MetLife Investment Management LLC Sells 2,748 Shares of Intercontinental Exchange Inc. $ICE

Key Points

• MetLife Investment Management LLC reduced its holdings in Intercontinental Exchange Inc. by 1.8%, selling 2,748 shares and retaining 149,120 shares valued at approximately $25.7 million.
• Intercontinental Exchange recently reported earnings of $1.81 per share, exceeding estimates, with revenues of $3.26 billion, reflecting a 9.8% year-over-year increase.
• The company announced a quarterly dividend of $0.48 per share, equating to an annualized dividend of $1.92, with a payout ratio of 36.85%.

MetLife Investment Management LLC reduced its position in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 1.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 149,120 shares of the financial services provider's stock after selling 2,748 shares during the quarter. MetLife Investment Management LLC's holdings in Intercontinental Exchange were worth $25,723,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of ICE. Brighton Jones LLC boosted its position in shares of Intercontinental Exchange by 51.3% during the fourth quarter. Brighton Jones LLC now owns 3,448 shares of the financial services provider's stock worth $514,000 after acquiring an additional 1,169 shares during the last quarter. First Trust Advisors LP boosted its position in shares of Intercontinental Exchange by 703.3% during the fourth quarter. First Trust Advisors LP now owns 124,533 shares of the financial services provider's stock worth $18,557,000 after acquiring an additional 109,031 shares during the last quarter. Dark Forest Capital Management LP boosted its position in shares of Intercontinental Exchange by 56.2% during the fourth quarter. Dark Forest Capital Management LP now owns 3,499 shares of the financial services provider's stock worth $521,000 after acquiring an additional 1,259 shares during the last quarter. Coldstream Capital Management Inc. boosted its position in shares of Intercontinental Exchange by 21.2% during the fourth quarter. Coldstream Capital Management Inc. now owns 16,732 shares of the financial services provider's stock worth $2,493,000 after acquiring an additional 2,926 shares during the last quarter. Finally, Gilder Gagnon Howe & Co. LLC bought a new position in shares of Intercontinental Exchange during the fourth quarter worth $447,000. 89.30% of the stock is currently owned by institutional investors.

Intercontinental Exchange Trading Up 0.8%

Shares of ICE opened at $180.6060 on Monday. Intercontinental Exchange Inc. has a twelve month low of $142.29 and a twelve month high of $189.35. The company has a market cap of $103.38 billion, a P/E ratio of 34.67, a P/E/G ratio of 2.15 and a beta of 1.11. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The company's fifty day simple moving average is $182.25 and its 200-day simple moving average is $174.23.

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 net margin of 23.92% and a return on equity of 13.66%. The business had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $2.50 billion. During the same quarter in the prior year, the firm posted $1.52 earnings per share. The business's revenue for the quarter was up 9.8% on a year-over-year basis. As a group, analysts expect that Intercontinental Exchange Inc. will post 6.73 EPS for the current year.

Intercontinental Exchange Announces Dividend

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 1.1%. Intercontinental Exchange's dividend payout ratio is currently 36.85%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ICE. Barclays upped their target price on shares of Intercontinental Exchange from $206.00 to $212.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Morgan Stanley upped 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 upped their price target on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. Keefe, Bruyette & Woods upped their price target on shares of Intercontinental Exchange from $183.00 to $189.00 and gave the company an "outperform" rating in a research note on Friday, May 2nd. Finally, Piper Sandler upped their price target 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. Ten equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $194.92.

Insiders Place Their Bets

In other news, CFO Warren Gardiner sold 1,570 shares of the company's stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $178.45, for a total value of $280,166.50. Following the transaction, the chief financial officer directly owned 22,106 shares in the company, valued at approximately $3,944,815.70. This represents a 6.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Douglas Foley sold 1,600 shares of the company's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $177.48, for a total transaction of $283,968.00. Following the completion of the transaction, the senior vice president owned 27,313 shares in the company, valued at approximately $4,847,511.24. The trade was a 5.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 444,506 shares of company stock valued at $80,507,655. 1.00% of the stock is currently owned by company insiders.

Intercontinental Exchange Profile

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.

Want to see what other hedge funds are holding ICE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Intercontinental Exchange Inc. (NYSE:ICE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.