Cortland Advisers LLC Has $76.51 Million Position in Intercontinental Exchange Inc (ICE)
Cortland Advisers LLC decreased its position in Intercontinental Exchange Inc (NYSE:ICE) by 7.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,084,305 shares of the financial services provider’s stock after selling 86,729 shares during the quarter. Intercontinental Exchange accounts for about 3.5% of Cortland Advisers LLC’s holdings, making the stock its 12th biggest holding. Cortland Advisers LLC’s holdings in Intercontinental Exchange were worth $76,508,000 at the end of the most recent reporting period.
Other large investors have also recently modified their holdings of the company. Pinnacle Wealth Planning Services Inc. acquired a new stake in Intercontinental Exchange during the fourth quarter worth approximately $109,000. Valeo Financial Advisors LLC raised its holdings in Intercontinental Exchange by 257.6% during the fourth quarter. Valeo Financial Advisors LLC now owns 1,627 shares of the financial services provider’s stock worth $115,000 after purchasing an additional 1,172 shares in the last quarter. SeaCrest Wealth Management LLC acquired a new stake in Intercontinental Exchange during the fourth quarter worth approximately $122,000. Cerebellum GP LLC acquired a new stake in Intercontinental Exchange during the fourth quarter worth approximately $127,000. Finally, Americafirst Capital Management LLC acquired a new stake in Intercontinental Exchange during the third quarter worth approximately $145,000. 89.72% of the stock is currently owned by hedge funds and other institutional investors.
In other news, insider Thomas W. Farley sold 18,046 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $73.97, for a total transaction of $1,334,862.62. Following the transaction, the insider now directly owns 86,293 shares in the company, valued at $6,383,093.21. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Dean S. Mathison sold 2,570 shares of the firm’s stock in a transaction that occurred on Wednesday, January 3rd. The stock was sold at an average price of $69.77, for a total transaction of $179,308.90. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 194,201 shares of company stock worth $14,255,783. Insiders own 1.50% of the company’s stock.
Intercontinental Exchange (NYSE:ICE) last announced its earnings results on Wednesday, February 7th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.01. The business had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.15 billion. Intercontinental Exchange had a net margin of 43.09% and a return on equity of 10.83%. The company’s revenue for the quarter was up .5% compared to the same quarter last year. During the same period last year, the firm posted $0.71 earnings per share. research analysts predict that Intercontinental Exchange Inc will post 3.56 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Thursday, September 13th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Wednesday, September 12th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.32%. Intercontinental Exchange’s dividend payout ratio (DPR) is presently 18.87%.
A number of analysts have weighed in on ICE shares. Argus reissued a “buy” rating and set a $67.00 price objective (down previously from $80.00) on shares of Intercontinental Exchange in a report on Friday, February 9th. Bank of America cut their price objective on shares of Intercontinental Exchange from $83.00 to $82.00 and set a “buy” rating on the stock in a report on Thursday, February 8th. Berenberg Bank started coverage on shares of Intercontinental Exchange in a report on Thursday, January 25th. They set a “buy” rating and a $90.00 price objective on the stock. Zacks Investment Research raised shares of Intercontinental Exchange from a “hold” rating to a “buy” rating and set a $78.00 price objective on the stock in a report on Wednesday, January 3rd. Finally, JPMorgan Chase & Co. raised shares of Intercontinental Exchange from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $76.00 to $83.00 in a report on Tuesday, February 20th. Three research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $76.62.
About Intercontinental Exchange
Intercontinental Exchange Inc, formerly IntercontinentalExchange Group, Inc, is a network of regulated exchanges and clearing houses for financial and commodity markets. The Company delivers transparent and accessible data, technology and risk management services to markets around the world through its portfolio of exchanges, including the New York Stock Exchange, ICE Futures, Liffe and Euronext.
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