Strategy Asset Managers LLC Sells 2,735 Shares of Intercontinental Exchange Inc. (NYSE:ICE)

Strategy Asset Managers LLC lessened its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE) by 6.5% in the 1st quarter, Holdings Channel reports. The firm owned 39,646 shares of the financial services provider’s stock after selling 2,735 shares during the period. Intercontinental Exchange makes up 1.4% of Strategy Asset Managers LLC’s investment portfolio, making the stock its 20th largest holding. Strategy Asset Managers LLC’s holdings in Intercontinental Exchange were worth $6,839,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in ICE. Royal Bank of Canada boosted its holdings in shares of Intercontinental Exchange by 132.9% during the 4th 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 purchasing an additional 5,204,309 shares during the last quarter. Kovitz Investment Group Partners LLC raised its position in shares of Intercontinental Exchange by 423.8% during the 4th 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 in the last quarter. GAMMA Investing LLC raised its position in shares of Intercontinental Exchange by 24,394.4% during the 1st quarter. GAMMA Investing LLC now owns 2,264,753 shares of the financial services provider’s stock valued at $3,906,700,000 after buying an additional 2,255,507 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Intercontinental Exchange by 50.6% during the 1st 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 buying an additional 1,993,084 shares in the last quarter. Finally, Janus Henderson Group PLC raised its position in shares of Intercontinental Exchange by 26.6% during the 4th quarter. Janus Henderson Group PLC now owns 5,721,604 shares of the financial services provider’s stock valued at $852,578,000 after buying an additional 1,200,965 shares in the last quarter. Institutional investors own 89.30% of the company’s stock.

Insider Activity

In related news, General Counsel Andrew J. Surdykowski sold 3,848 shares of the firm’s stock in a transaction 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 completion of the transaction, the general counsel owned 48,480 shares of the company’s stock, 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 document filed with the SEC, which is available at this hyperlink. Also, Director Sharon Bowen sold 795 shares of the firm’s stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $183.30, for a total transaction of $145,723.50. Following the transaction, the director directly owned 15,000 shares of the company’s stock, valued at approximately $2,749,500. This trade represents a 5.03% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 226,913 shares of company stock valued at $40,671,107 over the last quarter. Insiders own 1.00% of the company’s stock.

Intercontinental Exchange Stock Performance

Shares of NYSE:ICE opened at $187.51 on Wednesday. The firm has a market cap of $107.33 billion, a PE ratio of 35.99, a price-to-earnings-growth ratio of 2.23 and a beta of 1.11. The firm’s 50 day simple moving average is $181.13 and its 200-day simple moving average is $171.90. Intercontinental Exchange Inc. has a one year low of $142.29 and a one year high of $189.23. 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) last issued its earnings results on Thursday, July 31st. The financial services provider reported $1.81 EPS for the quarter, topping analysts’ consensus estimates of $1.77 by $0.04. The business had revenue of $3.26 billion for the quarter, compared to analyst estimates of $2.50 billion. Intercontinental Exchange had a net margin of 23.92% and a return on equity of 13.66%. The company’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same period last year, the company posted $1.52 earnings per share. As a group, equities analysts predict that Intercontinental Exchange Inc. will post 6.73 EPS for the current year.

Intercontinental Exchange Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors 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 dividend yield of 1.0%. Intercontinental Exchange’s dividend payout ratio (DPR) is presently 36.85%.

Analysts Set New Price Targets

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