Raymond James Financial Inc. Cuts Stake in i3 Verticals, Inc. $IIIV

Key Points

• Raymond James Financial Inc. reduced its stake in i3 Verticals, Inc. by 3.3%, now holding 558,805 shares worth approximately $13.8 million after selling 19,027 shares.
• Several institutional investors have made significant changes to their holdings in i3 Verticals, including NBC Securities Inc. increasing its stake by 112,500% in the first quarter.
• Analysts have upgraded price targets for i3 Verticals, with Benchmark setting a new target of $39.00, indicating strong confidence in the company’s performance.

Raymond James Financial Inc. decreased its position in shares of i3 Verticals, Inc. (NASDAQ:IIIV - Free Report) by 3.3% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 558,805 shares of the company's stock after selling 19,027 shares during the quarter. Raymond James Financial Inc. owned about 1.69% of i3 Verticals worth $13,786,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. NBC Securities Inc. grew its position in shares of 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. Mirae Asset Global Investments Co. Ltd. grew its position in shares of i3 Verticals by 2,744.4% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,048 shares of the company's stock worth $51,000 after buying an additional 1,976 shares during the period. Meeder Asset Management Inc. acquired a new stake in shares of i3 Verticals during the 1st quarter worth approximately $151,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of i3 Verticals by 11.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 7,926 shares of the company's stock worth $196,000 after buying an additional 796 shares during the period. Finally, Gilliland Jeter Wealth Management LLC acquired a new stake in shares of i3 Verticals during the 1st quarter worth approximately $207,000. Institutional investors and hedge funds own 84.22% of the company's stock.

i3 Verticals Stock Performance

IIIV traded down $1.21 during mid-day trading on Wednesday, reaching $29.42. 194,036 shares of the stock were exchanged, compared to its average volume of 252,138. The stock has a market capitalization of $949.24 million, a PE ratio of 5.64 and a beta of 1.30. The company has a 50 day moving average price of $29.49 and a two-hundred day moving average price of $26.64. i3 Verticals, Inc. has a 1 year low of $20.42 and a 1 year high of $33.44.

Wall Street Analyst Weigh In

Several analysts recently issued reports on IIIV shares. Benchmark reissued a "buy" rating and issued a $39.00 price target (up previously from $33.00) on shares of i3 Verticals in a research report on Monday, August 11th. DA Davidson lifted their price target on shares of i3 Verticals from $34.00 to $39.00 and gave the company a "buy" rating in a research report on Wednesday, August 13th. Morgan Stanley lifted their price target on shares of i3 Verticals from $25.00 to $30.00 and gave the company an "equal weight" rating in a research report on Tuesday, August 12th. Finally, Stephens lifted their price target on shares of i3 Verticals from $35.00 to $40.00 and gave the company an "overweight" rating in a research report on Monday, August 11th. Four equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $34.33.

Insider Transactions at i3 Verticals

In related news, CRO Paul Christians sold 1,890 shares of the business's stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $31.40, for a total value of $59,346.00. Following the transaction, the executive directly owned 43,110 shares of the company's stock, valued at approximately $1,353,654. The trade was a 4.20% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Timothy Mckenna sold 6,882 shares of the business's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $31.81, for a total transaction of $218,916.42. Following the completion of the transaction, the director directly owned 3,876 shares in the company, valued at $123,295.56. This trade represents a 63.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. 59.07% of the stock is currently owned by insiders.

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.