Horizon Bancorp (NASDAQ: HBNC) announced today it has been selected to join the broad-market Russell 3000® Index and Russell Global Index when Russell Investments reconstitutes its comprehensive set of U.S. and global equity indexes on June 25 th according to a preliminary list of additions posted by Russell Investments on June 8.
“Joining the Russell 3000® Index represents a significant milestone in Horizon Bancorp’s 139 year history,” said Craig M. Dwight, President and CEO. “It is a direct result of our Company’s consistent year over year growth and strong financial performance which, in turn, has driven the increased value investors have assigned to Horizon’s stock and the subsequent market capitalization increase. This has been a long-term goal of the Company, and it is extremely gratifying to have achieved it in what continues to be a challenging environment for banks.”
“Membership in a group of companies that serve as a global benchmark for corporate performance is also a tribute to our employees, whose work and dedication have enabled us to grow and build the Horizon Bank franchise. It is an honor to be considered one of the top 3000 largest U.S. publicly traded companies in the United States as determined by the Russell 3000® index.”
Annual reconstitution of Russell’s U.S. indexes captures the largest U.S. stocks as of the end of May, ranking them by total market capitalization. Russell determines membership for its equity indexes primarily by objective, market-capitalization rankings and style attributes. The Russell 3000 serves as the U.S. component to the Russell Global Index.According to Russell, its indices are widely used by investment managers and institutional investors worldwide for index funds and as benchmarks for both passive and active investment strategies. In the institutional marketplace, $3.9 trillion in assets are benchmarked to them. Russell calculates more than 80,000 benchmarks daily covering approximately 98 percent of the investable market globally, 83 countries and more than 10,000 securities.