Medallion Financial Corp. Set to Join Russell 3000® Index
28 Maio 2024 - 9:30AM
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 $10.5 trillion in assets are
benchmarked against the Russell US indexes, which belong to FTSE
Russell, a prominent global index provider.
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
Medallion Financial (NASDAQ:MFIN)
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