Earnest Partners LLC Lowers Stake in Intercontinental Exchange Inc. $ICE

Earnest Partners LLC reduced its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE) by 3.0% in the third quarter, according to its most recent filing with the SEC. The fund owned 750,842 shares of the financial services provider’s stock after selling 22,933 shares during the period. Earnest Partners LLC owned approximately 0.13% of Intercontinental Exchange worth $126,502,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Elevation Point Wealth Partners LLC raised its position in Intercontinental Exchange by 164.9% during the third quarter. Elevation Point Wealth Partners LLC now owns 4,419 shares of the financial services provider’s stock valued at $745,000 after purchasing an additional 2,751 shares in the last quarter. CSM Advisors LLC purchased a new position in shares of Intercontinental Exchange in the 3rd quarter worth about $1,404,000. Capitolis Liquid Global Markets LLC purchased a new position in shares of Intercontinental Exchange in the 3rd quarter worth about $4,591,000. Clark Capital Management Group Inc. increased its position in shares of Intercontinental Exchange by 15.7% during the 3rd quarter. Clark Capital Management Group Inc. now owns 1,499 shares of the financial services provider’s stock valued at $253,000 after purchasing an additional 203 shares during the last quarter. Finally, Community Bank N.A. bought a new position in shares of Intercontinental Exchange during the 3rd quarter valued at about $69,000. 89.30% of the stock is currently owned by hedge funds and other institutional investors.

Intercontinental Exchange Trading Up 0.3%

Shares of ICE stock opened at $159.12 on Friday. The business has a 50-day moving average of $164.52 and a 200 day moving average of $162.21. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.02 and a quick ratio of 1.02. Intercontinental Exchange Inc. has a 1-year low of $143.17 and a 1-year high of $189.35. The stock has a market capitalization of $90.36 billion, a PE ratio of 27.58, a P/E/G ratio of 1.72 and a beta of 1.03.

Intercontinental Exchange (NYSE:ICE) last announced its quarterly 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. Intercontinental Exchange had a return on equity of 13.99% and a net margin of 26.23%.The business had revenue of $3.14 billion for the quarter, compared to analysts’ expectations of $2.51 billion. During the same period in the previous year, the firm earned $1.52 EPS. The business’s quarterly revenue was up 7.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current year.

Intercontinental Exchange Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Wednesday, December 16th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend is Wednesday, December 16th. Intercontinental Exchange’s payout ratio is presently 36.05%.

Analyst Ratings Changes

A number of analysts recently weighed in on ICE shares. Barclays set a $193.00 target price on Intercontinental Exchange and gave the stock an “overweight” rating in a research report on Friday, February 6th. Royal Bank Of Canada reiterated an “outperform” rating and set a $180.00 price target on shares of Intercontinental Exchange in a research report on Tuesday, January 6th. Wall Street Zen raised shares of Intercontinental Exchange from a “sell” rating to a “hold” rating in a research note on Saturday, February 7th. Morgan Stanley set a $183.00 price objective on shares of Intercontinental Exchange and gave the stock an “equal weight” rating in a report on Tuesday, February 10th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $195.00 price objective (down from $202.00) on shares of Intercontinental Exchange in a research note on Wednesday, January 14th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $194.73.

Insider Buying and Selling

In related news, CTO Mayur Kapani sold 15,213 shares of the company’s stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $155.02, for a total transaction of $2,358,319.26. Following the completion of the sale, the chief technology officer directly owned 64,869 shares in the company, valued at $10,055,992.38. This represents a 19.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, President Benjamin Jackson sold 12,861 shares of the stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $165.00, for a total transaction of $2,122,065.00. Following the sale, the president directly owned 165,692 shares of the company’s stock, valued at $27,339,180. The trade was a 7.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 348,418 shares of company stock valued at $54,196,631 over the last quarter. Company insiders own 1.00% of the company’s stock.

Intercontinental Exchange Profile

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.