ATLANTA & NEW YORK – Intercontinental Exchange (NYSE: NYSE:ICE), a prominent global provider of data and technology services, has declared a quarterly dividend increase of 7% for the fourth quarter of 2024. The dividend, announced today, is set at $0.45 per share, up from the $0.42 per share distributed in the final quarter of 2023.
The upcoming dividend is scheduled to be paid on December 31, 2024, to shareholders on record as of December 16, 2024. The date when the stock will trade without the dividend entitlement, also known as the ex-dividend date, is likewise marked for December 16, 2024.
As a Fortune 500 entity, Intercontinental Exchange operates a network of exchanges and clearinghouses for financial markets, including the New York Stock Exchange, and provides data services across various asset classes. Their platforms are integral in trading and clearing energy, environmental products, and other financial instruments.
The company also plays a significant role in the U.S. housing finance system through ICE Mortgage Technology, offering end-to-end solutions that span from consumer engagement to loan servicing.
In the context of this dividend announcement, it is important to note that forward-looking statements have been made regarding ICE's business. These statements are subject to risks and uncertainties that could cause actual results to differ from those projected. Interested parties are advised to consult ICE's filings with the Securities and Exchange Commission (SEC), including the risk factors listed in the company's Annual Report on Form 10-K for the year ended December 31, 2023, for further details.
This news article is based on a press release statement from Intercontinental Exchange.
In other recent news, UBS has updated its U.S. Top Picks list, adding Suncor Energy (NYSE:SU), Bank of America, Truist Financial (NYSE:TFC) Corp., Entergy Corp (NYSE:ETR)., and Sempra Energy (NYSE:SRE), while dropping Intercontinental Exchange (ICE) and Visa (NYSE:V). This shift comes as UBS sees the added companies as better positioned to benefit from current market conditions. In the financial exchange sector, ICE announced plans to extend trading hours on its NYSE Arca equities exchange to 22 hours per weekday, pending regulatory approval. This move aims to cater to the increasing global demand for U.S.-listed securities. ICE reported a 7% increase in net revenues for the second quarter, reaching $2.3 billion, largely driven by strong performances in energy markets and mortgage technology. Analyst firm Raymond James downgraded ICE's rating from Strong Buy to Outperform due to tempered expectations for a cyclical recovery in its mortgage technology business by 2025. Meanwhile, RBC Capital initiated coverage on ICE, assigning an Outperform rating and highlighting potential growth in mortgage technology following the acquisition of Black Knight (BMV:BKIN) Inc. These are some of the recent developments in the financial exchange sector.
InvestingPro Insights
Intercontinental Exchange's recent dividend increase aligns with its strong financial performance and commitment to shareholder returns. According to InvestingPro data, ICE boasts a market capitalization of $89.62 billion, reflecting its significant presence in the financial services sector.
The company's revenue growth is particularly noteworthy, with a 19.67% increase over the last twelve months as of Q2 2024, and an even more impressive 22.72% growth in the most recent quarter. This robust top-line expansion underscores ICE's ability to capitalize on market opportunities and drive business growth.
InvestingPro Tips reveal that ICE has raised its dividend for 12 consecutive years, demonstrating a strong commitment to returning value to shareholders. This consistent dividend growth, coupled with the recent 7% increase, makes ICE an attractive option for income-focused investors.
Moreover, ICE's stock has shown remarkable performance, with a 57.02% total return over the past year. This substantial gain outpaces many of its peers and broader market indices, indicating strong investor confidence in the company's strategic direction and execution.
For those interested in a deeper analysis, InvestingPro offers 11 additional tips that provide further insights into ICE's financial health and market position. These tips can help investors make more informed decisions about their investment in Intercontinental Exchange.
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