LGT Capital Partners LTD. Has $37.65 Million Stake in Intercontinental Exchange Inc. (NYSE:ICE)

Key Points

• LGT Capital Partners LTD. increased its stake in Intercontinental Exchange Inc. by 10%, now holding approximately $37.65 million in stock, which represents about 1.7% of its investment portfolio.
• Intercontinental Exchange reported a quarterly earnings per share of $1.81, exceeding analysts' expectations of $1.77, with revenue of $3.26 billion for the quarter, showing a 9.8% year-over-year increase.
• The company plans to distribute a quarterly dividend of $0.48 per share, resulting in an annualized dividend yield of 1.0%, reflecting a dividend payout ratio of 39.75%.

LGT Capital Partners LTD. increased its position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 10.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 218,283 shares of the financial services provider's stock after buying an additional 19,802 shares during the period. Intercontinental Exchange comprises approximately 1.7% of LGT Capital Partners LTD.'s holdings, making the stock its 19th biggest holding. LGT Capital Partners LTD.'s holdings in Intercontinental Exchange were worth $37,654,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Royal Bank of Canada increased its stake in shares of Intercontinental Exchange by 132.9% in the fourth quarter. Royal Bank of Canada now owns 9,121,352 shares of the financial services provider's stock worth $1,359,173,000 after buying an additional 5,204,309 shares during the last quarter. Kovitz Investment Group Partners LLC increased its position in shares of Intercontinental Exchange by 423.8% in the 4th quarter. Kovitz Investment Group Partners LLC now owns 4,546,437 shares of the financial services provider's stock worth $677,465,000 after purchasing an additional 3,678,384 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of Intercontinental Exchange by 24,394.4% in the 1st quarter. GAMMA Investing LLC now owns 2,264,753 shares of the financial services provider's stock valued at $3,906,700,000 after purchasing an additional 2,255,507 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Intercontinental Exchange by 50.6% during the first quarter. Bank of New York Mellon Corp now owns 5,933,532 shares of the financial services provider's stock worth $1,023,534,000 after purchasing an additional 1,993,084 shares during the last quarter. Finally, Janus Henderson Group PLC increased its holdings in Intercontinental Exchange by 26.6% in the fourth quarter. Janus Henderson Group PLC now owns 5,721,604 shares of the financial services provider's stock valued at $852,578,000 after buying an additional 1,200,965 shares during the last quarter. Hedge funds and other institutional investors own 89.30% of the company's stock.

Intercontinental Exchange Price Performance

Shares of ICE stock traded down $0.25 during mid-day trading on Thursday, hitting $187.80. 711,157 shares of the stock traded hands, compared to its average volume of 2,980,247. Intercontinental Exchange Inc. has a twelve month low of $142.29 and a twelve month high of $189.23. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.01. The company's 50-day simple moving average is $181.34 and its 200-day simple moving average is $172.02. The firm has a market cap of $107.50 billion, a price-to-earnings ratio of 36.07, a price-to-earnings-growth ratio of 2.22 and a beta of 1.11.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last released 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 firm had revenue of $3.26 billion for the quarter, compared to analyst estimates of $2.50 billion. During the same period in the previous year, the company earned $1.52 earnings per share. Intercontinental Exchange's revenue was up 9.8% compared to the same quarter last year. As a group, equities research analysts expect that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current year.

Intercontinental Exchange Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors 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 payout ratio is 36.85%.

Insider Activity

In other news, Director Sharon Bowen sold 794 shares of Intercontinental Exchange stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $185.00, for a total value of $146,890.00. Following the transaction, the director directly owned 14,206 shares of the company's stock, valued at $2,628,110. This trade represents a 5.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO James W. Namkung sold 612 shares of the company's stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $180.00, for a total transaction of $110,160.00. Following the completion of the sale, the chief accounting officer owned 13,220 shares of the company's stock, valued at approximately $2,379,600. This trade represents a 4.42% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 226,913 shares of company stock valued at $40,671,107 in the last ninety days. 1.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Piper Sandler lifted their price target on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the company an "overweight" rating in a report on Tuesday, July 15th. Barclays raised their price target on Intercontinental Exchange from $206.00 to $212.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Morgan Stanley increased their target price on Intercontinental Exchange from $181.00 to $192.00 and gave the stock an "equal weight" rating in a research report on Monday, May 5th. UBS Group boosted their price target on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Intercontinental Exchange from $183.00 to $189.00 and gave the stock an "outperform" rating in a report on Friday, May 2nd. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $194.92.

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.