Delta Global Management LP Lowers Stock Position in Intercontinental Exchange Inc. $ICE

Delta Global Management LP reduced its position in Intercontinental Exchange Inc. (NYSE:ICE) by 89.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 38,053 shares of the financial services provider’s stock after selling 332,648 shares during the quarter. Delta Global Management LP’s holdings in Intercontinental Exchange were worth $6,411,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Dynasty Wealth Management LLC purchased a new position in shares of Intercontinental Exchange in the 3rd quarter worth about $897,000. Rockland Trust Co. lifted its stake in shares of Intercontinental Exchange by 19.7% in the 3rd quarter. Rockland Trust Co. now owns 127,652 shares of the financial services provider’s stock valued at $21,507,000 after purchasing an additional 20,981 shares in the last quarter. Fifth Third Wealth Advisors LLC grew its holdings in shares of Intercontinental Exchange by 37.7% during 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 purchasing an additional 3,261 shares during the period. Eastern Bank increased its position in Intercontinental Exchange by 14.6% during the 3rd quarter. Eastern Bank now owns 203,731 shares of the financial services provider’s stock worth $34,325,000 after purchasing an additional 25,980 shares in the last quarter. Finally, Horizon Kinetics Asset Management LLC increased its position in Intercontinental Exchange by 1.6% during the 2nd quarter. Horizon Kinetics Asset Management LLC now owns 831,758 shares of the financial services provider’s stock worth $152,603,000 after purchasing an additional 13,497 shares in the last quarter. Institutional investors and hedge funds own 89.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ICE. Barclays set a $193.00 price target on shares of Intercontinental Exchange and gave the company an “overweight” rating in a research report on Friday, February 6th. Raymond James Financial reissued a “strong-buy” rating and issued a $211.00 price objective on shares of Intercontinental Exchange in a research report on Tuesday, January 6th. Piper Sandler restated an “overweight” rating and set a $195.00 target price (down from $202.00) on shares of Intercontinental Exchange in a report on Wednesday, January 14th. Deutsche Bank Aktiengesellschaft raised shares of Intercontinental Exchange from a “hold” rating to a “buy” rating and set a $188.00 price target for the company in a research report on Friday, March 6th. Finally, UBS Group reiterated a “buy” rating and issued a $200.00 price target on shares of Intercontinental Exchange in a report on Monday, February 9th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $194.73.

Insider Transactions at Intercontinental Exchange

In other news, CEO Jeffrey C. Sprecher sold 150,000 shares of the stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $155.00, for a total transaction of $23,250,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,651,705 shares in the company, valued at approximately $256,014,275. This represents a 8.33% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Christopher Scott Edmonds sold 11,303 shares of the company’s stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $153.82, for a total transaction of $1,738,627.46. Following the completion of the sale, the insider directly owned 14,266 shares in the company, valued at $2,194,396.12. This represents a 44.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 348,418 shares of company stock worth $54,196,631 over the last three months. Insiders own 1.00% of the company’s stock.

Intercontinental Exchange Stock Up 0.3%

Shares of NYSE:ICE opened at $159.12 on Monday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.64. Intercontinental Exchange Inc. has a 52-week low of $143.17 and a 52-week high of $189.35. The company has a 50 day moving average of $164.52 and a two-hundred day moving average of $162.11. The company has a market capitalization of $90.36 billion, a price-to-earnings ratio of 27.58, a price-to-earnings-growth ratio of 1.72 and a beta of 1.04.

Intercontinental Exchange (NYSE:ICE) last posted its earnings results on Thursday, February 5th. The financial services provider reported $1.71 EPS for the quarter, topping analysts’ consensus estimates of $1.67 by $0.04. The business had revenue of $3.14 billion for the quarter, compared to analysts’ expectations of $2.51 billion. Intercontinental Exchange had a net margin of 26.23% and a return on equity of 13.99%. The business’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.52 earnings per share. As a group, analysts forecast that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current fiscal year.

Intercontinental Exchange Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Wednesday, December 16th will be paid 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 yield of 1.3%. Intercontinental Exchange’s payout ratio is 33.28%.

About Intercontinental Exchange

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.