Cullen Investment Group LTD. Sells 16,001 Shares of i3 Verticals, Inc. (NASDAQ:IIIV)

Cullen Investment Group LTD. cut its stake in i3 Verticals, Inc. (NASDAQ:IIIV - Free Report) by 31.3% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 35,044 shares of the company's stock after selling 16,001 shares during the quarter. Cullen Investment Group LTD. owned about 0.11% of i3 Verticals worth $865,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in IIIV. Barclays PLC lifted its stake in i3 Verticals by 112.3% in the third quarter. Barclays PLC now owns 41,036 shares of the company's stock valued at $873,000 after buying an additional 21,709 shares during the last quarter. New York State Common Retirement Fund grew its position in i3 Verticals by 1,855.9% during the fourth quarter. New York State Common Retirement Fund now owns 175,833 shares of the company's stock worth $4,051,000 after buying an additional 166,843 shares during the period. Swiss National Bank increased its position in shares of i3 Verticals by 2.0% in the fourth quarter. Swiss National Bank now owns 46,700 shares of the company's stock valued at $1,076,000 after buying an additional 900 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of i3 Verticals by 2.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 66,350 shares of the company's stock valued at $1,529,000 after buying an additional 1,404 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of i3 Verticals in the fourth quarter valued at $13,313,000. Hedge funds and other institutional investors own 84.22% of the company's stock.

Insider Activity

In related news, CFO Geoffrey C. Smith sold 8,404 shares of the company's stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $26.56, for a total transaction of $223,210.24. Following the completion of the transaction, the chief financial officer now directly owns 55,000 shares in the company, valued at $1,460,800. This represents a 13.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director David M. Wilds sold 218,400 shares of the stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $24.81, for a total transaction of $5,418,504.00. Following the completion of the transaction, the director now owns 260,657 shares of the company's stock, valued at approximately $6,466,900.17. This represents a 45.59% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 377,261 shares of company stock worth $9,374,552. Corporate insiders own 59.07% of the company's stock.

i3 Verticals Price Performance

Shares of IIIV traded down $0.40 during trading hours on Monday, reaching $24.31. 132,639 shares of the company's stock traded hands, compared to its average volume of 242,384. i3 Verticals, Inc. has a twelve month low of $18.77 and a twelve month high of $29.80. The business's fifty day simple moving average is $25.05 and its two-hundred day simple moving average is $24.85. The firm has a market capitalization of $807.51 million, a price-to-earnings ratio of 5.41 and a beta of 1.31.

Analyst Upgrades and Downgrades

Several analysts have commented on IIIV shares. KeyCorp lifted their price target on i3 Verticals from $27.00 to $32.00 and gave the company an "overweight" rating in a report on Monday, February 10th. DA Davidson upped their target price on i3 Verticals from $32.00 to $34.00 and gave the company a "buy" rating in a research report on Monday, February 10th. BMO Capital Markets upped their price target on shares of i3 Verticals from $22.00 to $26.00 and gave the company a "market perform" rating in a report on Monday, February 10th. Finally, Morgan Stanley dropped their price target on i3 Verticals from $27.00 to $25.00 and set an "equal weight" rating on the stock in a research report on Tuesday, May 13th. Two research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $29.57.

i3 Verticals Profile

i3 Verticals, Inc provides integrated payment and software solutions primarily to the public sector and healthcare markets in the United States. It operates in two segments, Software and Services, and Merchant Services. The company offers payment processing services that enables upper and lower court case management, collections, finance and accounting, motor vehicle and carrier registration, e-filing and taxation, license plate inventory, property tax management, utility billing, professional licensing, document workflow, and law enforcement software; assists public schools in completing payment processing functions, including accepting payments for online or at school lunches, and school activities.