S Bank Fund Management Ltd Takes $1.03 Million Position in Intercontinental Exchange Inc. (NYSE:ICE)

Key Points

• S Bank Fund Management Ltd acquired a new stake in Intercontinental Exchange Inc., investing approximately $1.03 million for 5,982 shares during the first quarter.
• Intercontinental Exchange's stock is currently down 1.6%, with a market capitalization of $104.76 billion and a P/E ratio of 35.13.
• The company announced a quarterly dividend of $0.48, reflecting an annualized dividend of $1.92 with a yield of 1.0%.

S Bank Fund Management Ltd bought a new stake in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 5,982 shares of the financial services provider's stock, valued at approximately $1,032,000.

Several other institutional investors have also recently made changes to their positions in the company. Tsfg LLC grew its holdings 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 buying an additional 103 shares in the last quarter. Rakuten Securities Inc. lifted its position in Intercontinental Exchange by 595.8% in the first quarter. Rakuten Securities Inc. now owns 167 shares of the financial services provider's stock valued at $29,000 after buying an additional 143 shares during the last quarter. REAP Financial Group LLC lifted its position in shares of Intercontinental Exchange by 116.7% during the fourth quarter. REAP Financial Group LLC now owns 169 shares of the financial services provider's stock worth $25,000 after purchasing an additional 91 shares in the last quarter. McClarren Financial Advisors Inc. acquired a new stake in shares of Intercontinental Exchange during the first quarter worth about $30,000. Finally, Global Trust Asset Management LLC acquired a new stake in shares of Intercontinental Exchange during the first quarter worth about $31,000. 89.30% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Intercontinental Exchange Stock Performance

ICE stock traded down $1.56 during mid-day trading on Friday, reaching $181.12. The company had a trading volume of 2,840,944 shares, compared to its average volume of 3,072,402. The stock has a market capitalization of $103.68 billion, a P/E ratio of 34.76, a P/E/G ratio of 2.17 and a beta of 1.11. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.61. Intercontinental Exchange Inc. has a one year low of $142.29 and a one year high of $189.35. The stock's 50-day simple moving average is $181.97 and its two-hundred day simple moving average is $173.23.

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

Intercontinental Exchange Dividend Announcement

The business also recently disclosed 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 yield of 1.1%. Intercontinental Exchange's payout ratio is presently 36.85%.

Insider Activity

In related news, SVP Douglas Foley sold 1,600 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $177.48, for a total value of $283,968.00. Following the completion of the sale, the senior vice president owned 27,313 shares of the company's stock, valued at approximately $4,847,511.24. The trade was a 5.53% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Jeffrey C. Sprecher sold 150,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $183.09, for a total value of $27,463,500.00. Following the completion of the transaction, the chief executive officer directly owned 1,951,705 shares in the company, valued at $357,337,668.45. The trade was a 7.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 443,488 shares of company stock valued at $80,323,823 in the last three months. 1.00% of the stock is currently owned by insiders.

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.