CORAL GABLES, Fla., April 1, 2022 / PRNewswire / – Miami Herbert Business School’s Florida 50 Index (UMIAMIFL), which is calculated by Standard and Poors (S&P) Custom Indices, finished the first quarter of 2022 at 233.37, down 4.81%, but rose 4.79% during March. In spite of a downturn in the markets, 22 of its companies saw their stock prices rise during this tumultuous first quarter. The broader S&P 500 fell 4.95% and the S&P 1500 also fell 4.99% from January through March.
The Florida index, which tracks all Florida-based firms in the S&P Composite 1500® Index, was established by Miami Herbert’s Department of Accounting with a baseline value of 100 on January 1, 2016.
The firms in the Florida index which boasted 2022 stock gains for the first quarter of 2022:
Tupperware Brands – TUP (+ 27.21%)
ODP Corporation – ODP (+ 16.68%)
L3Harris Technologies – LHX (+ 16.52%)
Rayonier Advanced Materials – RYAM (+ 15.06%)
Ruth’s Hospitality Group – RUTH (+ 14.97%)
St. Joe Company – JOE (+ 13.81%)
Raymond James Financial – RJF (+ 9.47%)
Royal Caribbean Cruises – RCL (+ 8.95%)
Citrix Systems – CTXS (+ 6.67%)
Xenia Hotels & Resorts – XHR (+ 6.52%)
Norwegian Cruise Lines – NCLH (+ 5.50%)
Vector Group Limited – VGR (4.88%)
Travel + Leisure – TNL (+ 4.83%)
Bloomin ‘Brands – BLMN (4.58%)
Bank United – BKU (+ 3.90%)
Brown & Brown – BRO (+ 2.83%)
World Fuel Services – INT (+ 2.15%)
PetMed Express – PETS (+ 2.14%)
Rayonier – RYN (+ 1.88%)
Dycom Industries – DY (+ 1.60%)
Chatham Lodging Trust – CLDT (+ 0.51%)
Carnival Corp – CCL (+ 0.50%)
“The six-year performance of Miami Herbert’s Florida 50 Index shows that even in a market that has rebounded nicely from the volatile first quarter of 2022, Florida-based firms as a cross-section are more than keeping pace with their counterparts across the country, “he said Seth LevineCPA, an accounting program director at the School and creator of the index.
While some of Florida’s publicly-traded companies still haven’t fully recovered from the COVID-19 pandemic, like the trio of cruise lines, several companies have seen their capitalizations more than hold steady. These include Tupperware Brands (consumer products), ODP Corporation (business solutions and retail), L3Harris Technologies (defense and civil government), Rayonier Advanced Materials (cellulose-based technology), Ruth’s Hospitality Group (restaurants), St. Joe Company (real estate), and Raymond James (financial services.)
“The companies that comprise the Florida 50 Index now have a combined market capitalization of over $ 800 billion. Florida’s GDP, which surpassed $ 1 trillion in 2018, rivals that of countries like Spain and Mexicoand thus investors would do well to keep an eye on this index in the future as they weigh their own investment decisions. “
The index is based on the capitalizations of all Florida-based large-, mid- and small-cap companies included in the S&P 1500 index having common stock listed on the NYSE or NASDAQ. It is the first custom S&P Dow Jones index to be owned by a university and the only index that focuses solely on public companies headquartered in an individual US state.
For more about Miami Herbert Business School, visit herbert.miami.edu.
SOURCE Miami Herbert Business School