MGB Wealth Management LLC Grows Stock Position in Intercontinental Exchange Inc. (NYSE:ICE)

MGB Wealth Management LLC raised its holdings in Intercontinental Exchange Inc. (NYSE:ICE) by 9.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 6,839 shares of the financial services provider’s stock after buying an additional 601 shares during the quarter. MGB Wealth Management LLC’s holdings in Intercontinental Exchange were worth $1,184,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Royal Bank of Canada raised its stake in shares of Intercontinental Exchange by 132.9% in 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. Northern Trust Corp raised its stake in shares of Intercontinental Exchange by 9.7% in the fourth quarter. Northern Trust Corp now owns 7,422,007 shares of the financial services provider’s stock worth $1,105,953,000 after purchasing an additional 655,247 shares during the last quarter. Independent Franchise Partners LLP raised its stake in shares of Intercontinental Exchange by 20.8% in the fourth quarter. Independent Franchise Partners LLP now owns 6,160,836 shares of the financial services provider’s stock worth $918,026,000 after purchasing an additional 1,062,904 shares during the last quarter. Bank of New York Mellon Corp raised its stake 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 worth $1,023,534,000 after purchasing an additional 1,993,084 shares during the last quarter. Finally, Janus Henderson Group PLC raised its stake in shares of Intercontinental Exchange by 26.6% in the fourth quarter. Janus Henderson Group PLC now owns 5,721,604 shares of the financial services provider’s stock worth $852,578,000 after purchasing an additional 1,200,965 shares during the last quarter. 89.30% of the stock is currently owned by hedge funds and other institutional investors.

Intercontinental Exchange Stock Down 0.5%

Shares of ICE opened at $187.51 on Wednesday. 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 Inc. has a 12 month low of $142.29 and a 12 month high of $189.23. The stock’s 50 day moving average is $181.13 and its two-hundred day moving average is $171.90. The firm has a market cap of $107.33 billion, a P/E ratio of 35.99, a PEG ratio of 2.23 and a beta of 1.11.

Intercontinental Exchange (NYSE:ICE) last issued its quarterly earnings data on Thursday, July 31st. The financial services provider reported $1.81 EPS for the quarter, beating 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 company had revenue of $3.26 billion for the quarter, compared to analyst estimates of $2.50 billion. During the same period last year, the company earned $1.52 earnings per share. Intercontinental Exchange’s quarterly revenue was up 9.8% compared to the same quarter last year. Analysts predict that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current fiscal year.

Intercontinental Exchange Announces Dividend

The firm 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 $0.48 dividend. This represents a $1.92 annualized dividend and a yield of 1.0%. Intercontinental Exchange’s payout ratio is currently 36.85%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on ICE shares. Piper Sandler raised their price objective on Intercontinental Exchange from $180.00 to $202.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 15th. Barclays lifted 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. Keefe, Bruyette & Woods lifted their price target on Intercontinental Exchange from $183.00 to $189.00 and gave the company an “outperform” rating in a research report on Friday, May 2nd. Morgan Stanley lifted their price target 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. Finally, UBS Group lifted their price target on Intercontinental Exchange from $195.00 to $210.00 and gave the company a “buy” rating in a research report on Tuesday, July 8th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $194.92.

Insider Buying and Selling

In other news, SVP Douglas Foley sold 1,600 shares of Intercontinental Exchange stock in a transaction that occurred on 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 directly owned 27,313 shares of the company’s stock, valued at $4,847,511.24. The trade was a 5.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Sharon Bowen sold 794 shares of Intercontinental Exchange stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $185.00, for a total value 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 disclosure for this sale can be found here. Insiders sold 226,913 shares of company stock valued at $40,671,107 in the last 90 days. Corporate insiders own 1.00% of the company’s stock.

About Intercontinental Exchange

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.