First Advantage Set to Join S&P SmallCap 600

Rhea-AI Summary

First Advantage (NASD: FA) will join the S&P SmallCap 600 effective before market open on June 16, 2026, replacing Kennedy-Wilson Holdings (KW), which is being acquired by a consortium led by its CEO and Fairfax Financial Holdings, pending final closing conditions.

AI-generated analysis. Not financial advice.

Positive

• First Advantage added to S&P SmallCap 600 effective June 16, 2026
• Classified in the Industrials sector within the S&P SmallCap 600 index

Negative

• None.

News Market Reaction – FA

+6.17%

20 alerts

+6.17% News Effect

+4.1% Peak in 14 hr 43 min

+$169M Valuation Impact

$2.90B Market Cap

0.8x Rel. Volume

On the day this news was published, FA gained 6.17%, reflecting a notable positive market reaction. Argus tracked a peak move of +4.1% during that session. Our momentum scanner triggered 20 alerts that day, indicating elevated trading interest and price volatility. This price movement added approximately $169M to the company's valuation, bringing the market cap to $2.90B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Effective date: June 16, 2026 Index size: 600 Index brand: 500 +1 more

4 metrics

Effective date June 16, 2026 Date FA joins S&P SmallCap 600

Index size 600 S&P SmallCap 600 index

Index brand 500 S&P 500 index reference

First index year 1884 Year Charles Dow created first index

Peers on Argus

Sector scanner did not flag a broad move. Peers such as CBZ (0.41%), ABM (2.35%)...

Sector scanner did not flag a broad move. Peers such as CBZ (0.41%), ABM (2.35%), AZZ (5.35%), TIC (5.7%), and UNF (1.4%) showed individual gains, suggesting stock-specific factors for FA rather than a sector-wide rotation.

Historical Context

5 past events · Latest: May 8 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
May 8	Investor conferences	Neutral	+1.3%	Announced participation in four investor conferences with webcasts and meetings.
May 7	Earnings results	Positive	+23.1%	Q1 2026 revenue growth, strong margins, debt reduction and guidance reaffirmation.
Apr 16	Earnings date notice	Neutral	+3.6%	Set date and time for Q1 2026 results and investor conference call.
Mar 13	Industry trends report	Positive	-1.7%	Released 2026 global screening trends highlighting rising demand and expansion plans.
Mar 2	Investor conferences	Neutral	+0.6%	Planned participation in two March investor conferences with webcasts and meetings.

Pattern Detected

Recent FA news has mostly seen price moves aligned with the underlying news tone, with one divergence on a broadly positive trends report.

Recent Company History

Over the past few months, First Advantage has focused on investor engagement and solid execution. Q1 2026 results on May 7 showed revenue growth and reaffirmed full‑year 2026 guidance, and the stock reacted positively. Multiple conference appearances in March–June 2026 reinforced visibility. A March trends report on background screening was fundamentally positive but saw a modest negative move, showing not all constructive updates translate into immediate upside.

Regulatory & Risk Context

Short Interest: 16.85%

Short Interest

16.85% of shares outstanding

as of 2026-05-29 Days to cover: 20.29

Market Pulse Summary

The stock moved +6.2% in the session following this news. A strong positive reaction aligns with the...

Analysis

The stock moved +6.2% in the session following this news. A strong positive reaction aligns with the constructive nature of joining the S&P SmallCap 600, which can influence index-tracking and benchmark-aware investors. Past news, such as the Q1 2026 earnings beat and guidance reaffirmation, also drew favorable responses. However, not every positive update led to gains, as seen with the March trends report, so enthusiasm around index inclusion could moderate if fundamentals or future disclosures disappoint.

Key Terms

s&p smallcap 600, gics sector, s&p dow jones indices, s&p 500, +1 more

5 terms

s&p smallcap 600 financial

"June 16, 2026 | S&P SmallCap 600 | Addition | First Advantage | FA | Industrials"

A stock market index made up of 600 small-cap U.S. companies chosen to represent the performance of smaller publicly traded firms. It matters to investors because it acts like a temperature gauge for the small-company segment of the market, serving as a benchmark for fund managers, a basis for index funds and ETFs, and a way to compare returns and risk when building a diversified portfolio.

gics sector financial

"Effective Date | Index Name | Action | Company Name | Ticker | GICS Sector"

