Modera Wealth Management LLC Sells 2,911 Shares of Intercontinental Exchange Inc. (NYSE:ICE)

Key Points

• Modera Wealth Management LLC reduced its stake in Intercontinental Exchange Inc. by 4.5%, selling 2,911 shares and holding a total of 61,223 shares valued at approximately $10.56 million.
• The firm reported a quarterly earnings of $1.72 per share, surpassing analysts' expectations, with a year-over-year revenue growth of 8.0% to $2.47 billion.
• Institutional investors control around 89.30% of Intercontinental Exchange's shares, reflecting significant interest from large financial entities.

Modera Wealth Management LLC reduced its holdings in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 4.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 61,223 shares of the financial services provider's stock after selling 2,911 shares during the quarter. Modera Wealth Management LLC's holdings in Intercontinental Exchange were worth $10,561,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Brighton Jones LLC raised 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. Summit Financial LLC raised its stake in shares of Intercontinental Exchange by 14.7% during the fourth quarter. Summit Financial LLC now owns 5,828 shares of the financial services provider's stock worth $868,000 after buying an additional 747 shares during the last quarter. National Bank of Canada FI lifted its holdings in Intercontinental Exchange by 14.8% in the fourth quarter. National Bank of Canada FI now owns 353,238 shares of the financial services provider's stock valued at $52,639,000 after buying an additional 45,587 shares during the period. Tradewinds LLC. acquired a new position in shares of Intercontinental Exchange in the 4th quarter valued at $208,000. Finally, Geode Capital Management LLC boosted its position in shares of Intercontinental Exchange by 2.8% in the 4th quarter. Geode Capital Management LLC now owns 11,883,252 shares of the financial services provider's stock worth $1,765,317,000 after purchasing an additional 327,637 shares during the last quarter. 89.30% of the stock is currently owned by institutional investors.

Intercontinental Exchange Trading Down 0.2%

NYSE ICE traded down $0.35 on Friday, hitting $184.48. The company's stock had a trading volume of 3,795,662 shares, compared to its average volume of 2,132,621. The company's 50-day moving average is $180.71 and its 200 day moving average is $171.21. The firm has a market cap of $105.82 billion, a PE ratio of 35.41, a PEG ratio of 2.03 and a beta of 1.11. Intercontinental Exchange Inc. has a 1-year low of $142.29 and a 1-year high of $187.38. The company has a quick ratio of 1.00, a current ratio of 1.01 and a debt-to-equity ratio of 0.61.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last announced its earnings results on Thursday, July 31st. The financial services provider reported $1.81 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $2.50 billion. During the same period in the previous year, the business earned $1.52 EPS. The business's quarterly revenue was up 9.8% compared to the same quarter last year. As a group, analysts predict that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current fiscal year.

Intercontinental Exchange Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors 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 1.0%. Intercontinental Exchange's payout ratio is presently 39.75%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on ICE shares. Keefe, Bruyette & Woods increased their price target on Intercontinental Exchange from $183.00 to $189.00 and gave the stock an "outperform" rating in a report on Friday, May 2nd. UBS Group lifted their target price on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. Morgan Stanley raised their price objective 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. Piper Sandler raised their price target on Intercontinental Exchange from $180.00 to $202.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 15th. Finally, Barclays lifted their price target on Intercontinental Exchange from $206.00 to $212.00 and gave the company an "overweight" rating in a research note on Friday. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, Intercontinental Exchange currently has a consensus rating of "Moderate Buy" and an average price target of $194.92.

Insider Activity at Intercontinental Exchange

In related news, CEO Jeffrey C. Sprecher sold 150,000 shares of the company's stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $179.22, for a total transaction of $26,883,000.00. Following the transaction, the chief executive officer directly owned 2,101,705 shares of the company's stock, valued at approximately $376,667,570.10. This represents a 6.66% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Andrew J. Surdykowski sold 3,848 shares of Intercontinental Exchange stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $179.12, for a total transaction of $689,253.76. Following the transaction, the general counsel owned 48,480 shares of the company's stock, valued at $8,683,737.60. This represents a 7.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 226,913 shares of company stock worth $40,671,107 over the last ninety days. 1.00% of the stock is owned by corporate 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.