Koa Wealth Management LLC Takes Position in Intercontinental Exchange Inc. $ICE

Key Points

• Koa Wealth Management LLC established a new position in Intercontinental Exchange (NYSE:ICE) in Q4, buying 12,333 shares worth about $1.997 million, which represents 1.4% of its portfolio and the firm's 23rd largest holding.
• Institutional investors own about 89.3% of ICE, while company insiders have sold 348,418 shares (≈$54.2 million) in the past 90 days, leaving insiders with roughly 0.84% ownership.
• Analysts maintain a consensus "Buy" rating with an average target of $193.80; ICE recently beat quarterly estimates (EPS $1.71 vs. $1.67, revenue $3.14B vs. $2.51B) and pays a $0.52 quarterly dividend ($2.08 annual, ~1.3% yield).

Koa Wealth Management LLC bought a new position in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm bought 12,333 shares of the financial services provider's stock, valued at approximately $1,997,000. Intercontinental Exchange makes up 1.4% of Koa Wealth Management LLC's investment portfolio, making the stock its 23rd largest holding.

A number of other large investors also recently modified their holdings of the company. Dynasty Wealth Management LLC purchased a new position in shares of Intercontinental Exchange during the third quarter valued at approximately $897,000. Rockland Trust Co. boosted its position in shares of Intercontinental Exchange by 19.7% during the third quarter. Rockland Trust Co. now owns 127,652 shares of the financial services provider's stock valued at $21,507,000 after buying an additional 20,981 shares during the last quarter. Fifth Third Wealth Advisors LLC boosted its position in shares of Intercontinental Exchange by 37.7% during the third quarter. Fifth Third Wealth Advisors LLC now owns 11,920 shares of the financial services provider's stock valued at $2,008,000 after buying an additional 3,261 shares during the last quarter. Eastern Bank boosted its position in shares of Intercontinental Exchange by 14.6% during the third quarter. Eastern Bank now owns 203,731 shares of the financial services provider's stock valued at $34,325,000 after buying an additional 25,980 shares during the last quarter. Finally, M&G PLC boosted its position in shares of Intercontinental Exchange by 18.4% during the third quarter. M&G PLC now owns 107,070 shares of the financial services provider's stock valued at $17,988,000 after buying an additional 16,635 shares during the last quarter. 89.30% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

ICE has been the topic of several research analyst reports. Raymond James Financial reissued a "strong-buy" rating and issued a $211.00 price objective on shares of Intercontinental Exchange in a research report on Tuesday, January 6th. Weiss Ratings cut Intercontinental Exchange from a "buy (b)" rating to a "buy (b-)" rating in a research report on Friday. UBS Group reissued a "buy" rating and issued a $200.00 price objective on shares of Intercontinental Exchange in a research report on Monday, February 9th. Deutsche Bank Aktiengesellschaft raised Intercontinental Exchange from a "hold" rating to a "buy" rating and set a $188.00 price objective on the stock in a research report on Friday, March 6th. Finally, Piper Sandler reissued an "overweight" rating and issued a $211.00 price objective (up from $195.00) on shares of Intercontinental Exchange in a research report on Wednesday, April 15th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $193.80.

Insider Activity at Intercontinental Exchange

In other news, CFO Warren Gardiner sold 2,490 shares of the stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $154.00, for a total value of $383,460.00. Following the sale, the chief financial officer directly owned 27,679 shares of the company's stock, valued at approximately $4,262,566. This represents a 8.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Lynn C. Martin sold 13,456 shares of the stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $153.86, for a total transaction of $2,070,340.16. Following the completion of the sale, the insider directly owned 54,319 shares in the company, valued at approximately $8,357,521.34. The trade was a 19.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 348,418 shares of company stock worth $54,196,631 in the last 90 days. 0.84% of the stock is owned by company insiders.

Intercontinental Exchange Stock Up 0.1%

Shares of NYSE ICE opened at $158.62 on Monday. Intercontinental Exchange Inc. has a one year low of $143.17 and a one year high of $189.35. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.02 and a quick ratio of 1.02. The business's fifty day moving average price is $159.96 and its 200-day moving average price is $160.05. The stock has a market capitalization of $89.85 billion, a PE ratio of 27.49, a P/E/G ratio of 1.65 and a beta of 1.03.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last issued its quarterly earnings results on Thursday, February 5th. The financial services provider reported $1.71 EPS for the quarter, beating analysts' consensus estimates of $1.67 by $0.04. Intercontinental Exchange had a return on equity of 13.99% and a net margin of 26.23%.The firm had revenue of $3.14 billion for the quarter, compared to analysts' expectations of $2.51 billion. During the same quarter in the prior year, the firm earned $1.52 EPS. The business's revenue for the quarter was up 7.8% compared to the same quarter last year. On average, equities research analysts anticipate that Intercontinental Exchange Inc. will post 8.06 EPS for the current year.

Intercontinental Exchange Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Wednesday, December 16th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date is Wednesday, December 16th. Intercontinental Exchange's payout ratio is presently 36.05%.

Intercontinental Exchange Profile

Intercontinental Exchange NYSE: ICE is a global operator of exchanges, clearing houses and data services that provides infrastructure for the trading, clearing, settlement and information needs of financial and commodity markets. Founded in 2000 by Jeffrey C. Sprecher as an electronic energy trading platform, the company has grown through organic expansion and acquisitions to operate a broad portfolio of assets spanning listed equities, futures and options, fixed income, and over-the-counter derivatives.

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