Intercontinental Exchange Inc. $ICE Shares Sold by SVB Wealth LLC

Key Points

• SVB Wealth LLC reduced its stake in Intercontinental Exchange Inc. by 33.2%, holding 68,006 shares valued at approximately $11.73 million at the end of the most recent quarter.
• Several analysts have recently raised their price targets for Intercontinental Exchange, with UBS Group now suggesting a target of $210, reflecting a strong consensus rating of "Moderate Buy."
• Insider trading has been noted, with CFO Warren Gardiner selling shares valued at approximately $280,166.50, indicating some level of divestment among company executives.

SVB Wealth LLC decreased its holdings in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 33.2% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 68,006 shares of the financial services provider's stock after selling 33,832 shares during the period. SVB Wealth LLC's holdings in Intercontinental Exchange were worth $11,731,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Cadence Bank purchased a new position in shares of Intercontinental Exchange in the 1st quarter valued at $200,000. Smartleaf Asset Management LLC increased its holdings in shares of Intercontinental Exchange by 12.7% in the 1st quarter. Smartleaf Asset Management LLC now owns 11,382 shares of the financial services provider's stock valued at $1,989,000 after acquiring an additional 1,279 shares during the period. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Intercontinental Exchange by 2.9% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 362,584 shares of the financial services provider's stock valued at $62,546,000 after acquiring an additional 10,374 shares during the period. Elwood Capital Partners LP increased its holdings in shares of Intercontinental Exchange by 26.9% in the 1st quarter. Elwood Capital Partners LP now owns 17,128 shares of the financial services provider's stock valued at $2,955,000 after acquiring an additional 3,628 shares during the period. Finally, AlphaQuest LLC increased its holdings in shares of Intercontinental Exchange by 115.0% in the 1st quarter. AlphaQuest LLC now owns 13,502 shares of the financial services provider's stock valued at $2,329,000 after acquiring an additional 7,221 shares during the period. 89.30% of the stock is currently owned by hedge funds and other institutional investors.

Intercontinental Exchange Price Performance

NYSE ICE traded down $0.41 during trading hours on Tuesday, reaching $178.73. The company's stock had a trading volume of 2,578,914 shares, compared to its average volume of 3,230,776. The firm has a market capitalization of $102.31 billion, a price-to-earnings ratio of 27.14, a P/E/G ratio of 2.14 and a beta of 1.11. The company's 50-day moving average is $182.24 and its two-hundred day moving average is $174.31. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.01 and a quick ratio of 1.01. Intercontinental Exchange Inc. has a 1-year low of $142.29 and a 1-year high of $189.35.

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, 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 firm's revenue for the quarter was up 9.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.52 EPS. On average, equities analysts predict that Intercontinental Exchange Inc. will post 6.73 EPS for the current year.

Intercontinental Exchange Announces Dividend

The business 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 dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 1.1%. Intercontinental Exchange's dividend payout ratio is presently 36.85%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. UBS Group lifted their price target on Intercontinental Exchange from $195.00 to $210.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. Morgan Stanley increased their price objective on Intercontinental Exchange from $181.00 to $192.00 and gave the company an "equal weight" rating in a report on Monday, May 5th. Keefe, Bruyette & Woods increased their price objective on Intercontinental Exchange from $183.00 to $189.00 and gave the company an "outperform" rating in a report on Friday, May 2nd. Barclays increased their price objective on Intercontinental Exchange from $206.00 to $212.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Finally, Piper Sandler boosted their price target on Intercontinental Exchange from $180.00 to $202.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 15th. Ten research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $194.92.

Insider Buying and Selling at Intercontinental Exchange

In other Intercontinental Exchange news, Director Sharon Bowen sold 795 shares of Intercontinental Exchange stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $183.30, for a total value of $145,723.50. Following the sale, the director owned 15,000 shares in the company, valued at $2,749,500. The trade was a 5.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Warren Gardiner sold 1,570 shares of Intercontinental Exchange stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $178.45, for a total value of $280,166.50. Following the completion of the transaction, the chief financial officer directly owned 22,106 shares of the company's stock, valued at approximately $3,944,815.70. This represents a 6.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 444,719 shares of company stock worth $80,546,996. Corporate insiders own 1.00% of the company's stock.

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.