Steward Partners Investment Advisory LLC Trims Holdings in Intercontinental Exchange Inc. $ICE

Key Points

• Steward Partners Investment Advisory LLC reduced its stake in Intercontinental Exchange by 6.3%, selling 6,030 shares, and now holds 88,933 shares valued at approximately $15.34 million.
• Intercontinental Exchange reported strong earnings with $1.81 earnings per share for the latest quarter, exceeding expectations, and a revenue of $3.26 billion, marking a 9.8% year-over-year increase.
• The company declared a quarterly dividend of $0.48 per share, yielding 1.1%, with a dividend payout ratio of 36.85%.

Steward Partners Investment Advisory LLC lowered its stake in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 6.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 88,933 shares of the financial services provider's stock after selling 6,030 shares during the quarter. Steward Partners Investment Advisory LLC's holdings in Intercontinental Exchange were worth $15,341,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of ICE. REAP Financial Group LLC boosted its stake in shares of Intercontinental Exchange by 116.7% during the 4th quarter. REAP Financial Group LLC now owns 169 shares of the financial services provider's stock worth $25,000 after acquiring an additional 91 shares during the last quarter. Tsfg LLC increased its stake in Intercontinental Exchange by 187.3% in the 1st 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. Menard Financial Group LLC purchased a new stake in Intercontinental Exchange in the 4th quarter worth $29,000. Rakuten Securities Inc. lifted its holdings in Intercontinental Exchange by 595.8% in the 1st quarter. Rakuten Securities Inc. now owns 167 shares of the financial services provider's stock worth $29,000 after purchasing an additional 143 shares in the last quarter. Finally, McClarren Financial Advisors Inc. bought a new stake in Intercontinental Exchange in the 1st quarter valued at $30,000. Hedge funds and other institutional investors own 89.30% of the company's stock.

Intercontinental Exchange Stock Up 0.8%

Shares of ICE stock traded up $1.3760 during trading hours on Friday, reaching $180.6060. 2,226,180 shares of the company's stock were exchanged, compared to its average volume of 2,998,597. The stock's 50 day moving average is $182.20 and its 200-day moving average is $173.94. The company has a market cap of $103.38 billion, a price-to-earnings ratio of 34.67, a P/E/G ratio of 2.16 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 fifty-two week low of $142.29 and a fifty-two week high of $189.35.

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

Intercontinental Exchange Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be issued 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 is currently 36.85%.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Keefe, Bruyette & Woods lifted their price target on shares of Intercontinental Exchange from $183.00 to $189.00 and gave the company an "outperform" rating in a report on Friday, May 2nd. Morgan Stanley boosted their target price on shares of Intercontinental Exchange from $181.00 to $192.00 and gave the stock an "equal weight" rating in a report on Monday, May 5th. Piper Sandler boosted their target price 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 target price on shares of Intercontinental Exchange from $206.00 to $212.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Finally, UBS Group boosted their target price on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. Ten equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Intercontinental Exchange presently has an average rating of "Moderate Buy" and a consensus target price of $194.92.

Insiders Place Their Bets

In related news, CAO James W. Namkung sold 612 shares of the firm's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $180.00, for a total transaction of $110,160.00. Following the sale, the chief accounting officer owned 13,220 shares in the company, valued at approximately $2,379,600. This trade represents a 4.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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 sale, the senior vice president owned 27,313 shares in the company, valued at approximately $4,847,511.24. This trade represents a 5.53% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 442,936 shares of company stock valued at $80,227,488. Corporate insiders own 1.00% of the company's stock.

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.