Harbour Investments Inc. Has $790,000 Stock Position in Intercontinental Exchange Inc. (NYSE:ICE)

Key Points

• Harbour Investments Inc. increased its stake in Intercontinental Exchange Inc. by 44.6%, owning a total of 4,577 shares worth approximately $790,000 after purchasing an additional 1,412 shares in the first quarter.
• Intercontinental Exchange recently reported earnings of $1.81 EPS, exceeding analysts' expectations of $1.77, with revenue reaching $3.26 billion for the quarter, up 9.8% year-over-year.
• The company declared a quarterly dividend of $0.48 per share, which translates to an annualized yield of 1.0%, with a payout ratio of 36.85%.

Harbour Investments Inc. grew its position in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 44.6% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,577 shares of the financial services provider's stock after buying an additional 1,412 shares during the period. Harbour Investments Inc.'s holdings in Intercontinental Exchange were worth $790,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Sound View Wealth Advisors Group LLC grew its stake in shares of Intercontinental Exchange by 5.4% during the 1st quarter. Sound View Wealth Advisors Group LLC now owns 2,831 shares of the financial services provider's stock worth $488,000 after purchasing an additional 146 shares during the period. Natixis Advisors LLC grew its position in Intercontinental Exchange by 8.2% during the first quarter. Natixis Advisors LLC now owns 1,897,942 shares of the financial services provider's stock valued at $327,395,000 after buying an additional 143,520 shares during the period. Tower Bridge Advisors increased its holdings in Intercontinental Exchange by 2.7% in the first quarter. Tower Bridge Advisors now owns 39,516 shares of the financial services provider's stock valued at $6,817,000 after buying an additional 1,046 shares in the last quarter. Woodley Farra Manion Portfolio Management Inc. raised its position in shares of Intercontinental Exchange by 1.0% in the first quarter. Woodley Farra Manion Portfolio Management Inc. now owns 442,404 shares of the financial services provider's stock worth $76,315,000 after acquiring an additional 4,170 shares during the period. Finally, Pacific Capital Partners Ltd acquired a new stake in shares of Intercontinental Exchange during the 1st quarter valued at about $4,312,000. 89.30% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have issued reports on ICE. Keefe, Bruyette & Woods increased their price objective on shares of Intercontinental Exchange from $183.00 to $189.00 and gave the company an "outperform" rating in a report on Friday, May 2nd. Morgan Stanley lifted their price objective on Intercontinental Exchange from $181.00 to $192.00 and gave the stock an "equal weight" rating in a report on Monday, May 5th. UBS Group increased their target price on Intercontinental Exchange from $195.00 to $210.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. Piper Sandler lifted their price target on Intercontinental Exchange from $180.00 to $202.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 15th. Finally, Barclays boosted their price target on Intercontinental Exchange from $206.00 to $212.00 and gave the stock an "overweight" rating in a research report on Friday. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Intercontinental Exchange presently has an average rating of "Moderate Buy" and an average target price of $194.92.

Intercontinental Exchange Stock Down 0.5%

ICE traded down $0.94 during trading hours on Tuesday, reaching $187.51. 2,929,434 shares of the stock traded hands, compared to its average volume of 2,429,540. Intercontinental Exchange Inc. has a fifty-two week low of $142.29 and a fifty-two week high of $189.23. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.01 and a quick ratio of 1.01. The company has a market cap of $107.33 billion, a price-to-earnings ratio of 35.99, a PEG ratio of 2.23 and a beta of 1.11. The firm's fifty day simple moving average is $180.95 and its two-hundred day simple moving average is $171.80.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last announced its earnings results on Thursday, July 31st. The financial services provider reported $1.81 earnings per share for the quarter, beating 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 the consensus estimate of $2.50 billion. During the same period last year, the firm earned $1.52 earnings per share. The company's revenue was up 9.8% on a year-over-year basis. As a group, analysts forecast that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current fiscal year.

Intercontinental Exchange Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be issued 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 is presently 36.85%.

Insider Buying and Selling

In related news, 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 transaction of $145,723.50. Following the sale, the director directly 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO James W. Namkung sold 612 shares of the stock in a transaction on Friday, May 30th. The stock was sold at an average price of $180.00, for a total transaction of $110,160.00. Following the sale, the chief accounting officer directly owned 13,220 shares in the company, valued at $2,379,600. This trade represents a 4.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 226,913 shares of company stock worth $40,671,107. 1.00% of the stock is currently owned by insiders.

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.