Arizona State Retirement System Reduces Stock Position in Intercontinental Exchange Inc. $ICE

Arizona State Retirement System cut its stake in Intercontinental Exchange Inc. (NYSE:ICE) by 3.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 161,270 shares of the financial services provider’s stock after selling 6,279 shares during the period. Arizona State Retirement System’s holdings in Intercontinental Exchange were worth $26,119,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Dynasty Wealth Management LLC purchased a new position in Intercontinental Exchange in the 3rd quarter worth approximately $897,000. Rockland Trust Co. boosted its holdings in Intercontinental Exchange by 19.7% in the 3rd quarter. Rockland Trust Co. now owns 127,652 shares of the financial services provider’s stock worth $21,507,000 after acquiring an additional 20,981 shares during the period. Fifth Third Wealth Advisors LLC boosted its holdings in Intercontinental Exchange by 37.7% in the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 11,920 shares of the financial services provider’s stock worth $2,008,000 after acquiring an additional 3,261 shares during the period. Eastern Bank boosted its holdings in Intercontinental Exchange by 14.6% in the 3rd quarter. Eastern Bank now owns 203,731 shares of the financial services provider’s stock worth $34,325,000 after acquiring an additional 25,980 shares during the period. Finally, M&G PLC boosted its holdings in Intercontinental Exchange by 18.4% in the 3rd quarter. M&G PLC now owns 107,070 shares of the financial services provider’s stock worth $17,988,000 after acquiring an additional 16,635 shares during the period. 89.30% of the stock is owned by hedge funds and other institutional investors.

Intercontinental Exchange Trading Down 0.9%

Shares of ICE opened at $157.44 on Friday. The company has a market capitalization of $89.18 billion, a P/E ratio of 27.29, a P/E/G ratio of 1.65 and a beta of 1.03. Intercontinental Exchange Inc. has a one year low of $143.17 and a one year high of $189.35. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.02 and a current ratio of 1.02. The stock has a 50-day moving average price of $159.83 and a 200 day moving average price of $160.06.

Intercontinental Exchange (NYSE:ICE) last issued its quarterly earnings results on Thursday, February 5th. The financial services provider reported $1.71 EPS for the quarter, beating analysts’ consensus estimates of $1.67 by $0.04. Intercontinental Exchange had a return on equity of 13.99% and a net margin of 26.23%.The firm had revenue of $3.14 billion during the quarter, compared to the consensus estimate of $2.51 billion. During the same quarter in the prior year, the business posted $1.52 earnings per share. Intercontinental Exchange’s revenue for the quarter was up 7.8% on a year-over-year basis. Sell-side analysts forecast that Intercontinental Exchange Inc. will post 8.06 EPS for the current fiscal year.

Intercontinental Exchange Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Wednesday, December 16th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Wednesday, December 16th. This represents a $2.08 annualized dividend and a dividend yield of 1.3%. Intercontinental Exchange’s dividend payout ratio (DPR) is presently 36.05%.

Insider Buying and Selling at Intercontinental Exchange

In other news, CTO Mayur Kapani sold 15,213 shares of the stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $155.02, for a total transaction of $2,358,319.26. Following the transaction, the chief technology officer owned 64,869 shares of the company’s stock, valued at approximately $10,055,992.38. This trade represents a 19.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Christopher Scott Edmonds sold 11,303 shares of the stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $153.82, for a total transaction of $1,738,627.46. Following the transaction, the insider directly owned 14,266 shares in the company, valued at $2,194,396.12. The trade was a 44.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 348,418 shares of company stock valued at $54,196,631. Corporate insiders own 0.84% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ICE. Raymond James Financial restated a “strong-buy” rating and issued a $211.00 price target on shares of Intercontinental Exchange in a report on Tuesday, January 6th. Morgan Stanley upped their price target on Intercontinental Exchange from $183.00 to $187.00 and gave the stock an “equal weight” rating in a report on Friday, April 10th. Piper Sandler restated an “overweight” rating and issued a $211.00 price target (up from $195.00) on shares of Intercontinental Exchange in a report on Wednesday, April 15th. Deutsche Bank Aktiengesellschaft upgraded Intercontinental Exchange from a “hold” rating to a “buy” rating and set a $188.00 price target for the company in a report on Friday, March 6th. Finally, TD Cowen reissued a “buy” rating on shares of Intercontinental Exchange in a report on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Intercontinental Exchange has a consensus rating of “Buy” and an average target price of $193.80.

Intercontinental Exchange Company Profile

Intercontinental Exchange (NYSE: ICE) is a global operator of exchanges, clearing houses and data services that provides infrastructure for the trading, clearing, settlement and information needs of financial and commodity markets. Founded in 2000 by Jeffrey C. Sprecher as an electronic energy trading platform, the company has grown through organic expansion and acquisitions to operate a broad portfolio of assets spanning listed equities, futures and options, fixed income, and over-the-counter derivatives.