Miami Herbert Business School’s Florida 50 Stock Index (UMIAMIFL) doubles for first time, closing at 208.41

Miami Herbert Business School’s Florida 50 Stock Index (UMIAMIFL) doubles for first time, closing at 208.41

By Marlen Lebish

Miami Herbert Business School’s Florida 50 Stock Index (UMIAMIFL) doubles for first time, closing at 208.41

By Marlen Lebish
Miami Herbert’s Florida 50 Index (UMIAMIFL) finished 2020 with a modest gain of 9.83%, and 20 of its companies saw their stock prices rise by over 20%.
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. During the five years since its launch, the Florida 50 has more than doubled, with an increase of 108.41%. By comparison, the broader S&P 500 rose 83.77% and the S&P 1500 gained 82.16%. This represents a gain for the Florida 50 index of 15.82% per year on an annualized basis versus annualized gains of 12.94% and 12.74% for the S&P 500 and the S&P 1500, respectively.

“The five-year performance of the Miami Herbert Business School’s Florida 50 Index shows that even in a market that has rebounded nicely from the tumultuous first half of 2020, Florida-based firms as a cross section are more than keeping pace with their counterparts across the country.” said Seth Levine, CPA, accounting program director at the School and creator of the index.

The 20 firms in the Florida index which boasted annual stock increases of over 20% were:
  • Tupperware Brands Corp. – TUP (+277.51%)
  • Carrier Global Corp. – CARR (+214.33%)
  • The St. Joe Company – JOE (+114.07%)
  • MarineMax Inc. – HZO (+109.89%)
  • NeoGenomics, Inc. – NEO (+84.07%)
  • TopBuild Corp. – BLD (+78.58%)
  • Rayonier Advanced Materials Inc. – RYAM (+69.79%)
  • National Beverage Corp. – FIZZ (+66.41%)
  • Dycom Industries Inc. – DY (+60.17%)
  • AutoNation Inc. – AN (+43.51%)
  • Faro Technologies Inc. – FARO (+40.28%)
  • Lennar Corp. – LEN (+36.64%)
  • PGT Innovations Inc. – PGTI (+36.42%)
  • PetMed Express Inc. – PETS (+36.31%)
  • NextEra Energy Inc. – NEE (+27.44%)
  • Watsco Inc. – WSO (+25.76%)
  • CSX Corp. – CSX (+25.41%)
  • Roper Technologies Inc. – ROP (+21.70%)
  • Brown & Brown Inc. – BRO (+20.09%)
  • Affiliated Managers Group Inc. – AMG (20.01%)

While Florida’s publicly traded companies still haven’t, as a whole, recovered from the losses of the first two quarters of 2020, several companies have seen their capitalizations soar during the COVID-19 pandemic. These include Tupperware Brands Corp., Fuller, NaturCare, Nutrimetics and Nuvo. Tupperware’s market capitalization grew by 278% during the year – the largest gain of any company on the Florida 50 Index.

“The 12 largest companies in the Florida 50 Index have a combined market capitalization of over $300 billion. Florida’s Gross Domestic Product (GDP), which surpassed $1 trillion in 2018, rivals that of countries like Spain and Mexico, and 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 very 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 U.S. state.

The index is available under ticker symbol UMIAMIFL, is calculated by S&P Dow Jones Custom Indices, and its performance can be monitored in real time via Yahoo Finance.