Groesbeck Investment Management Corp NJ Sells 440 Shares of Intercontinental Exchange Inc. (NYSE:ICE)

Groesbeck Investment Management Corp NJ lowered its position in Intercontinental Exchange Inc. (NYSE:ICE) by 13.9% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 2,723 shares of the financial services provider’s stock after selling 440 shares during the quarter. Groesbeck Investment Management Corp NJ’s holdings in Intercontinental Exchange were worth $470,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of ICE. REAP Financial Group LLC raised its position 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% during the 1st quarter. Tsfg LLC now owns 158 shares of the financial services provider’s stock valued at $27,000 after buying an additional 103 shares in the last quarter. Menard Financial Group LLC purchased a new stake in shares of Intercontinental Exchange during the 4th quarter valued at about $29,000. Rakuten Securities Inc. raised its position in shares of Intercontinental Exchange by 595.8% during the 1st quarter. Rakuten Securities Inc. now owns 167 shares of the financial services provider’s stock valued at $29,000 after buying an additional 143 shares in the last quarter. Finally, Global Trust Asset Management LLC purchased a new stake in shares of Intercontinental Exchange during the 1st quarter valued at about $31,000. Institutional investors own 89.30% of the company’s stock.

Intercontinental Exchange Stock Up 0.8%

Shares of NYSE:ICE opened at $183.11 on Friday. Intercontinental Exchange Inc. has a 52-week low of $139.61 and a 52-week high of $183.76. The stock has a market cap of $105.04 billion, a P/E ratio of 37.91, a price-to-earnings-growth ratio of 1.98 and a beta of 1.11. The business’s 50 day moving average is $177.16 and its 200 day moving average is $166.50. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.62.

Intercontinental Exchange (NYSE:ICE) last announced its quarterly earnings data on Thursday, May 1st. The financial services provider reported $1.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.70 by $0.02. Intercontinental Exchange had a return on equity of 13.27% and a net margin of 22.84%. The company had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.44 billion. During the same quarter in the prior year, the firm earned $1.48 earnings per share. Intercontinental Exchange’s revenue was up 8.0% compared to the same quarter last year. Sell-side analysts predict that Intercontinental Exchange Inc. will post 6.73 EPS for the current year.

Intercontinental Exchange Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were given a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 1.05%. Intercontinental Exchange’s dividend payout ratio (DPR) is presently 39.75%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on ICE shares. Keefe, Bruyette & Woods upped their target price on shares of 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 upped their target price on Intercontinental Exchange from $181.00 to $192.00 and gave the company an “equal weight” rating in a research note on Monday, May 5th. Barclays upped their target price on Intercontinental Exchange from $189.00 to $198.00 and gave the company an “overweight” rating in a research note on Friday, May 2nd. Finally, Bank of America cut their target price on Intercontinental Exchange from $237.00 to $230.00 and set a “buy” rating on the stock in a research note on Wednesday, April 2nd. Three analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $188.46.

Insiders Place Their Bets

In related news, SVP Douglas Foley sold 1,600 shares of the company’s stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $177.48, for a total transaction of $283,968.00. Following the completion of the sale, the senior vice president directly owned 27,313 shares in the company, valued at $4,847,511.24. This represents a 5.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Jeffrey C. Sprecher sold 150,000 shares of the company’s stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $179.22, for a total value of $26,883,000.00. Following the sale, the chief executive officer owned 2,101,705 shares of the company’s stock, valued at $376,667,570.10. This trade represents a 6.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 228,749 shares of company stock worth $40,942,387. Insiders own 1.00% of the company’s stock.

Intercontinental Exchange Company Profile

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.