Intercontinental Exchange Inc. (NYSE:ICE) CEO Jeffrey C. Sprecher Sells 150,000 Shares

Key Points

• CEO Jeffrey C. Sprecher sold 150,000 shares of Intercontinental Exchange Inc. (ICE) stock at an average price of $183.09, amounting to $27.46 million, bringing his ownership down by 7.14%.
• Intercontinental Exchange recently reported quarterly earnings of $1.81 per share, surpassing expectations, with a revenue of $3.26 billion, up 9.8% year-over-year.
• The company announced a quarterly dividend of $0.48 per share, with a yield of 1.1%, scheduled for payment on September 30th.

Intercontinental Exchange Inc. (NYSE:ICE - Get Free Report) CEO Jeffrey C. Sprecher sold 150,000 shares of the company's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $183.09, for a total value of $27,463,500.00. Following the completion of the sale, the chief executive officer owned 1,951,705 shares in the company, valued at $357,337,668.45. This trade represents a 7.14% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Intercontinental Exchange Stock Down 0.9%

Shares of Intercontinental Exchange stock 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 3,072,402. The stock has a market capitalization of $103.68 billion, a price-to-earnings ratio of 34.76, a P/E/G ratio of 2.15 and a beta of 1.11. Intercontinental Exchange Inc. has a 1 year low of $142.29 and a 1 year high of $189.35. The stock has a 50 day moving average of $182.02 and a 200-day moving average of $173.50. 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 (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, topping the consensus estimate of $1.77 by $0.04. The firm had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $2.50 billion. Intercontinental Exchange had a return on equity of 13.66% and a net margin of 23.92%. The company's quarterly revenue was up 9.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.52 earnings per share. As a group, sell-side analysts forecast that Intercontinental Exchange Inc. will post 6.73 earnings per share 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 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 (DPR) is 36.85%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on ICE shares. Barclays upped their price target on Intercontinental Exchange from $206.00 to $212.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. UBS Group upped their target price on Intercontinental Exchange from $195.00 to $210.00 and gave the company a "buy" rating in a research report on Tuesday, July 8th. Morgan Stanley upped their target price on Intercontinental Exchange from $181.00 to $192.00 and gave the company an "equal weight" rating in a research report on Monday, May 5th. Piper Sandler upped their target price on Intercontinental Exchange from $180.00 to $202.00 and gave the company an "overweight" rating in a research report on Tuesday, July 15th. Finally, Keefe, Bruyette & Woods upped their target price on Intercontinental Exchange from $183.00 to $189.00 and gave the company an "outperform" rating in a research report on Friday, May 2nd. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $194.92.

Hedge Funds Weigh In On Intercontinental Exchange

Institutional investors and hedge funds have recently bought and sold shares of the company. Norges Bank bought a new position in shares of Intercontinental Exchange in the second quarter worth $1,542,780,000. Price T Rowe Associates Inc. MD boosted its stake in Intercontinental Exchange by 491.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,433,497 shares of the financial services provider's stock valued at $1,109,780,000 after buying an additional 5,345,388 shares during the period. Royal Bank of Canada boosted 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 valued at $1,359,173,000 after buying an additional 5,204,309 shares during the period. Kovitz Investment Group Partners LLC boosted its stake 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 valued at $677,465,000 after buying an additional 3,678,384 shares during the period. Finally, Nuveen LLC bought a new stake in Intercontinental Exchange during the first quarter valued at $575,383,000. 89.30% of the stock is owned by institutional investors.

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.