sandler upped their price target on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the stock an "overweight" rating in a report on Tuesday, July 15th. Finally, Morgan Stanley raised their price objective on Intercontinental Exchange from $181.00 to $192.00 and gave the company an "equal weight" rating in a report on Monday, May 5th. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $194.42.

Intercontinental Exchange Trading Down 1.0%

NYSE:ICE traded down $1.81 on Monday, reaching $182.63. 2,353,437 shares of the stock traded hands, compared to its average volume of 1,873,904. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.62. Intercontinental Exchange Inc. has a 1-year low of $142.29 and a 1-year high of $185.29. The company's 50 day moving average is $179.92 and its 200-day moving average is $170.45. The firm has a market capitalization of $104.76 billion, a price-to-earnings ratio of 37.81, a price-to-earnings-growth ratio of 2.02 and a beta of 1.11.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The financial services provider reported $1.72 EPS for the quarter, beating analysts' consensus estimates of $1.70 by $0.02. Intercontinental Exchange had a net margin of 22.84% and a return on equity of 13.27%. The business had revenue of $2.47 billion for the quarter, compared to analysts' expectations of $2.44 billion. During the same quarter in the prior year, the firm posted $1.48 earnings per share. The business's quarterly revenue was up 8.0% compared to the same quarter last year. Equities research analysts anticipate that Intercontinental Exchange Inc. will post 6.73 EPS for the current fiscal year.

Intercontinental Exchange Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were given a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 1.05%. Intercontinental Exchange's payout ratio is presently 39.75%.

Insider Buying and Selling at Intercontinental Exchange

In related news, SVP Douglas Foley sold 1,600 shares of the company's stock in a transaction that occurred 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 of the company's stock, valued at approximately $4,847,511.24. This represents a 5.53% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jeffrey C. Sprecher sold 150,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $179.22, for a total value of $26,883,000.00. Following the completion of the sale, the chief executive officer directly owned 2,101,705 shares of the company's stock, valued at $376,667,570.10. This trade represents a 6.66% decrease in their position. The disclosure for this sale can be found here. Insiders sold 226,119 shares of company stock valued at $40,524,217 over the last 90 days. Insiders own 1.00% of the company's stock.

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.