Intercontinental Exchange Inc. (NYSE:ICE) Shares Sold by Westpac Banking Corp

Key Points

• Westpac Banking Corp has reduced its stake in Intercontinental Exchange Inc. by 22.9%, owning 39,191 shares valued at approximately $6.76 million after selling 11,653 shares.
• Several hedge funds, including Tsfg LLC and Rakuten Securities Inc., have significantly increased their positions in Intercontinental Exchange, with ownership by institutional investors now at 89.30%.
• Intercontinental Exchange has declared a quarterly dividend of $0.48 per share, with an annualized dividend yield of 1.0%.

Westpac Banking Corp lessened its stake in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 22.9% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 39,191 shares of the financial services provider's stock after selling 11,653 shares during the quarter. Westpac Banking Corp's holdings in Intercontinental Exchange were worth $6,760,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in ICE. Royal Bank of Canada lifted its stake in Intercontinental Exchange by 132.9% during the fourth 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 Intercontinental Exchange by 423.8% during the fourth quarter. Kovitz Investment Group Partners LLC now owns 4,546,437 shares of the financial services provider's stock worth $677,465,000 after buying an additional 3,678,384 shares during the period. Nuveen LLC acquired a new position in Intercontinental Exchange during the first quarter worth approximately $575,383,000. GAMMA Investing LLC increased its holdings in shares of Intercontinental Exchange by 24,394.4% in the first quarter. GAMMA Investing LLC now owns 2,264,753 shares of the financial services provider's stock valued at $3,906,700,000 after purchasing an additional 2,255,507 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in shares of Intercontinental Exchange by 50.6% in the first quarter. Bank of New York Mellon Corp now owns 5,933,532 shares of the financial services provider's stock valued at $1,023,534,000 after purchasing an additional 1,993,084 shares during the period. Hedge funds and other institutional investors own 89.30% of the company's stock.

Intercontinental Exchange Price Performance

Shares of NYSE:ICE traded down $1.56 on Friday, hitting $181.12. The company had a trading volume of 2,840,944 shares, compared to its average volume of 3,015,576. The business has a 50 day moving average of $181.97 and a 200 day moving average of $173.23. Intercontinental Exchange Inc. has a 52-week low of $142.29 and a 52-week high of $189.35. The company has a market cap of $103.68 billion, a PE ratio of 34.76, a PEG ratio of 2.15 and a beta of 1.11. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last released its earnings results on Thursday, July 31st. The financial services provider reported $1.81 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $2.50 billion. During the same period in the prior year, the business posted $1.52 earnings per share. The firm's revenue for the quarter was up 9.8% compared to the same quarter last year. As a group, equities analysts anticipate that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current fiscal year.

Intercontinental Exchange Dividend Announcement

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

Insider Activity at Intercontinental Exchange

In other Intercontinental Exchange news, Director Sharon Bowen sold 794 shares of the company's stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $185.00, for a total transaction of $146,890.00. Following the completion of the sale, the director directly owned 14,206 shares in the company, valued at $2,628,110. This represents a 5.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Douglas Foley sold 1,600 shares of the company's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $177.48, for a total value of $283,968.00. Following the sale, the senior vice president owned 27,313 shares of the company's stock, valued at $4,847,511.24. This represents a 5.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 443,488 shares of company stock valued at $80,323,823 over the last three months. Insiders own 1.00% of the company's stock.

Wall Street Analysts Forecast Growth

ICE has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods upped 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. Morgan Stanley upped their price objective on Intercontinental Exchange from $181.00 to $192.00 and gave the stock an "equal weight" rating in a report on Monday, May 5th. UBS Group upped their price objective on Intercontinental Exchange from $195.00 to $210.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. Piper Sandler upped their price objective on Intercontinental Exchange from $180.00 to $202.00 and gave the stock an "overweight" rating in a report on Tuesday, July 15th. Finally, Barclays upped their price objective on Intercontinental Exchange from $206.00 to $212.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $194.92.

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.