Intercontinental Exchange Inc. $ICE Shares Sold by Raymond James Financial Inc.

Key Points

• Raymond James Financial Inc. reduced its holdings in Intercontinental Exchange by 14.3%, now owning approximately 0.41% of the company with a value of $403.6 million.
• Several hedge funds significantly increased their stakes in Intercontinental Exchange, with Tsfg LLC growing by 187.3% and Rakuten Securities Inc. by 595.8% during the first quarter.
• Analysts are bullish on ICE, with multiple firms raising their price targets, the average target price is now $194.92 and ten analysts have assigned a buy rating to the stock.

Raymond James Financial Inc. cut its holdings in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 14.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,339,694 shares of the financial services provider's stock after selling 389,845 shares during the quarter. Raymond James Financial Inc. owned about 0.41% of Intercontinental Exchange worth $403,597,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Fielder Capital Group LLC boosted its stake in Intercontinental Exchange by 2.2% in the 1st quarter. Fielder Capital Group LLC now owns 2,808 shares of the financial services provider's stock worth $484,000 after buying an additional 61 shares during the last quarter. E Fund Management Co. Ltd. grew its stake in shares of Intercontinental Exchange by 4.2% during the 1st quarter. E Fund Management Co. Ltd. now owns 1,500 shares of the financial services provider's stock valued at $259,000 after buying an additional 61 shares during the period. Berkeley Capital Partners LLC grew its stake in shares of Intercontinental Exchange by 1.1% during the 1st quarter. Berkeley Capital Partners LLC now owns 5,639 shares of the financial services provider's stock valued at $973,000 after buying an additional 62 shares during the period. GPS Wealth Strategies Group LLC grew its stake in shares of Intercontinental Exchange by 17.2% during the 1st quarter. GPS Wealth Strategies Group LLC now owns 430 shares of the financial services provider's stock valued at $74,000 after buying an additional 63 shares during the period. Finally, Values Added Financial LLC grew its stake in shares of Intercontinental Exchange by 4.4% during the 1st quarter. Values Added Financial LLC now owns 1,533 shares of the financial services provider's stock valued at $264,000 after buying an additional 64 shares during the period. 89.30% of the stock is owned by institutional investors and hedge funds.

Intercontinental Exchange Stock Up 0.1%

NYSE:ICE traded up $0.0980 on Tuesday, reaching $178.0380. The stock had a trading volume of 2,580,432 shares, compared to its average volume of 3,182,714. 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 has a 50-day moving average of $182.07 and a 200 day moving average of $173.73. The stock has a market cap of $101.91 billion, a P/E ratio of 34.17, a price-to-earnings-growth ratio of 2.11 and a beta of 1.11. Intercontinental Exchange Inc. has a 12-month low of $142.29 and a 12-month high of $189.35.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The financial services provider reported $1.81 earnings per share for the quarter, beating analysts' consensus estimates of $1.77 by $0.04. The company had revenue of $3.26 billion during the quarter, compared to analysts' expectations of $2.50 billion. Intercontinental Exchange had a net margin of 23.92% and a return on equity of 13.66%. The firm's revenue for the quarter was up 9.8% on a year-over-year basis. During the same period in the prior year, the company posted $1.52 EPS. On average, research analysts predict that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current year.

Intercontinental Exchange Dividend Announcement

The business also recently declared 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 dividend yield of 1.1%. Intercontinental Exchange's dividend payout ratio (DPR) is presently 36.85%.

Insider Buying and Selling at Intercontinental Exchange

In other news, General Counsel Andrew J. Surdykowski sold 3,848 shares of the 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 approximately $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 accessible through this hyperlink. Also, CAO James W. Namkung sold 612 shares of the stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $180.00, for a total transaction of $110,160.00. Following the transaction, the chief accounting officer directly owned 13,220 shares in the company, valued at $2,379,600. The trade was a 4.42% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 443,488 shares of company stock valued at $80,323,823. Corporate insiders own 1.00% of the company's stock.

Wall Street Analysts Forecast Growth

ICE has been the subject of several research reports. Barclays boosted their price objective on shares of Intercontinental Exchange from $206.00 to $212.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Morgan Stanley boosted 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 note on Monday, May 5th. Piper Sandler upped their price target on shares of 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 upped their price target on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. Finally, 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. Ten research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $194.92.

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.