Miami Herbert Business School’s Florida 50 Index (UMIAMIFL), which is calculated by Standard and Poors (S&P) Custom Indices, finished the first half of 2024 up 5.53% and up 7.59% since June of 2023. In concert with most of the broader markets, 27 of its companies saw their stock prices rise during this very bullish first half. The benchmark S&P 500 rose 14.48% and the S&P 1500 rose 13.53% from January through June.
The Florida index, which tracks all Florida-based firms in the S&P Composite 1500® Index, was established by the Department of Accounting with a baseline value of 100 on January 1, 2016.
The firms in the Florida index which boasted stock gains for the six months of 2024:
- Dycom Industries Inc – DY (+46.63%)
- MasTec, Inc – MTZ (+41.30%)
- GEO Group Inc – GEO (+32.59%)
- Brown & Brown Inc – BRO (+25.73%)
- Fidelity National Information Services – FIS (+25.45%)
- Royal Caribbean Cruises Ltd – RCL (+23.12%)
- Universal Insurance Holdings – UVE (+17.40%)
- NextEra Energy Inc NEE – (+16.58%)
- Travel + Leisure Co TNL – (+15.07%)
- World Kinect Corporation – WKC (+13.26%)
- Raymond James Financial Inc – RJF (+10.86%)
- Carrier Global Corporation – CARR (+9.80%)
- Watsco Inc – WSO (+8.11%)
- Ryder System Inc – R (+7.67%)
- L3Harris Technologies Inc – LHX (+6.63%)
- AutoNation Inc – AN (+6.13%)
- HCI Group Inc – HCI (+5.46%)
- Xenia Hotels & Resorts, Inc. – XHR (+5.21%)
- Celsius Holdings – CELH (+4.71%)
- Roper Technologies Inc – ROP (+3.39%)
- Affiliated Managers Group Inc – AMG (+3.18%)
- National Beverage Corp – FIZZ (+3.06%)
- TopBuild Corp – BLD (+2.94%)
- Marriott Vacations Worldwide – VAC (+2.86%)
- Carnival Corp – CCL (+0.97%)
- Hilton Grand Vacations – HGV (+0.62%)
- Lennar Corp – LEN (+0.56%)
The University of Miami’s Florida 50 Index, which was established by the Miami Herbert Business School in 2016, 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 recent performance of the Miami Herbert Business School’s Florida 50 Index shows that even in a market that has rebounded nicely from the volatility of 2020 and 2022, Florida-based firms as a cross section are more than keeping pace with their counterparts across the country.” said Dr. Seth Levine, CPA, Senior Lecturer in accounting at the School and creator of the index.
Four diversified newcomers have joined the index within the past year:
- Hertz Global Holdings, the vehicle rental company based out of Estero
- Hilton Grand Vacations, the timeshare company based out of Orlando
- Marathon Digital Holdings, the digital asset technology company based out of Fort Laurderdale
- Southstate Corporation, the bank holding company based out of Winter Haven
“The companies that comprise the Florida 50 Index now have a combined market capitalization of close to $900 billion. Florida’s Gross Domestic Product (GDP), which surpassed $1.3 trillion in 2023, 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 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.
