M.D. Sass LLC Has $62.11 Million Stock Holdings in Intercontinental Exchange Inc. (NYSE:ICE)

Key Points

• M.D. Sass LLC has reduced its stake in Intercontinental Exchange Inc. by 10.8%, now holding 360,036 shares valued at approximately $62 million.
• CEO Jeffrey C. Sprecher sold 150,000 shares of Intercontinental Exchange stock worth about $26.9 million, resulting in a 6.66% decrease in his ownership.
• Intercontinental Exchange's latest earnings report showed a significant revenue increase of 9.8% year-over-year, with earnings per share of $1.81, exceeding estimates by $0.04.

M.D. Sass LLC trimmed its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 10.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 360,036 shares of the financial services provider's stock after selling 43,379 shares during the period. Intercontinental Exchange makes up about 5.5% of M.D. Sass LLC's investment portfolio, making the stock its 7th biggest position. M.D. Sass LLC owned approximately 0.06% of Intercontinental Exchange worth $62,106,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the stock. Fielder Capital Group LLC increased its holdings in Intercontinental Exchange by 2.2% in the 1st quarter. Fielder Capital Group LLC now owns 2,808 shares of the financial services provider's stock valued at $484,000 after buying an additional 61 shares during the period. Berkeley Capital Partners LLC grew its holdings in shares of Intercontinental Exchange by 1.1% during the 1st quarter. Berkeley Capital Partners LLC now owns 5,639 shares of the financial services provider's stock valued at $973,000 after purchasing an additional 62 shares during the last quarter. GPS Wealth Strategies Group LLC grew its holdings in shares of Intercontinental Exchange by 17.2% during the 1st quarter. GPS Wealth Strategies Group LLC now owns 430 shares of the financial services provider's stock valued at $74,000 after purchasing an additional 63 shares during the last quarter. Values Added Financial LLC grew its holdings in shares of Intercontinental Exchange by 4.4% during the 1st quarter. Values Added Financial LLC now owns 1,533 shares of the financial services provider's stock valued at $264,000 after purchasing an additional 64 shares during the last quarter. Finally, MV Capital Management Inc. grew its holdings in shares of Intercontinental Exchange by 15.7% during the 1st quarter. MV Capital Management Inc. now owns 501 shares of the financial services provider's stock valued at $86,000 after purchasing an additional 68 shares during the last quarter. 89.30% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Morgan Stanley lifted their target price on shares of 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 target price on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the company a "buy" rating in a research report on Tuesday, July 8th. Barclays boosted their target price on shares of Intercontinental Exchange from $206.00 to $212.00 and gave the company an "overweight" rating in a research report on Friday. Keefe, Bruyette & Woods boosted their target price on shares of Intercontinental Exchange from $183.00 to $189.00 and gave the company an "outperform" rating in a research report on Friday, May 2nd. Finally, Piper Sandler boosted their target price on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the company an "overweight" rating in a research report on Tuesday, July 15th. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat, Intercontinental Exchange currently has an average rating of "Moderate Buy" and a consensus target price of $194.92.

Intercontinental Exchange Stock Down 0.7%

Shares of NYSE ICE traded down $1.38 during trading on Tuesday, hitting $187.08. The stock had a trading volume of 680,764 shares, compared to its average volume of 2,982,260. Intercontinental Exchange Inc. has a 12 month low of $142.29 and a 12 month 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 capitalization of $107.09 billion, a PE ratio of 35.93, a PEG ratio of 2.03 and a beta of 1.11. The firm has a fifty day moving average of $180.95 and a two-hundred day moving average of $171.80.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last posted 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. Intercontinental Exchange had a net margin of 23.92% and a return on equity of 13.66%. The firm had revenue of $3.26 billion during the quarter, compared to analyst estimates of $2.50 billion. During the same quarter in the prior year, the business posted $1.52 EPS. The business's revenue was up 9.8% compared to the same quarter last year. As a group, equities research analysts forecast that Intercontinental Exchange Inc. will post 6.73 EPS 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. Stockholders of record on Tuesday, September 16th will be paid a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 1.0%. Intercontinental Exchange's payout ratio is 36.85%.

Insider Transactions at Intercontinental Exchange

In related news, Director Sharon Bowen sold 794 shares of the stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $185.00, for a total transaction of $146,890.00. Following the completion of the transaction, the director owned 14,206 shares in the company, valued at approximately $2,628,110. This represents a 5.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jeffrey C. Sprecher sold 150,000 shares of the stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $179.22, for a total transaction of $26,883,000.00. Following the transaction, the chief executive officer owned 2,101,705 shares of the company's stock, valued at approximately $376,667,570.10. The trade was a 6.66% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 226,913 shares of company stock worth $40,671,107. 1.00% of the stock is 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.