Federated Hermes Inc. Trims Position in i3 Verticals, Inc. (NASDAQ:IIIV)

Federated Hermes Inc. cut its holdings in shares of i3 Verticals, Inc. (NASDAQ:IIIV) by 25.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 56,292 shares of the company’s stock after selling 19,311 shares during the quarter. Federated Hermes Inc. owned 0.17% of i3 Verticals worth $1,389,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of IIIV. Forager Capital Management LLC purchased a new position in shares of i3 Verticals during the 4th quarter valued at approximately $17,626,000. Harbor Capital Advisors Inc. purchased a new position in shares of i3 Verticals during the 1st quarter valued at approximately $6,711,000. Cramer Rosenthal Mcglynn LLC increased its holdings in shares of i3 Verticals by 32.3% during the 4th quarter. Cramer Rosenthal Mcglynn LLC now owns 276,530 shares of the company’s stock valued at $6,371,000 after purchasing an additional 67,489 shares in the last quarter. Legato Capital Management LLC grew its stake in i3 Verticals by 34.0% in the 1st quarter. Legato Capital Management LLC now owns 246,184 shares of the company’s stock valued at $6,073,000 after acquiring an additional 62,460 shares during the period. Finally, New York State Common Retirement Fund grew its stake in i3 Verticals by 32.0% in the 1st quarter. New York State Common Retirement Fund now owns 232,153 shares of the company’s stock valued at $5,727,000 after acquiring an additional 56,320 shares during the period. 84.22% of the stock is owned by hedge funds and other institutional investors.

i3 Verticals Trading Up 1.1%

Shares of IIIV opened at $28.41 on Thursday. i3 Verticals, Inc. has a 52-week low of $20.42 and a 52-week high of $30.10. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.02. The firm’s fifty day moving average is $26.96 and its two-hundred day moving average is $25.95. The stock has a market cap of $943.78 million, a PE ratio of 6.46 and a beta of 1.32.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Morgan Stanley dropped their price target 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 reissued a “buy” rating and issued a $33.00 price target on shares of i3 Verticals in a research note on Monday, June 16th. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $29.57.

Insider Buying and Selling at i3 Verticals

In other i3 Verticals news, CFO Geoffrey C. Smith sold 8,404 shares of i3 Verticals 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 sale, the chief financial officer owned 55,000 shares of the company’s stock, valued at $1,460,800. The trade was a 13.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Robert Burton Harvey sold 71,860 shares of i3 Verticals stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $24.81, for a total transaction of $1,782,846.60. Following the sale, the director directly owned 11,285 shares in the company, valued at approximately $279,980.85. This trade represents a 86.43% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 377,261 shares of company stock worth $9,374,552. Company insiders own 59.07% of the company’s stock.

About i3 Verticals

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.