July 3, 2017 – The University of Miami’s Florida 50 Index, a bellwether on the state’s economy, gained 7.2% in the second quarter of 2017, outperforming both the S&P 500 and S&P 1500 by more than double. The Florida 50 index, which tracks all Florida firms in the S&P Composite 1500® Index, beat the S&P 500 by 4.63% and the S&P 1500 by 4.74% for the quarter. For the year, the Florida 50 Index was up 18.33% compared to 8.24% for the S&P 500 and 7.81% for the S&P 1500.
The top-10 Florida performers for the second quarter included PetMed Express Inc., up 102.58%; ILG Inc., up 31.87%; WellCare Health Plans Inc., up 28.07%; Office Depot Inc., up 21.44%; PGT Innovations Inc., up 19.07%; Marriott Vacations Worldwide Corp., up 18.18%; CSX Corp., up 17.64%; Rayonier Advanced Materials Inc., up 17.40%; Parkway Inc., up 15.59%; and Sykes Enterprises Inc., up 14.05%.
“The 12 largest companies in the Florida 50 Index have a combined market capitalization of almost $300 billion. 10 of these 12 companies have boasted double-digit returns year-to-date, with seven of the 12 boasting returns of more than 20%,” said Seth Levine, an accounting lecturer at the University of Miami School of Business Administration, which owns the Florida 50 Index. “The strong performance of FP&L’s parent company, NextEra Energy, railroad conglomerate CSX Industries, cruise companies Carnival and Royal Caribbean, Darden Restaurants, and real estate leader Lennar each contributed to helping the index outperform the S&P 500 for the first two quarters of 2017.”
The University of Miami’s Florida 50 Index, which was established by the School of Business Administration 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 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 the ticker symbol UMIAMIFL through the S&P website at: www.umiamifl.com. The performance can be monitored in real time on Yahoo Finance. The full list of index components can be found here.