T. Rowe Price Investment Management Inc. Has $611.19 Million Stock Position in Intercontinental Exchange Inc. $ICE

Key Points

• T. Rowe Price Investment Management Inc. owns a $611.19 million stake in Intercontinental Exchange, having decreased their position by 8.3% in the first quarter of the year.
• Barclays and other research firms have increased their target price for Intercontinental Exchange, with Barclays raising it from $206 to $212, reflecting a positive outlook for the stock.
• The company recently announced a quarterly dividend of $0.48 per share, translating to an annualized yield of 1.1%.

T. Rowe Price Investment Management Inc. decreased its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 8.3% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,543,137 shares of the financial services provider's stock after selling 322,460 shares during the quarter. T. Rowe Price Investment Management Inc. owned about 0.62% of Intercontinental Exchange worth $611,192,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in ICE. Royal Bank of Canada increased its position in shares of Intercontinental Exchange by 132.9% during the 4th quarter. Royal Bank of Canada now owns 9,121,352 shares of the financial services provider's stock worth $1,359,173,000 after purchasing an additional 5,204,309 shares during the last quarter. Kovitz Investment Group Partners LLC increased its position in shares of Intercontinental Exchange by 423.8% during the 4th quarter. Kovitz Investment Group Partners LLC now owns 4,546,437 shares of the financial services provider's stock worth $677,465,000 after purchasing an additional 3,678,384 shares during the last quarter. Nuveen LLC acquired a new position in shares of Intercontinental Exchange during the 1st quarter worth approximately $575,383,000. Wellington Management Group LLP increased its position in shares of Intercontinental Exchange by 113.9% during the 1st quarter. Wellington Management Group LLP now owns 5,943,363 shares of the financial services provider's stock worth $1,025,230,000 after purchasing an additional 3,165,381 shares during the last quarter. Finally, GAMMA Investing LLC increased its position in shares of Intercontinental Exchange by 24,394.4% during the 1st quarter. GAMMA Investing LLC now owns 2,264,753 shares of the financial services provider's stock worth $3,906,700,000 after purchasing an additional 2,255,507 shares during the last quarter. Institutional investors and hedge funds own 89.30% of the company's stock.

Wall Street Analyst Weigh In

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

Intercontinental Exchange Stock Up 0.1%

ICE stock opened at $178.0380 on Wednesday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The business's 50 day simple moving average is $182.12 and its 200 day simple moving average is $173.76. Intercontinental Exchange Inc. has a 1-year low of $142.29 and a 1-year high of $189.35. The firm has a market capitalization of $101.91 billion, a PE ratio of 34.17, a PEG ratio of 2.11 and a beta of 1.11.

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

Intercontinental Exchange Dividend Announcement

The company also recently disclosed 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 yield of 1.1%. Intercontinental Exchange's dividend payout ratio is 36.85%.

Insider Transactions at Intercontinental Exchange

In other Intercontinental Exchange news, Director Sharon Bowen sold 795 shares of the company's 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 transaction, the director directly owned 15,000 shares of the company's stock, valued at $2,749,500. This represents a 5.03% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO James W. Namkung sold 612 shares of the company's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $180.00, for a total value of $110,160.00. Following the sale, the chief accounting officer owned 13,220 shares of the company's stock, valued at approximately $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 quarter, insiders sold 443,488 shares of company stock worth $80,323,823. 1.00% of the stock is currently owned by company insiders.

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.

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