Palisade Capital Management LP Sells 6,662 Shares of Intercontinental Exchange Inc. (NYSE:ICE)

Palisade Capital Management LP decreased its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 5.5% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 114,113 shares of the financial services provider's stock after selling 6,662 shares during the period. Palisade Capital Management LP's holdings in Intercontinental Exchange were worth $19,685,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the company. Norges Bank bought a new position in shares of Intercontinental Exchange in the 4th quarter worth about $1,196,258,000. Royal Bank of Canada lifted its holdings in Intercontinental Exchange by 132.9% in the fourth quarter. Royal Bank of Canada now owns 9,121,352 shares of the financial services provider's stock worth $1,359,173,000 after acquiring an additional 5,204,309 shares during the last quarter. Kovitz Investment Group Partners LLC boosted its stake in Intercontinental Exchange by 423.8% in the fourth quarter. Kovitz Investment Group Partners LLC now owns 4,546,437 shares of the financial services provider's stock valued at $677,465,000 after acquiring an additional 3,678,384 shares during the period. Raymond James Financial Inc. bought a new position in shares of Intercontinental Exchange during the fourth quarter valued at approximately $406,728,000. Finally, GAMMA Investing LLC raised its position in shares of Intercontinental Exchange by 24,394.4% during the 1st quarter. GAMMA Investing LLC now owns 2,264,753 shares of the financial services provider's stock worth $3,906,700,000 after purchasing an additional 2,255,507 shares during the period. 89.30% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Intercontinental Exchange news, General Counsel Andrew J. Surdykowski sold 3,848 shares of Intercontinental Exchange stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $179.12, for a total transaction of $689,253.76. Following the completion of the sale, the general counsel owned 48,480 shares of the company's stock, valued at $8,683,737.60. This trade represents a 7.35% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Jeffrey C. Sprecher sold 150,000 shares of the business's stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $179.22, for a total value of $26,883,000.00. Following the completion of the transaction, the chief executive officer owned 2,101,705 shares in the company, valued at $376,667,570.10. This trade represents a 6.66% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 228,749 shares of company stock valued at $40,942,387. 1.00% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Bank of America reduced their price objective on Intercontinental Exchange from $237.00 to $230.00 and set a "buy" rating for the company in a research report on Wednesday, April 2nd. Keefe, Bruyette & Woods upped their price target on shares of Intercontinental Exchange from $183.00 to $189.00 and gave the stock an "outperform" rating in a research report on Friday, May 2nd. Morgan Stanley lifted their price objective on shares of Intercontinental Exchange from $181.00 to $192.00 and gave the company an "equal weight" rating in a research report on Monday, May 5th. Finally, Barclays upped their target price on shares of Intercontinental Exchange from $189.00 to $198.00 and gave the stock an "overweight" rating in a research report on Friday, May 2nd. Three analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $188.46.

Intercontinental Exchange Price Performance

NYSE:ICE traded up $1.37 during midday trading on Thursday, hitting $183.11. 1,082,826 shares of the stock were exchanged, compared to its average volume of 2,989,912. The business has a 50-day moving average price of $176.36 and a two-hundred day moving average price of $166.10. The company has a market capitalization of $105.04 billion, a price-to-earnings ratio of 37.91, a P/E/G ratio of 1.96 and a beta of 1.11. Intercontinental Exchange Inc. has a one year low of $139.61 and a one year high of $183.76. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.62.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The financial services provider reported $1.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.70 by $0.02. Intercontinental Exchange had a return on equity of 13.27% and a net margin of 22.84%. The company had revenue of $2.47 billion for the quarter, compared to analysts' expectations of $2.44 billion. During the same quarter in the prior year, the company earned $1.48 earnings per share. The firm's revenue was up 8.0% on a year-over-year basis. Sell-side analysts predict that Intercontinental Exchange Inc. will post 6.73 EPS for the current year.

Intercontinental Exchange Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were issued a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 1.05%. Intercontinental Exchange's dividend payout ratio is currently 39.75%.

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.