Intercontinental Exchange Inc. (NYSE:ICE) Shares Sold by LGT Group Foundation

Key Points

• LGT Group Foundation reduced its stake in Intercontinental Exchange by 38.8% in Q1, owning 262,190 shares worth approximately $45.2 million.
• Analysts are generally optimistic, with multiple firms increasing their target prices, resulting in a consensus rating of "Moderate Buy" and a price target of $194.92 for the stock.
• Intercontinental Exchange announced a quarterly dividend of $0.48 per share, with a dividend yield of 1.0%, scheduled for payment on September 30th.

LGT Group Foundation lowered its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 38.8% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 262,190 shares of the financial services provider's stock after selling 165,889 shares during the period. LGT Group Foundation's holdings in Intercontinental Exchange were worth $45,228,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Royal Bank of Canada grew its stake in Intercontinental Exchange by 132.9% during 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 lifted its holdings in Intercontinental Exchange by 423.8% in the fourth quarter. Kovitz Investment Group Partners LLC now owns 4,546,437 shares of the financial services provider's stock valued at $677,465,000 after buying an additional 3,678,384 shares during the period. Nuveen LLC bought a new stake in shares of Intercontinental Exchange in the 1st quarter valued at $575,383,000. GAMMA Investing LLC increased its position 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 buying an additional 2,255,507 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in Intercontinental Exchange by 50.6% during the 1st 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 in the last quarter. Institutional investors and hedge funds own 89.30% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented 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 note on Tuesday, July 8th. Barclays boosted their price objective on shares of Intercontinental Exchange from $206.00 to $212.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Morgan Stanley upped their price objective on shares of Intercontinental Exchange from $181.00 to $192.00 and gave the company an "equal weight" rating in a report on Monday, May 5th. Keefe, Bruyette & Woods upped their price objective 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, Piper Sandler lifted their price objective on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the company an "overweight" rating in a research note on Tuesday, July 15th. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $194.92.

Insider Activity

In other Intercontinental Exchange news, CAO James W. Namkung sold 612 shares of the business's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $180.00, for a total value of $110,160.00. Following the completion of the sale, the chief accounting officer directly owned 13,220 shares of the company's stock, valued at $2,379,600. The trade was a 4.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Sharon Bowen sold 795 shares of the stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $183.30, for a total transaction of $145,723.50. Following the completion of the transaction, the director directly owned 15,000 shares of the company's stock, valued at approximately $2,749,500. The trade was a 5.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 443,488 shares of company stock worth $80,323,823. Company insiders own 1.00% of the company's stock.

Intercontinental Exchange Stock Performance

Shares of Intercontinental Exchange stock traded down $1.56 on Friday, hitting $181.12. The stock had a trading volume of 2,840,944 shares, compared to its average volume of 3,072,402. Intercontinental Exchange Inc. has a twelve month low of $142.29 and a twelve month high of $189.35. The business's 50 day moving average is $182.02 and its two-hundred day moving average is $173.39. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.61. The stock has a market cap of $103.68 billion, a price-to-earnings ratio of 34.76, a price-to-earnings-growth ratio of 2.17 and a beta of 1.11.

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 (EPS) for the quarter, topping the consensus estimate of $1.77 by $0.04. The business had revenue of $3.26 billion during the quarter, compared to analyst estimates of $2.50 billion. Intercontinental Exchange had a return on equity of 13.66% and a net margin of 23.92%. Intercontinental Exchange's revenue for the quarter was up 9.8% compared to the same quarter last year. During the same period last year, the company earned $1.52 EPS. Analysts forecast that Intercontinental Exchange Inc. will post 6.73 EPS for the current year.

Intercontinental Exchange Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders 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 dividend yield of 1.1%. Intercontinental Exchange's dividend payout ratio (DPR) is currently 36.85%.

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.