Pacer Advisors Inc. Sells 15,604 Shares of Intercontinental Exchange Inc. (NYSE:ICE)

Key Points

• Pacer Advisors Inc. has reduced its holdings in Intercontinental Exchange Inc. by 26.9%, selling 15,604 shares in the first quarter, leaving them with a total of 42,346 shares valued at approximately $7.3 million.
• The quarter also saw significant investment activity, with Brighton Jones LLC increasing its holdings by 51.3% and New Age Alpha Advisors LLC raising its position by an extraordinary 7,658%.
• Intercontinental Exchange recently declared a quarterly dividend of $0.48 per share, representing an annualized dividend of $1.92 and a yield of 1.04%.

Pacer Advisors Inc. trimmed its position in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 26.9% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 42,346 shares of the financial services provider's stock after selling 15,604 shares during the period. Pacer Advisors Inc.'s holdings in Intercontinental Exchange were worth $7,305,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. Geode Capital Management LLC boosted its holdings in 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 valued at $1,765,317,000 after purchasing an additional 327,637 shares during the period. Royal Bank of Canada grew its holdings in Intercontinental Exchange by 132.9% during the 4th quarter. Royal Bank of Canada now owns 9,121,352 shares of the financial services provider's stock valued at $1,359,173,000 after purchasing an additional 5,204,309 shares during the last quarter. Northern Trust Corp lifted its position in shares of Intercontinental Exchange by 9.7% in the 4th quarter. Northern Trust Corp now owns 7,422,007 shares of the financial services provider's stock worth $1,105,953,000 after purchasing an additional 655,247 shares during the period. Independent Franchise Partners LLP increased its stake in Intercontinental Exchange by 20.8% during the 4th quarter. Independent Franchise Partners LLP now owns 6,160,836 shares of the financial services provider's stock valued at $918,026,000 after purchasing an additional 1,062,904 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in Intercontinental Exchange by 50.6% during the first quarter. Bank of New York Mellon Corp now owns 5,933,532 shares of the financial services provider's stock valued at $1,023,534,000 after buying an additional 1,993,084 shares during the period. Institutional investors and hedge funds own 89.30% of the company's stock.

Intercontinental Exchange Trading Up 0.5%

Shares of Intercontinental Exchange stock traded up $0.93 on Wednesday, reaching $185.64. The company had a trading volume of 1,880,722 shares, compared to its average volume of 2,964,772. The firm's 50 day moving average price is $180.10 and its two-hundred day moving average price is $170.55. The firm has a market cap of $106.49 billion, a PE ratio of 38.44, a PEG ratio of 2.00 and a beta of 1.11. Intercontinental Exchange Inc. has a 52-week low of $142.29 and a 52-week high of $187.38. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.00 and a current ratio of 1.00.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The financial services provider reported $1.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.70 by $0.02. Intercontinental Exchange had a net margin of 22.84% and a return on equity of 13.27%. The company had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.44 billion. During the same period last year, the firm posted $1.48 EPS. Intercontinental Exchange's revenue for the quarter was up 8.0% on a year-over-year basis. Sell-side 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 disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were issued a $0.48 dividend. This represents a $1.92 annualized dividend and a yield of 1.03%. Intercontinental Exchange's payout ratio is currently 39.75%.

Insiders Place Their Bets

In other Intercontinental Exchange news, General Counsel Andrew J. Surdykowski sold 3,848 shares of the stock in a transaction that occurred on Thursday, June 5th. The stock was 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 in the company, valued at $8,683,737.60. This trade represents a 7.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Sharon Bowen sold 794 shares of Intercontinental Exchange stock in a transaction on Friday, July 25th. The shares were sold at an average price of $185.00, for a total value of $146,890.00. Following the transaction, the director directly owned 14,206 shares of the company's stock, valued at approximately $2,628,110. The trade was a 5.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 226,913 shares of company stock valued at $40,671,107. Corporate insiders own 1.00% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on ICE shares. Morgan Stanley raised their target price on Intercontinental Exchange from $181.00 to $192.00 and gave the company an "equal weight" rating in a research note on Monday, May 5th. UBS Group raised their price objective on 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 price objective on Intercontinental Exchange from $198.00 to $206.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Bank of America reduced their target price on Intercontinental Exchange from $237.00 to $230.00 and set a "buy" rating for the company in a report on Wednesday, April 2nd. Finally, Piper Sandler increased their price objective on Intercontinental Exchange from $180.00 to $202.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 15th. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $194.42.

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.