Principal Financial Group Inc. Buys New Shares in i3 Verticals, Inc. (NASDAQ:IIIV)

Principal Financial Group Inc. purchased a new stake in i3 Verticals, Inc. (NASDAQ:IIIV) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 50,796 shares of the company’s stock, valued at approximately $1,253,000. Principal Financial Group Inc. owned approximately 0.15% of i3 Verticals as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in IIIV. Mirae Asset Global Investments Co. Ltd. increased its stake in i3 Verticals by 2,744.4% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,048 shares of the company’s stock valued at $51,000 after buying an additional 1,976 shares during the period. Squarepoint Ops LLC acquired a new position in i3 Verticals in the 4th quarter valued at approximately $294,000. NBC Securities Inc. increased its stake in i3 Verticals by 112,500.0% in the 1st quarter. NBC Securities Inc. now owns 1,126 shares of the company’s stock valued at $27,000 after buying an additional 1,125 shares during the period. Swiss National Bank increased its stake in i3 Verticals by 2.0% in the 4th 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 during the period. Finally, Rhumbline Advisers increased its stake in i3 Verticals by 2.2% in the 1st quarter. Rhumbline Advisers now owns 36,331 shares of the company’s stock valued at $896,000 after buying an additional 786 shares during the period. Hedge funds and other institutional investors own 84.22% of the company’s stock.

i3 Verticals Stock Down 1.3%

Shares of NASDAQ IIIV opened at $28.63 on Friday. The stock has a market cap of $951.09 million, a P/E ratio of 6.51 and a beta of 1.24. The firm has a 50 day moving average price of $26.17 and a 200 day moving average price of $25.53. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.18 and a current ratio of 1.18. i3 Verticals, Inc. has a 52-week low of $20.42 and a 52-week high of $30.10.

Insider Activity at i3 Verticals

In related news, 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 owned 260,657 shares in the company, valued at approximately $6,466,900.17. This represents a 45.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Geoffrey C. Smith sold 8,404 shares of the stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $26.56, for a total transaction of $223,210.24. Following the transaction, 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 disclosure for this sale can be found here. Insiders have sold 377,261 shares of company stock worth $9,374,552 over the last ninety days. 59.07% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Benchmark reiterated a “buy” rating and issued a $33.00 target price on shares of i3 Verticals in a research note on Monday, June 16th. Morgan Stanley lowered 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. Two equities 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. According to data from MarketBeat, the stock 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.