The who’s hot, who’s not list of the country’s top 3,000 stocks includes a tiny pocket of Cajun flair again this year with the parent companies of Iberia and MidSouth banks both making the cut.
The Russell 3000 index, used by investors worldwide as a go-to for annual stock performance, included only two Louisiana banks this year, both of which are headquartered in Lafayette. MidSouth has been named on the list as a top 3,000 stock for the past three years; IberiaBank has made the list for at least the past two consecutive years.
This year, the financial services firm removed 104 companies from its list, including Lafayette’s Home Bank, to make room for 186 companies that were added to the 2011 index, according to Russell’s website:
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for both passive and active investment strategies. An industry-leading $3.9 trillion in institutional assets currently are benchmarked to them. These investment tools originated from Russell’s multi-manager investment business in the early 1980s when the company saw the need for a more objective, market-driven set of benchmarks in order to evaluate outside investment managers.
MidSouth President and CEO Rusty Cloutier says in a press release that a nod on the Russell 3000 list “validates” the bank’s presence in the market.
“It is especially gratifying that we are in such elite company in the state, to receive this vote of confidence,” Cloutier says.
Health care, financial services and technology firms comprised the bulk of the Russell index, according to a Seattle business journal, and though the list represents a $16.7 trillion market cap, financial institutions aren’t playing an influential role in the stock market’s stunning growth over the last year:
Though banks and others in the financial industry are starting to make money again, their stock prices are still in the doldrums.
Some experts and industry watchers have speculated that uncertainty surrounding new banking regulations and the hangover from the massive bailouts of banks are part of the problem.
Read more here.
New menu items ready for the Lenten season
The Cane Fire Film Series screens “MaidenTrip” on Monday, March 10, at the AcA.
Acadiana's nightlife guide.
The vibe of the tribe done modern
The Louisiana Workforce Commission said Friday that initial claims rose to 2,125 from the previous week's total of 1,964. There were 2,887 initial claims during the comparable week in 2013.
The Board of Elementary and Secondary Education has stalled action on a $3.5 billion annual school funding formula due to state lawmakers by March 15.
The New Orleans Saints have yet to make it official as of this writing, but popular wide receiver Lance Moore has reportedly been cut by the team to free up salary-cap space on the roster.
While two medical marijuana bills are slated for the upcoming legislative session, what some Louisianans might not know is that the plant was approved for therapeutic use by state lawmakers in 1991.
The agenda is shaping up to be lighter than in previous years. But Jindal is term-limited, with fewer than two years remaining in office, and he saw his last big initiative — a proposed rewrite of Louisiana tax law — collapse without getting a vote in 2013.
Sharper has been held without bail because of an arrest warrant issued by Louisiana authorities accusing him and another man of raping two women.
Here's your daily look at late-breaking national and international news, upcoming events and the stories that will be talked about Friday, March 07, 2014:
Two Lafayette men have been revealed by police as the infamous duo behind a caper that shook our fair city to its core.
She’s the daughter of the legendary Johnny Cash, but she’s been a gifted artist in her own right for three decades, and she’s coming to Lafayette.
The Lafayette Parish School Board has received a second letter of demand related to last year’s insurance debacle, this time from Key Benefit Administrators claiming it’s owed $93,000 from the school system.
Acadiana's nightlife guide.
The Louisiana coastline is vanishing faster than mappers can keep track.
A bill that would have overridden local ordinances prohibiting public and private employers from discriminating against lesbian, gay and transgender people has been pulled within less than a week of being filed.
The panel that selects nominees for a controversial New Orleans area flood control board — a board that is suing more than 90 oil, gas and pipeline companies — is set to discuss legislation affecting its independence.
State prison officials cannot keep secret the seller and manufacturer of the two drugs purchased for executions at the Louisiana State Penitentiary, a federal judge ruled Wednesday.
State lawmakers will not appeal a judge's ruling that it was improper to use $3.7 million from a probation and parole officers' retirement fund to balance the state's operating budget.
Prepare yourselves for sun
Acadiana's nightlife guide.
Conservatives have been losing their minds over this satirical bit on the Colbert Report.
Due to the chaos of Mardi Gras and the weather, the entry deadline for this year's INDesign Awards has been extended by one week.
The Lafayette Parish School Board leaves a lot to be desired, but is scrapping the election process in favor of an appointed board the answer?
Queen Evangline and King Gabriel ruled Tuesday night
The House approved legislation Tuesday night to roll back a recently enacted overhaul of the federal flood insurance program, after homeowners in flood-prone areas complained about sharp premium increases.
IND Style does Gabriel
Newsy bits for the fam
The NFL has formally designated New Orleans' Jimmy Graham as a tight end for the purposes of his franchise tag value, which is now set at $7.05 million next season unless Graham and the Saints subsequently agree on a long-term deal.