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Middlefield Banc Corp. (NASDAQ:MBCN) is set to join the broad-market Russell 3000® Index after the 2023 Russell Indexes annual reconstitution, effective after the U.S. market opens on June 26, according to a preliminary list of additions posted May 19.
"We are pleased to rejoin the Russell 3000®, which reflects the financial and operating growth we have achieved under our long-term strategic plan," stated James R. Heslop II, Middlefield's Chief Executive Officer. "From December 31, 2012, to April 30, 2023, $100 invested in Middlefield's stock has achieved a total return of $292.15 compared to $203.23 for the Nasdaq Bank Index, while our annualized dividend has increased from $0.52 in 2012 to $0.80 currently. We believe our awareness and exposure within the investment community will further increase as a member of the Russell 3000®, and we look forward to pursuing strategies that create long-term value for our shareholders."
The annual reconstitution of the Russell Indexes captures the 4,000 largest U.S. stocks as of April 28, ranking them by total market capitalization. Membership in the U.S. all-cap Russell 3000® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000® Index or small-cap Russell 2000® Index as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its indexes primarily by objective, market-capitalization rankings and style attributes.
Investment managers and institutional investors widely use Russell Indexes for index funds and as benchmarks for active investment strategies. Approximately $12.1 trillion in assets are benchmarked against Russell's U.S. indexes. Russell indexes are part of FTSE Russell, a leading global index provider.
For more information on the Russell 3000® Index and the Russell Indexes reconstitution, go to the "Russell Reconstitution" section on the FTSE Russell website.
Posted In: MBCN
