Medallion Financial Corp. Set to Join Russell 3000® Index
Medallion Financial Corp. (NASDAQ: MFIN) will join the Russell 3000® Index, effective July 1, 2024. This inclusion follows the annual Russell US Indexes reconstitution, based on market capitalization as of April 30. Membership in the Russell 3000® Index ensures automatic inclusion in the Russell 1000® or Russell 2000® Index and relevant growth and value style indexes. Medallion's entry into this index highlights its growth and strategic transformation into a leading lender. Approximately $10.5 trillion in assets are benchmarked against the Russell US indexes, used widely by investment managers and institutional investors.
- Inclusion in the Russell 3000® Index indicates Medallion Financial's recent growth and improved financial performance.
- Automatic inclusion in the Russell 1000® or Russell 2000® Index broadens Medallion’s investment exposure.
- Approximately $10.5 trillion in assets are benchmarked against the Russell US indexes, enhancing Medallion's visibility among institutional investors.
- Recognition of Medallion’s strategic transformation into a leading consumer and commercial lender.
- No immediate financial benefit; inclusion in the Russell 3000® Index does not guarantee increased revenue or profit.
- Potential for increased volatility as shares might be subject to more active trading by index funds and institutional investors.
NEW YORK, May 28, 2024 (GLOBE NEWSWIRE) -- Medallion Financial Corp. (NASDAQ: MFIN, “Medallion” or the “Company”), a specialty finance company that originates and services loans in various consumer and commercial industries, along with offering loan origination services to fintech strategic partners, today announced that it is set to join the broad-market Russell 3000 Index at the conclusion of the 2024 Russell US Indexes annual reconstitution, effective at the open of US equity markets on Monday, July 1, according to a preliminary list of additions posted Friday, May 24.
The annual Russell US Indexes reconstitution captures the 4,000 largest US stocks as of Tuesday, April 30th, ranking them by total market capitalization. Membership in the US 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 Russell indexes primarily by objective, market-capitalization rankings, and style attributes.
“Inclusion in the Russell 3000® Index is welcomed recognition of Medallion Financial’s growth and financial performance over the past few years after a successful strategic transformation into a leading consumer and commercial lender,” said Andrew Murstein, President and Chief Operating Officer of Medallion. “We remain extremely focused on executing on our strategy and delivering outstanding shareholder value. We look forward to introducing Medallion to a broader segment of the investment community through our inclusion in this prominent index.”
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. According to the data as of the end of December 2023, about
About Medallion Financial Corp.
Medallion Financial Corp. (NASDAQ:MFIN) and its subsidiaries originate and service a growing portfolio of consumer loans and mezzanine loans in various industries. Key industries served include recreation (towable RVs and marine) and home improvement (replacement roofs, swimming pools, and windows). Medallion Financial Corp. is headquartered in New York City, NY, and its largest subsidiary, Medallion Bank, is headquartered in Salt Lake City, Utah. For more information, please visit www.medallion.com.
About FTSE Russell:
FTSE Russell is a leading global provider of benchmarking, analytics, and data solutions for investors, giving them a precise view of the market relevant to their investment process. A comprehensive range of reliable and accurate indexes provides investors worldwide with the tools they require to measure and benchmark markets across asset classes, styles, or strategies.
FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. For over 30 years, leading asset owners, asset managers, ETF providers and investment banks have chosen FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products, and index-based derivatives.
FTSE Russell is focused on applying the highest industry standards in index design and governance, employing transparent rules-based methodology informed by independent committees of leading market participants. FTSE Russell fully embraces the IOSCO Principles, and its Statement of Compliance has received independent assurance. Index innovation is driven by client needs and customer partnerships, allowing FTSE Russell to continually enhance the breadth, depth and reach of its offering.
FTSE Russell is wholly owned by London Stock Exchange Group.
For more information, visit https://www.lseg.com/en/ftse-russell.
Forward-Looking Statements
Please note that this press release contains forward-looking statements that involve risks and uncertainties relating to business performance, cash flow, net interest income and expenses, other expenses, earnings, growth, and our growth strategy. These statements are often, but not always, made using words or phrases such as “will” and “continue” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These statements relate to future public announcements of our earnings, the impact of the pending SEC litigation, expectations regarding our loan portfolio, including collections on our medallion loans, the potential for future asset growth, and market share opportunities. Medallion’s actual results may differ significantly from the results discussed in such forward-looking statements. For example, statements about the effects of the current economy, whether inflation or the risk of recession, operations, financial performance and prospects constitute forward-looking statements and are subject to the risk that the actual impacts may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond Medallion’s control. In addition to risks relating to the current economy, a description of certain risks to which Medallion is or may be subject, including risks related to the pending SEC litigation, please refer to the factors discussed under the heading “Risk Factors” in Medallion’s 2023 Annual Report on Form 10-K.
Medallion Financial Contact:
Investor Relations
212-328-2176
InvestorRelations@medallion.com
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