TCW Group Inc. Sells 9,843 Shares of Intercontinental Exchange Inc. (NYSE:ICE)

Key Points

• TCW Group Inc. reduced its stake in Intercontinental Exchange Inc. by 1.4% in Q1, owning a total of 681,002 shares valued at approximately $117.5 million.
• Intercontinental Exchange reported a quarterly earnings per share (EPS) of $1.72, exceeding the consensus estimate of $1.70 and marking an 8.0% increase in revenue compared to the previous year.
• The company declared a quarterly dividend of $0.48 per share, resulting in an annual yield of 1.04% and a payout ratio of 39.75%.

TCW Group Inc. trimmed its holdings in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 1.4% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 681,002 shares of the financial services provider's stock after selling 9,843 shares during the period. Intercontinental Exchange makes up 1.1% of TCW Group Inc.'s investment portfolio, making the stock its 29th largest holding. TCW Group Inc. owned about 0.12% of Intercontinental Exchange worth $117,473,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of ICE. REAP Financial Group LLC increased its holdings in Intercontinental Exchange by 116.7% during the fourth quarter. REAP Financial Group LLC now owns 169 shares of the financial services provider's stock worth $25,000 after buying an additional 91 shares during the last quarter. Tsfg LLC increased its holdings 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 acquiring an additional 103 shares during the last quarter. Menard Financial Group LLC purchased a new stake in Intercontinental Exchange in the 4th quarter worth about $29,000. Rakuten Securities Inc. increased 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 acquiring an additional 143 shares during the last quarter. Finally, Global Trust Asset Management LLC purchased a new stake in Intercontinental Exchange in the 1st quarter worth about $31,000. 89.30% of the stock is currently owned by institutional investors.

Intercontinental Exchange Trading Up 0.8%

Shares of ICE traded up $1.47 during mid-day trading on Wednesday, hitting $186.18. 3,506,039 shares of the company's stock traded hands, compared to its average volume of 2,977,488. The firm has a market capitalization of $106.80 billion, a P/E ratio of 38.55, a PEG ratio of 2.00 and a beta of 1.11. The business's 50-day moving average price is $180.10 and its 200-day moving average price is $170.55. Intercontinental Exchange Inc. has a 1 year low of $142.29 and a 1 year high of $187.38. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.62.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last released its earnings results on Thursday, May 1st. The financial services provider reported $1.72 EPS for the quarter, topping the consensus estimate of $1.70 by $0.02. The business had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.44 billion. Intercontinental Exchange had a return on equity of 13.27% and a net margin of 22.84%. The company's revenue for the quarter was up 8.0% compared to the same quarter last year. During the same period in the previous year, the company posted $1.48 earnings per share. As a group, sell-side analysts forecast that Intercontinental Exchange Inc. will post 6.73 EPS for the current fiscal year.

Intercontinental Exchange Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were issued a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 1.03%. Intercontinental Exchange's payout ratio is currently 39.75%.

Insider Activity

In other Intercontinental Exchange news, General Counsel Andrew J. Surdykowski sold 3,848 shares of the stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $179.12, for a total value of $689,253.76. Following the transaction, the general counsel owned 48,480 shares of the company's stock, valued at approximately $8,683,737.60. This represents a 7.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO James W. Namkung sold 612 shares of the 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 completion of the transaction, the chief accounting officer directly owned 13,220 shares in the company, valued at approximately $2,379,600. This represents a 4.42% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 226,913 shares of company stock valued at $40,671,107. Corporate insiders own 1.00% of the company's stock.

Wall Street Analysts Forecast Growth

ICE has been the subject of several recent research reports. Barclays lifted their price objective on Intercontinental Exchange from $198.00 to $206.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Keefe, Bruyette & Woods lifted their price objective on Intercontinental Exchange from $183.00 to $189.00 and gave the stock an "outperform" rating in a report on Friday, May 2nd. Bank of America decreased their price objective on Intercontinental Exchange from $237.00 to $230.00 and set a "buy" rating for the company in a report on Wednesday, April 2nd. UBS Group raised their target price on Intercontinental Exchange from $195.00 to $210.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. Finally, Morgan Stanley raised their target price on Intercontinental Exchange from $181.00 to $192.00 and gave the stock an "equal weight" rating in a research note on Monday, May 5th. Three equities research 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.com, Intercontinental Exchange has an average rating of "Moderate Buy" and a consensus target price of $194.42.

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.