Klingenstein Fields & Co. LLC trimmed its position in shares of Intercontinental Exchange Inc (NYSE:ICE) by 6.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 18,400 shares of the financial services provider’s stock after selling 1,275 shares during the quarter. Klingenstein Fields & Co. LLC’s holdings in Intercontinental Exchange were worth $1,386,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. Morgan Stanley raised its holdings in shares of Intercontinental Exchange by 28.9% in the second quarter. Morgan Stanley now owns 1,024,897 shares of the financial services provider’s stock valued at $75,380,000 after buying an additional 229,857 shares during the last quarter. Cubist Systematic Strategies LLC lifted its position in shares of Intercontinental Exchange by 53.7% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 7,482 shares of the financial services provider’s stock valued at $550,000 after acquiring an additional 2,613 shares during the last quarter. CENTRAL TRUST Co raised its holdings in shares of Intercontinental Exchange by 12.8% during the third quarter. CENTRAL TRUST Co now owns 18,766 shares of the financial services provider’s stock worth $1,406,000 after acquiring an additional 2,125 shares in the last quarter. Atria Investments LLC raised its holdings in Intercontinental Exchange by 4.0% during the third quarter. Atria Investments LLC now owns 17,877 shares of the financial services provider’s stock valued at $1,339,000 after buying an additional 692 shares in the last quarter. Finally, Investment House LLC increased its stake in Intercontinental Exchange by 0.5% during the third quarter. Investment House LLC now owns 177,461 shares of the financial services provider’s stock valued at $13,290,000 after acquiring an additional 800 shares during the period. 89.80% of the stock is owned by institutional investors and hedge funds.
In related news, Vice Chairman Charles A. Vice sold 35,000 shares of the company’s stock in a transaction that occurred on Friday, January 4th. The shares were sold at an average price of $75.26, for a total value of $2,634,100.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Andrew J. Surdykowski sold 2,500 shares of the company’s stock in a transaction dated Monday, January 28th. The shares were sold at an average price of $75.42, for a total transaction of $188,550.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 108,700 shares of company stock valued at $8,408,568. Company insiders own 1.50% of the company’s stock.
Intercontinental Exchange (NYSE:ICE) last announced its quarterly earnings results on Thursday, February 7th. The financial services provider reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.02. The company had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.29 billion. Intercontinental Exchange had a return on equity of 12.23% and a net margin of 31.68%. The firm’s revenue was up 14.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.73 earnings per share. On average, research analysts expect that Intercontinental Exchange Inc will post 3.83 EPS for the current year.
Intercontinental Exchange announced that its Board of Directors has initiated a share buyback program on Wednesday, October 31st that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 4.8% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 1.43%. The ex-dividend date of this dividend is Friday, September 13th. Intercontinental Exchange’s dividend payout ratio (DPR) is presently 26.74%.
Several research analysts have recently weighed in on the company. Zacks Investment Research downgraded Intercontinental Exchange from a “buy” rating to a “hold” rating in a research note on Monday, January 14th. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $85.50 price objective on shares of Intercontinental Exchange in a research note on Monday. Wells Fargo & Co reissued a “hold” rating on shares of Intercontinental Exchange in a research note on Thursday, February 7th. Citigroup upgraded Intercontinental Exchange from a “neutral” rating to a “buy” rating and set a $75.63 price objective on the stock in a research report on Tuesday, January 22nd. Finally, Barclays lifted their price objective on shares of Intercontinental Exchange from $82.00 to $85.00 and gave the stock an “overweight” rating in a research note on Thursday, November 1st. Three analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $85.78.
About Intercontinental Exchange
Intercontinental Exchange, Inc operates regulated exchanges, clearing houses, and listings venues for financial and commodity markets in the United States, the United Kingdom, Continental Europe, Asia, Israel, and Canada. It operates through two segments, Trading and Clearing; and Data and Listings. The company operates marketplaces for listing, trading, and clearing an array of derivatives and securities contracts across various asset classes, including energy and agricultural commodities, interest rates, equities, equity and credit derivatives, exchange traded funds, bonds, and currencies.
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