GICS sector is one of the major industry groupings from the Global Industry Classification Standard, a system that sorts companies into consistent categories (like Technology or Health Care) based on the primary business they do. Investors use these sectors like folders in a filing cabinet to compare companies, build diversified portfolios, and track how whole parts of the market are performing rather than focusing on single stocks.

s&p dow jones indices financial

"ABOUT S&P DOW JONES INDICESS&P Dow Jones Indices is the largest global resource"

S&P Dow Jones Indices is the organization that creates and maintains widely used stock market benchmarks, such as broad market and sector indexes. Think of it as the scorekeeper that measures how groups of stocks are performing; investors and fund managers use these benchmarks to compare results, build passive funds and ETFs, and gauge overall market health, so index changes can affect investment flows and portfolio strategies.

s&p 500 financial

"home to iconic financial market indicators, such as the S&P 500® and the Dow"

The S&P 500 is a broad stock market index that tracks the performance of 500 large U.S. companies, weighted so bigger firms have a larger impact. Investors use it like a thermometer or benchmark to judge how the overall U.S. stock market or a portfolio is doing; movements in the index influence investor sentiment, fund performance, and many passive investment products that aim to match its returns.

dow jones industrial average financial

"such as the S&P 500® and the Dow Jones Industrial Average®."

A stock market index that tracks the share prices of a small group of large, well-known companies to give a quick snapshot of how the broader market is doing. Think of it like a thermometer for the stock market: it uses a handful of heavyweight firms as representative samples to show whether investor sentiment is rising or falling, which helps investors gauge market trends and compare performance over time.

AI-generated analysis. Not financial advice.

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NEW YORK, June 11, 2026 /PRNewswire/ -- First Advantage Corporation (NASD: FA) will replace Kennedy-Wilson Holdings Inc. (NYSE: KW) in the S&P SmallCap 600 effective prior to the opening of trading on Tuesday, June 16. A consortium led by KW's CEO with Fairfax Financial Holdings Limited (TSE: FFH) is acquiring Kennedy-Wilson Holdings in a deal expected to close soon, pending final closing conditions.

Following is a summary of the changes that will take place prior to the open of trading on the effective date:

Effective Date	Index Name		Action	Company Name	Ticker	GICS Sector
June 16, 2026	S&P SmallCap 600	Addition		First Advantage	FA	Industrials
June 16, 2026	S&P SmallCap 600	Deletion		Kennedy-Wilson Holdings	KW	Real Estate

ABOUT S&P DOW JONES INDICES

S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.

S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit www.spglobal.com/spdji/en/.

FOR MORE INFORMATION:

S&P Dow Jones Indices
index_services@spglobal.com 

Media Inquiries
spdji.comms@spglobal.com 

 

View original content:https://www.prnewswire.com/news-releases/first-advantage-set-to-join-sp-smallcap-600-302798639.html

SOURCE S&P Dow Jones Indices

FAQ

What change was announced for First Advantage (FA) in the S&P SmallCap 600 on June 16, 2026?

First Advantage will be added to the S&P SmallCap 600 index on June 16, 2026. According to S&P Dow Jones Indices, FA will join as an Industrials sector component, replacing Kennedy-Wilson Holdings before the market opens.

Why is Kennedy-Wilson Holdings (KW) being removed from the S&P SmallCap 600 index?

Kennedy-Wilson Holdings will be removed from the S&P SmallCap 600 because it is being acquired. According to S&P Dow Jones Indices, a consortium led by KW’s CEO with Fairfax Financial Holdings is buying the company, with closing pending final conditions.

When will First Advantage (FA) officially join the S&P SmallCap 600 index?

First Advantage will join the S&P SmallCap 600 before the market opens on June 16, 2026. According to S&P Dow Jones Indices, all index changes, including the FA addition and KW deletion, take effect at the open that day.

Which sector will First Advantage (FA) represent in the S&P SmallCap 600 index?

First Advantage will be classified in the Industrials sector within the S&P SmallCap 600 index. According to S&P Dow Jones Indices, FA is listed as an Industrials company in the table summarizing the June 16, 2026 index changes.

Who is acquiring Kennedy-Wilson Holdings (KW), which First Advantage (FA) will replace in the S&P SmallCap 600?

Kennedy-Wilson Holdings is being acquired by a consortium led by its CEO and Fairfax Financial Holdings. According to S&P Dow Jones Indices, the deal is expected to close soon, subject to final closing conditions, prompting KW’s removal from the index.