Intercontinental Exchange Inc (NYSE:ICE) announced a quarterly dividend on Thursday, February 8th, Wall Street Journal reports. Investors of record on Thursday, September 13th will be paid a dividend of 0.24 per share by the financial services provider on Friday, September 28th. This represents a $0.96 dividend on an annualized basis and a yield of 1.41%. The ex-dividend date is Wednesday, September 12th.
Intercontinental Exchange has increased its dividend payment by an average of 15.4% per year over the last three years and has increased its dividend every year for the last 4 years. Intercontinental Exchange has a dividend payout ratio of 27.2% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Intercontinental Exchange to earn $3.97 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 20.2%.
Shares of Intercontinental Exchange (NYSE ICE) traded up $1.19 during trading hours on Friday, reaching $68.19. 1,017,769 shares of the company were exchanged, compared to its average volume of 2,690,867. The company has a market capitalization of $39,770.00, a PE ratio of 16.03, a price-to-earnings-growth ratio of 2.43 and a beta of 0.63. Intercontinental Exchange has a 1 year low of $56.97 and a 1 year high of $76.14. The company has a quick ratio of 1.01, a current ratio of 0.99 and a debt-to-equity ratio of 0.25.
In related news, Vice Chairman Charles A. Vice sold 7,500 shares of the company’s stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $71.93, for a total value of $539,475.00. Following the completion of the sale, the insider now owns 377,471 shares in the company, valued at approximately $27,151,489.03. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Jean Marc Forneri sold 8,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 6th. The shares were sold at an average price of $70.68, for a total transaction of $565,440.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 48,910 shares of company stock valued at $3,579,672. 1.50% of the stock is owned by insiders.
Intercontinental Exchange announced that its Board of Directors has authorized a share buyback program on Thursday, November 2nd that allows the company to buyback $1.20 billion in shares. This buyback authorization allows the financial services provider to purchase up to 3.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.
A number of analysts recently weighed in on ICE shares. UBS Group raised their target price on shares of Intercontinental Exchange from $73.00 to $80.00 and gave the stock a “buy” rating in a report on Friday, November 3rd. Argus restated a “buy” rating and set a $67.00 target price (down from $80.00) on shares of Intercontinental Exchange in a report on Friday. Bank of America reduced their target price on shares of Intercontinental Exchange from $83.00 to $82.00 and set a “buy” rating for the company in a report on Thursday. 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 target price for the company. Finally, Zacks Investment Research upgraded shares of Intercontinental Exchange from a “hold” rating to a “buy” rating and set a $78.00 target price for the company in a report on Wednesday, January 3rd. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Intercontinental Exchange currently has a consensus rating of “Buy” and a consensus price target of $76.08.
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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