Intercontinental Exchange announces Board approval of new $1.2 billion repurchase authorization

Intercontinental Exchange (NYSE:ICE), a  operator of global exchanges and clearing houses and provider of data and listings services, announced its Board of Directors has authorized a new share repurchase program and its quarterly dividend of $0.20.

The new $1.2 billion authorization, effective January 1, 2018, represents a twenty percent increase from the company’s previous repurchase authorization of $1 billion which it expects to exhaust by the end of 2017. Through October 31, 2017, ICE has repurchased $792 million of its common stock at an average price of $62.39.

ICE’s fourth quarter 2017 dividend is payable on December 29, 2017 to stockholders of record as of December 14, 2017. The ex-dividend date is December 13, 2017. Upon paying the fourth quarter dividend, ICE will have paid out $475 millionin dividends during 2017, a 16% increase versus 2016.

Said ICE CFO, Scott Hill:

We continue to grow our earnings and cash flow which support increased capital returns even as we invest in key strategic assets that will help us better serve our customers and drive increased shareholder value. We remain committed to a disciplined balance of investments to drive future growth and increased capital returns as we grow.

The share repurchase program is intended to be implemented through purchases made from time to time using a variety of methods, which may include open market purchases or purchases through a Rule 10b5-1 trading plan, all in accordance with Securities and Exchange Commission and other applicable legal requirements. The timing, prices and sizes of purchases will depend upon prevailing stock prices, general economic and market conditions and other considerations. The repurchase program does not obligate ICE to acquire any particular amount of common stock and the repurchase program may be suspended or discontinued at any time at ICE’s discretion.

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