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.
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Hashtag, retweet, like, share and do whatever else it takes to get in good today with the jolly man in red.
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Here's your daily look at late-breaking national and international news, upcoming events and the stories that will be talked about Tuesday, December 10, 2013:
For the first time in at least five years, retired teachers, state workers and school system employees could see an increase in their pension checks.
Lawmakers and Gov. Bobby Jindal's administration shared a collective sigh of relief with the news that Louisiana's tax amnesty program brought in the $200 million that they used to help balance this year's budget.
Drew Brees often makes the extraordinary look routine, particularly during night games in the Superdome.
The Cane Fire Film Series will be screening The Savoy King, a feature documentary on Swing-era drummer-bandleader Chick Webb, Ella Fitzgerald, and Harlems Savoy Ballroom.
The teams were extended invitations Sunday for the New Year's Day matchup played at Raymond James Stadium, home of the NFL's Tampa Bay Buccaneers.
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Let ’em know and you could win a $250 night out.