State of New Jersey Common Pension Fund D Has $33.27 Million Stake in Intercontinental Exchange Inc. $ICE

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in Intercontinental Exchange Inc. by 8.0%, resulting in ownership of 192,868 shares valued at approximately $33.27 million.
• Intercontinental Exchange reported earnings of $1.81 per share, exceeding analysts' estimates and reflecting a 9.8% increase in quarterly revenue year-over-year.
• Institutional investors dominate ownership of Intercontinental Exchange, holding 89.30% of its stock, with significant increases in holdings noted by several firms during the last quarter.

State of New Jersey Common Pension Fund D reduced its position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 8.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 192,868 shares of the financial services provider's stock after selling 16,737 shares during the period. State of New Jersey Common Pension Fund D's holdings in Intercontinental Exchange were worth $33,270,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. American Century Companies Inc. raised its holdings in shares of Intercontinental Exchange by 8.6% in the first quarter. American Century Companies Inc. now owns 220,485 shares of the financial services provider's stock valued at $38,034,000 after buying an additional 17,506 shares during the last quarter. Ethic Inc. boosted its position in shares of Intercontinental Exchange by 5.8% during the 1st quarter. Ethic Inc. now owns 75,475 shares of the financial services provider's stock worth $12,943,000 after purchasing an additional 4,168 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Intercontinental Exchange by 23.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 4,733 shares of the financial services provider's stock worth $817,000 after purchasing an additional 902 shares during the period. Element Capital Management LLC purchased a new position in Intercontinental Exchange in the first quarter valued at about $2,678,000. Finally, Aberdeen Group plc raised its holdings in Intercontinental Exchange by 45.7% during the first quarter. Aberdeen Group plc now owns 675,905 shares of the financial services provider's stock worth $116,414,000 after purchasing an additional 212,031 shares during the last quarter. 89.30% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Intercontinental Exchange

In other news, 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 transaction of $27,463,500.00. Following the completion of the sale, the chief executive officer owned 1,951,705 shares of the company's stock, valued at approximately $357,337,668.45. This trade represents a 7.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO James W. Namkung sold 612 shares of the business's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $180.00, for a total value of $110,160.00. Following the completion of 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 ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 443,488 shares of company stock valued at $80,323,823. 1.00% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Morgan Stanley raised their price objective on shares of Intercontinental Exchange from $181.00 to $192.00 and gave the stock an "equal weight" rating in a research note on Monday, May 5th. Piper Sandler increased their price objective on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the stock an "overweight" rating in a report on Tuesday, July 15th. Barclays boosted their price target on Intercontinental Exchange from $206.00 to $212.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. 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 report on Friday, May 2nd. Finally, UBS Group boosted their price target on Intercontinental Exchange from $195.00 to $210.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. Ten research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $194.92.

Intercontinental Exchange Stock Performance

Shares of ICE traded up $0.0980 during trading hours on Tuesday, reaching $178.0380. 2,580,432 shares of the company's stock traded hands, compared to its average volume of 3,016,693. Intercontinental Exchange Inc. has a twelve month low of $142.29 and a twelve month high of $189.35. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.01 and a quick ratio of 1.01. The business's fifty day simple moving average is $182.07 and its two-hundred day simple moving average is $173.73. The firm has a market capitalization of $101.91 billion, a price-to-earnings ratio of 34.17, a P/E/G ratio of 2.15 and a beta of 1.11.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The financial services provider reported $1.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.77 by $0.04. The firm had revenue of $3.26 billion for 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 quarterly revenue was up 9.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.52 earnings per share. Analysts predict that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current year.

Intercontinental Exchange Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders 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 yield of 1.1%. Intercontinental Exchange's dividend payout ratio (DPR) is presently 36.85%.

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.