Intercontinental Exchange Inc. (NYSE:ICE) Shares Sold by Strategy Asset Managers LLC

Key Points

• Strategy Asset Managers LLC reduced its stake in Intercontinental Exchange Inc. by 6.5%, selling 2,735 shares during the first quarter, which now makes up approximately 1.4% of their portfolio.
• Several other institutional investors, including Vanguard Group Inc. and Royal Bank of Canada, increased their positions in Intercontinental Exchange, highlighting strong institutional interest in the company.
• Intercontinental Exchange reported a quarterly earnings per share of $1.81, exceeding consensus estimates, and announced a quarterly dividend of $0.48, yielding 1.0% annually.

Strategy Asset Managers LLC trimmed its position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 6.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 39,646 shares of the financial services provider's stock after selling 2,735 shares during the period. Intercontinental Exchange comprises 1.4% of Strategy Asset Managers LLC's portfolio, making the stock its 20th largest position. Strategy Asset Managers LLC's holdings in Intercontinental Exchange were worth $6,839,000 at the end of the most recent quarter.

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

Insider Activity at Intercontinental Exchange

In other news, CAO James W. Namkung sold 612 shares of the firm's stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $180.00, for a total value of $110,160.00. Following the transaction, the chief accounting officer directly owned 13,220 shares of the company's stock, 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 SEC, which is available at this link. Also, SVP Douglas Foley sold 1,600 shares of Intercontinental Exchange stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $177.48, for a total transaction of $283,968.00. Following the transaction, the senior vice president directly owned 27,313 shares in the company, 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. Insiders have sold 226,913 shares of company stock valued at $40,671,107 in the last quarter. 1.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Keefe, Bruyette & Woods raised their target price on shares of Intercontinental Exchange from $183.00 to $189.00 and gave the stock an "outperform" rating in a report on Friday, May 2nd. Morgan Stanley increased 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. UBS Group increased 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. Piper Sandler increased 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. Finally, Barclays increased their price target on shares of Intercontinental Exchange from $206.00 to $212.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to data from 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 NYSE:ICE traded down $1.49 during midday trading on Friday, reaching $186.53. The company's stock had a trading volume of 2,783,624 shares, compared to its average volume of 2,563,729. The firm has a market capitalization of $106.77 billion, a PE ratio of 35.80, a P/E/G ratio of 2.23 and a beta of 1.11. Intercontinental Exchange Inc. has a twelve month low of $142.29 and a twelve month high of $189.35. The stock has a fifty day moving average of $181.66 and a 200 day moving average of $172.52. 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 (NYSE:ICE - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The financial services provider reported $1.81 EPS for the quarter, beating the consensus estimate 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 net margin of 23.92% and a return on equity of 13.66%. The firm's revenue was up 9.8% on a year-over-year basis. During the same quarter last year, the business earned $1.52 earnings per share. On average, equities analysts expect that Intercontinental Exchange Inc. will post 6.73 EPS for the current fiscal year.

Intercontinental Exchange Announces Dividend

The company also recently declared 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 annualized dividend and a yield of 1.0%. Intercontinental Exchange's dividend payout ratio is presently 36.85%.

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.