Townsquare Capital LLC Purchases 7,865 Shares of Intercontinental Exchange Inc. (NYSE:ICE)

Key Points

• Townsquare Capital LLC increased its stake in Intercontinental Exchange Inc. by 65.2%, acquiring an additional 7,865 shares, bringing its total holdings to 19,925 shares valued at approximately $3.4 million.
• Several large investors have recently boosted their positions in Intercontinental Exchange, with Governors Lane LP increasing its ownership by 88.0% during the fourth quarter.
• Intercontinental Exchange plans to pay a quarterly dividend of $0.48 per share on September 30th, which represents a 1.0% dividend yield.

Townsquare Capital LLC raised its position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 65.2% in the first quarter, according to its most recent filing with the SEC. The firm owned 19,925 shares of the financial services provider's stock after purchasing an additional 7,865 shares during the quarter. Townsquare Capital LLC's holdings in Intercontinental Exchange were worth $3,437,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Governors Lane LP lifted its stake in shares of Intercontinental Exchange by 88.0% in the 4th quarter. Governors Lane LP now owns 127,100 shares of the financial services provider's stock valued at $18,939,000 after purchasing an additional 59,500 shares during the period. Tema Etfs LLC acquired a new position in shares of Intercontinental Exchange in the 4th quarter valued at about $1,107,000. Capital Investment Advisory Services LLC acquired a new position in shares of Intercontinental Exchange in the 1st quarter valued at about $349,000. Sequoia Financial Advisors LLC lifted its stake in shares of Intercontinental Exchange by 18.3% in the 1st quarter. Sequoia Financial Advisors LLC now owns 12,168 shares of the financial services provider's stock valued at $2,099,000 after purchasing an additional 1,879 shares during the period. Finally, Lansforsakringar Fondforvaltning AB publ acquired a new stake in shares of Intercontinental Exchange during the 4th quarter worth approximately $28,949,000. Institutional investors and hedge funds own 89.30% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on ICE shares. Keefe, Bruyette & Woods raised their price objective on shares of Intercontinental Exchange from $183.00 to $189.00 and gave the stock an "outperform" rating in a research report on Friday, May 2nd. Piper Sandler raised their price objective 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. UBS Group raised their price objective 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. Morgan Stanley raised their price objective 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. Finally, Barclays raised their price objective 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 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 presently has an average rating of "Moderate Buy" and a consensus target price of $194.92.

Intercontinental Exchange Price Performance

ICE traded down $1.29 on Friday, reaching $181.39. The company had a trading volume of 734,707 shares, compared to its average volume of 3,001,532. The business has a 50 day simple moving average of $181.97 and a 200 day simple moving average of $173.23. The company has a market cap of $103.83 billion, a price-to-earnings ratio of 34.81, a P/E/G ratio of 2.15 and a beta of 1.11. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.01. Intercontinental Exchange Inc. has a 52-week low of $142.29 and a 52-week high of $189.35.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last announced its earnings results 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 business had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $2.50 billion. Intercontinental Exchange had a net margin of 23.92% and a return on equity of 13.66%. Intercontinental Exchange's quarterly revenue was up 9.8% on a year-over-year basis. During the same period last year, the firm posted $1.52 earnings per share. As a group, sell-side analysts anticipate that Intercontinental Exchange Inc. will post 6.73 EPS for the current year.

Intercontinental Exchange Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be given a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 1.1%. Intercontinental Exchange's payout ratio is currently 36.85%.

Insider Buying and Selling at Intercontinental Exchange

In other Intercontinental Exchange news, General Counsel Andrew J. Surdykowski sold 3,848 shares of the stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $179.12, for a total transaction of $689,253.76. Following the transaction, the general counsel directly owned 48,480 shares in the company, valued at $8,683,737.60. This trade represents a 7.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Jeffrey C. Sprecher sold 150,000 shares of the stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $183.09, for a total transaction of $27,463,500.00. Following the transaction, the chief executive officer owned 1,951,705 shares in the company, valued at $357,337,668.45. The trade was a 7.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 443,488 shares of company stock valued at $80,323,823. 1.00% of the stock is currently owned by corporate 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.