Earnest Partners LLC Sells 19,534 Shares of Intercontinental Exchange Inc. $ICE

Earnest Partners LLC lowered its stake in Intercontinental Exchange Inc. (NYSE:ICE) by 2.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 769,885 shares of the financial services provider’s stock after selling 19,534 shares during the period. Earnest Partners LLC’s holdings in Intercontinental Exchange were worth $132,805,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the stock. REAP Financial Group LLC boosted its holdings in shares of Intercontinental Exchange by 116.7% during the 4th quarter. REAP Financial Group LLC now owns 169 shares of the financial services provider’s stock valued at $25,000 after buying an additional 91 shares in the last quarter. Tsfg LLC raised its position in shares of Intercontinental Exchange by 187.3% in the 1st quarter. Tsfg LLC now owns 158 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 103 shares during the last quarter. Menard Financial Group LLC purchased a new position in Intercontinental Exchange in the 4th quarter worth about $29,000. Rakuten Securities Inc. raised its position in Intercontinental Exchange by 595.8% in the 1st quarter. Rakuten Securities Inc. now owns 167 shares of the financial services provider’s stock worth $29,000 after buying an additional 143 shares during the last quarter. Finally, McClarren Financial Advisors Inc. purchased a new position in Intercontinental Exchange in the 1st quarter worth about $30,000. Institutional investors own 89.30% of the company’s stock.

Intercontinental Exchange Price Performance

Shares of ICE stock opened at $178.73 on Wednesday. Intercontinental Exchange Inc. has a fifty-two week low of $142.29 and a fifty-two week high of $189.35. The firm has a market capitalization of $102.31 billion, a price-to-earnings ratio of 34.30, a PEG ratio of 2.14 and a beta of 1.11. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.01. The stock’s 50-day simple moving average is $182.19 and its 200-day simple moving average is $174.34.

Intercontinental Exchange (NYSE:ICE) last issued its quarterly earnings results on Thursday, July 31st. The financial services provider reported $1.81 earnings per share for the quarter, topping analysts’ consensus estimates of $1.77 by $0.04. Intercontinental Exchange had a return on equity of 13.66% and a net margin of 23.92%.The business had revenue of $3.26 billion for the quarter, compared to analyst estimates of $2.50 billion. During the same quarter in the previous year, the firm earned $1.52 earnings per share. The company’s revenue was up 9.8% on a year-over-year basis. As a group, equities analysts forecast that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current fiscal year.

Intercontinental Exchange Announces Dividend

The business also recently declared 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 dividend on an annualized basis and a yield of 1.1%. Intercontinental Exchange’s payout ratio is presently 36.85%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on ICE shares. Barclays upped their price target 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. UBS Group increased their target price on shares of 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 target on Intercontinental Exchange from $180.00 to $202.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 15th. Keefe, Bruyette & Woods upped their price target on Intercontinental Exchange from $183.00 to $189.00 and gave the stock an “outperform” rating in a research note on Friday, May 2nd. Finally, 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. Ten investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $194.92.

Insider Buying and Selling

In other Intercontinental Exchange news, CEO Jeffrey C. Sprecher sold 150,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $183.09, for a total value of $27,463,500.00. Following the completion of the transaction, the chief executive officer directly owned 1,951,705 shares of the company’s stock, valued at approximately $357,337,668.45. The trade was a 7.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Sharon Bowen sold 795 shares of the business’s stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $183.30, for a total value of $145,723.50. Following the completion of the transaction, the director directly owned 15,000 shares of the company’s stock, valued at $2,749,500. The trade was a 5.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 444,719 shares of company stock valued at $80,546,996 in the last three months. 1.00% of the stock is currently owned by company insiders.

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.