Sit Investment Associates Inc. Sells 27,785 Shares of Intercontinental Exchange Inc. $ICE

Key Points

• Sit Investment Associates Inc. reduced its stake in Intercontinental Exchange Inc. by 35.8%, holding 49,830 shares worth approximately $8.60 million after selling 27,785 shares in the first quarter.
• Intercontinental Exchange reported a quarterly earnings per share of $1.81, surpassing analysts' estimates, with revenue of $3.26 billion for the quarter, a 9.8% increase from the previous year.
• The company declared a quarterly dividend of $0.48 per share, with an annualized dividend yield of 1.1%, and has a payout ratio of 36.85%.

Sit Investment Associates Inc. trimmed its position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 35.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 49,830 shares of the financial services provider's stock after selling 27,785 shares during the quarter. Sit Investment Associates Inc.'s holdings in Intercontinental Exchange were worth $8,596,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Governors Lane LP boosted its holdings in Intercontinental Exchange by 88.0% during the fourth quarter. Governors Lane LP now owns 127,100 shares of the financial services provider's stock worth $18,939,000 after buying an additional 59,500 shares in the last quarter. Tema Etfs LLC purchased a new stake in Intercontinental Exchange during the fourth quarter worth about $1,107,000. Capital Investment Advisory Services LLC purchased a new stake in Intercontinental Exchange during the first quarter worth about $349,000. Sequoia Financial Advisors LLC boosted its holdings in Intercontinental Exchange by 18.3% during the first quarter. Sequoia Financial Advisors LLC now owns 12,168 shares of the financial services provider's stock worth $2,099,000 after buying an additional 1,879 shares in the last quarter. Finally, Lansforsakringar Fondforvaltning AB publ purchased a new stake in shares of Intercontinental Exchange in the fourth quarter valued at about $28,949,000. 89.30% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Jeffrey C. Sprecher sold 150,000 shares of Intercontinental Exchange stock in a transaction dated 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 of the company's stock, valued at approximately $357,337,668.45. The trade was a 7.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Douglas Foley sold 1,600 shares of Intercontinental Exchange stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $177.48, for a total transaction of $283,968.00. Following the completion of the transaction, the senior vice president directly owned 27,313 shares of the company's stock, valued at $4,847,511.24. This trade represents a 5.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 443,488 shares of company stock worth $80,323,823. Corporate insiders own 1.00% of the company's stock.

Intercontinental Exchange Stock Down 0.9%

ICE stock traded down $1.56 during mid-day trading on Friday, hitting $181.12. 2,840,944 shares of the company were exchanged, compared to its average volume of 3,090,302. The company has a market capitalization of $103.68 billion, a PE ratio of 34.76, a price-to-earnings-growth ratio of 2.15 and a beta of 1.11. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. Intercontinental Exchange Inc. has a twelve month low of $142.29 and a twelve month high of $189.35. The firm has a fifty day simple moving average of $182.02 and a 200 day simple moving average of $173.60.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The financial services provider reported $1.81 earnings per share for the quarter, topping the consensus estimate of $1.77 by $0.04. The company had revenue of $3.26 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period last year, the business earned $1.52 EPS. On average, research analysts forecast that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current fiscal year.

Intercontinental Exchange Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be issued a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 1.1%. Intercontinental Exchange's dividend payout ratio (DPR) is presently 36.85%.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Barclays upped their price target on shares of Intercontinental Exchange from $206.00 to $212.00 and gave the company an "overweight" rating in a report on Friday, August 1st. UBS Group upped their price target on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. Keefe, Bruyette & Woods upped their price objective 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. Morgan Stanley upped their price target on shares of Intercontinental Exchange from $181.00 to $192.00 and gave the stock an "equal weight" rating in a research report on Monday, May 5th. Finally, 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. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Intercontinental Exchange currently has an average rating of "Moderate Buy" and an average 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.