Intercontinental Exchange Inc. $ICE Shares Sold by Northern Trust Corp

Key Points

• Northern Trust Corp decreased its stake in Intercontinental Exchange Inc. by 0.3%, selling 21,755 shares, leaving it with approximately 1.29% ownership valued at $1.28 billion.
• Intercontinental Exchange reported a quarterly EPS of $1.81, surpassing expectations, with revenue reaching $3.26 billion, a 9.8% year-over-year increase.
• The company announced a $0.48 quarterly dividend, yielding 1.1%, set to be paid to investors of record on September 16th.

Northern Trust Corp reduced its stake in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 0.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,400,252 shares of the financial services provider's stock after selling 21,755 shares during the period. Northern Trust Corp owned approximately 1.29% of Intercontinental Exchange worth $1,276,543,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. REAP Financial Group LLC raised its stake in Intercontinental Exchange by 116.7% in the fourth quarter. REAP Financial Group LLC now owns 169 shares of the financial services provider's stock valued at $25,000 after buying an additional 91 shares in the last quarter. Tsfg LLC increased its position in shares of Intercontinental Exchange by 187.3% during the first quarter. Tsfg LLC now owns 158 shares of the financial services provider's stock worth $27,000 after purchasing an additional 103 shares in the last quarter. Menard Financial Group LLC acquired a new stake in shares of Intercontinental Exchange during the fourth quarter worth about $29,000. Rakuten Securities Inc. increased its position in shares of Intercontinental Exchange by 595.8% during the first quarter. Rakuten Securities Inc. now owns 167 shares of the financial services provider's stock worth $29,000 after purchasing an additional 143 shares in the last quarter. Finally, McClarren Financial Advisors Inc. acquired a new stake in shares of Intercontinental Exchange during the first quarter worth about $30,000. 89.30% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions 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 Tuesday, August 12th. The stock was sold at an average price of $183.09, for a total value of $27,463,500.00. Following the sale, the chief executive officer owned 1,951,705 shares of the company's stock, valued at approximately $357,337,668.45. This represents a 7.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Warren Gardiner sold 1,570 shares of the stock in a transaction on Wednesday, August 20th. The stock was 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 position. The disclosure for this sale can be found here. Insiders have sold 444,506 shares of company stock worth $80,507,655 in the last quarter. Insiders own 1.00% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on ICE shares. Piper Sandler lifted their target price on Intercontinental Exchange from $180.00 to $202.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 15th. UBS Group lifted their price objective on Intercontinental Exchange from $195.00 to $210.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. Morgan Stanley lifted their price objective on Intercontinental Exchange from $181.00 to $192.00 and gave the company an "equal weight" rating in a report on Monday, May 5th. Barclays lifted their price objective on Intercontinental Exchange from $206.00 to $212.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Finally, Keefe, Bruyette & Woods boosted their price target on Intercontinental Exchange from $183.00 to $189.00 and gave the stock an "outperform" rating in a research note on Friday, May 2nd. Ten equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $194.92.

Intercontinental Exchange Price Performance

ICE stock traded up $1.3760 on Friday, reaching $180.6060. The company had a trading volume of 2,247,807 shares, compared to its average volume of 3,210,406. Intercontinental Exchange Inc. has a 1 year low of $142.29 and a 1 year high of $189.35. 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 fifty day moving average is $182.25 and its 200 day moving average is $174.08. The company has a market cap of $103.38 billion, a P/E ratio of 34.67, a PEG ratio of 2.14 and a beta of 1.11.

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, beating 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 quarter in the prior year, the company earned $1.52 EPS. Intercontinental Exchange's revenue was up 9.8% on a year-over-year basis. On average, research analysts forecast that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current 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 paid a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 1.1%. Intercontinental Exchange's payout ratio is currently 36.85%.

Intercontinental Exchange Company 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.