Federated Hermes Inc. Reduces Holdings in i3 Verticals, Inc. (NASDAQ:IIIV)

Federated Hermes Inc. lowered its position in i3 Verticals, Inc. (NASDAQ:IIIV - Free Report) by 25.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 56,292 shares of the company's stock after selling 19,311 shares during the quarter. Federated Hermes Inc. owned about 0.17% of i3 Verticals worth $1,389,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Gamco Investors INC. ET AL increased its position in shares of i3 Verticals by 0.5% during the fourth quarter. Gamco Investors INC. ET AL now owns 92,516 shares of the company's stock valued at $2,132,000 after acquiring an additional 475 shares during the last quarter. Invesco Ltd. increased its stake in i3 Verticals by 2.6% during the 4th quarter. Invesco Ltd. now owns 25,292 shares of the company's stock worth $583,000 after buying an additional 649 shares during the period. Sei Investments Co. increased its stake in i3 Verticals by 5.7% during the 4th quarter. Sei Investments Co. now owns 14,294 shares of the company's stock worth $329,000 after buying an additional 770 shares during the period. Rhumbline Advisers increased its stake in i3 Verticals by 2.2% during the 1st quarter. Rhumbline Advisers now owns 36,331 shares of the company's stock worth $896,000 after buying an additional 786 shares during the period. Finally, NBC Securities Inc. increased its stake in i3 Verticals by 112,500.0% during the 1st quarter. NBC Securities Inc. now owns 1,126 shares of the company's stock worth $27,000 after buying an additional 1,125 shares during the period. Hedge funds and other institutional investors own 84.22% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on IIIV shares. Morgan Stanley cut their target price on shares of i3 Verticals from $27.00 to $25.00 and set an "equal weight" rating on the stock in a research note on Tuesday, May 13th. Benchmark reaffirmed a "buy" rating and set a $33.00 target price on shares of i3 Verticals in a research note on Monday, June 16th. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $29.57.

Insider Activity

In other i3 Verticals news, Director John C. Harrison sold 78,597 shares of the company's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $24.81, for a total transaction of $1,949,991.57. Following the completion of the transaction, the director owned 3,876 shares in the company, valued at approximately $96,163.56. This represents a 95.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Geoffrey C. Smith sold 8,404 shares of the stock in a transaction dated 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 sale, the chief financial officer directly owned 55,000 shares in the company, valued at approximately $1,460,800. The trade was a 13.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 377,261 shares of company stock worth $9,374,552. Insiders own 59.07% of the company's stock.

i3 Verticals Stock Up 11.3%

NASDAQ IIIV traded up $3.21 on Friday, hitting $31.71. 581,537 shares of the stock were exchanged, compared to its average volume of 288,709. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.02. i3 Verticals, Inc. has a fifty-two week low of $20.42 and a fifty-two week high of $32.33. The company has a market cap of $1.05 billion, a PE ratio of 6.07 and a beta of 1.32. The company has a 50-day moving average price of $27.15 and a 200-day moving average price of $26.04.

i3 Verticals Company 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.