The Miami Herbert Business School’s Florida 50 Index (UMIAMIFL), which is calculated by Standard and Poors (S&P) Custom Indices, rose 11.70% year-to-date. Like the broader markets, 30 of its companies had stock gains, while the benchmark S&P 500 rose 23.31% and the S&P 1500 rose 22.24% during this same period.
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.
Here are the top-performing publicly traded companies within the Florida index for 2024:
- GEO Group Inc – GEO (+158.36%)
- MasTec, Inc – MTZ (+79.79%)
- Royal Caribbean Cruises Ltd – RCL (+78.15%)
- Dycom Industries Inc – DY (+51.24%)
- Brown & Brown Inc – BRO (+43.47%)
- Chewy - CHWY (+41.73%)
- Pediatrix Medical Group, Inc. – MD (+41.08%)
- Raymond James Financial Inc – RJF (+39.31%)
- Ryder System Inc – R (+36.33%)
- Fidelity National Information Services – FIS (+34.46%)
- Carnival Corp – CCL (+34.41%)
- HCI Group Inc – HCI (+33.33%)
- Universal Insurance Holdings, Inc – UVE (+31.79%)
- Travel + Leisure Co – TNL (+29.06%)
- Norwegian Cruise Lines – NCLH (+28.39%)
- Catalyst Pharmaceuticals – CPRX (+24.15%)
- Affiliated Managers Group Inc – AMG (+22.12%)
- World Kinect Corporation – WKU (+20.76%)
- Carrier Global Corporation – CARR (+18.82%)
- NextEra Energy Inc NEE – (+18.03%)
The University of Miami’s Florida 50 Index, 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 with 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 focusing 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.
Six diversified newcomers have joined the index within the past year:
- Chewy, the pet supply e-commerce company based in Plantation
- Dream Finders Homes, the homebuilding company based in Jacksonville
- Hertz Global Holdings, the vehicle rental company based in Estero
- Hilton Grand Vacations, the timeshare company based in Orlando
- Marathon Digital Holdings, the digital asset technology company based in Fort Lauderdale
- Southstate Corporation, the bank holding company based in 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 the ticker symbol ^UMIAMIFL, is calculated by S&P Dow Jones Custom Indices, and its performance can be monitored in real-time via Yahoo Finance.
