Raymond James Financial Inc. Makes New Investment in i3 Verticals, Inc. (NASDAQ:IIIV)

Raymond James Financial Inc. purchased a new position in shares of i3 Verticals, Inc. (NASDAQ:IIIV - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 577,832 shares of the company's stock, valued at approximately $13,313,000. Raymond James Financial Inc. owned 1.72% of i3 Verticals at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Barclays PLC increased its stake in i3 Verticals by 112.3% during the 3rd quarter. Barclays PLC now owns 41,036 shares of the company's stock worth $873,000 after buying an additional 21,709 shares during the period. Long Path Partners LP grew its holdings in i3 Verticals by 61.5% during the 3rd quarter. Long Path Partners LP now owns 933,098 shares of the company's stock worth $19,884,000 after acquiring an additional 355,392 shares in the last quarter. State Street Corp grew its holdings in i3 Verticals by 0.5% during the 3rd quarter. State Street Corp now owns 495,943 shares of the company's stock worth $10,569,000 after acquiring an additional 2,664 shares in the last quarter. New York State Common Retirement Fund grew its holdings in i3 Verticals by 1,855.9% during the 4th quarter. New York State Common Retirement Fund now owns 175,833 shares of the company's stock worth $4,051,000 after acquiring an additional 166,843 shares in the last quarter. Finally, Equitable Trust Co. acquired a new position in i3 Verticals during the 4th quarter worth $746,000. Hedge funds and other institutional investors own 84.22% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on IIIV. Morgan Stanley raised their price objective on shares of i3 Verticals from $22.00 to $27.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 12th. KeyCorp raised their price objective on shares of i3 Verticals from $27.00 to $32.00 and gave the stock an "overweight" rating in a report on Monday, February 10th. DA Davidson raised their price objective on shares of i3 Verticals from $32.00 to $34.00 and gave the stock a "buy" rating in a report on Monday, February 10th. Finally, BMO Capital Markets lifted 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. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $29.86.

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i3 Verticals Stock Performance

Shares of NASDAQ IIIV traded up $0.19 during midday trading on Friday, hitting $24.77. The company's stock had a trading volume of 567,128 shares, compared to its average volume of 217,685. i3 Verticals, Inc. has a 1-year low of $18.75 and a 1-year high of $29.80. The firm's fifty day moving average price is $25.60 and its 200-day moving average price is $23.98. The firm has a market cap of $819.24 million, a P/E ratio of 5.52 and a beta of 1.52.

i3 Verticals (NASDAQ:IIIV - Get Free Report) last posted its quarterly earnings results on Thursday, February 6th. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.05). i3 Verticals had a net margin of 41.85% and a return on equity of 3.36%. As a group, research analysts predict that i3 Verticals, Inc. will post 0.9 earnings per share for the current fiscal year.

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.