Russell Reconstitution Impact on Financial Stock

June 11, 2012 11:31 AM EDT
Analysts at KBW commented on the Russell reconstitution impact on financial stocks. After the close Friday, Russell posted its first preliminary list of adds and deletes to the Russell Indexes. The reconstitution will occur after the market closes on June 22nd.

KBW believes the most impacted (at least 2 days of expected volume impact) Russell financials are:

R1000 (buy-side): CBOE Holdings, Inc. (Nasdaq: CBOE) and The Howard Hughes Corporation (NYSE: HHC).

R2000 (buy-side): Bridge Bancorp, Inc. (Nasdaq: BDGE), Saul Centers Inc. (NYSE: BFS), BGC Partners, Inc. (Nasdaq: BGCP), Center Bancorp Inc. (Nasdaq: CNBC), Cowen Group, Inc. (Nasdaq: COWN), Crexus Investment Corp. (NYSE: CXS), Encore Capital Group, Inc. (Nasdaq: ECPG), Epoch Investment Partners, Inc. (Nasdaq: EPHC), Enstar Group Limited (Nasdaq: ESGR), Evercore Partners Inc. (NYSE: EVR), Fidus Investment Corporation (Nasdaq: FDUS), Financial Engines, Inc. (Nasdaq: FNGN), Golub CapitaL (Nasdaq: GBDC), Greenlight Capital Re, Ltd. (Nasdaq: GLRE), Griffin Land & Nurseries Inc. (Nasdaq: GRIF), Hallmark Financial Services Inc. (Nasdaq: HALL), HFF, Inc. (NYSE: HF), HomeStreet, Inc. (Nasdaq: HMST), Summit Hotel Properties, Inc. (NYSE: INN), Intersections Inc. (Nasdaq: INTX), Kite Realty Group Trust (NYSE: KRG), Kennedy-Wilson Holdings, Inc. (NYSE: KW), Lakeland Bancorp Inc. (Nasdaq: LBAI), Medley Capital Corporation (NYSE: MCC), Moneygram International Inc. (NYSE: MGI), AG Mortgage Investment Trust, Inc. (Nasdaq: MITT), MarketAxess Holdings Inc. (Nasdaq: MKTX), Mission West Properties Inc. (Nasdaq: MSW), Nelnet, Inc. (NYSE: NNI), Primerica, Inc. (NYSE: PRI), RLJ Lodging Trust (NYSE: RLJ), Sandy Spring Bancorp Inc. (Nasdaq: SASR), THL Credit, Inc. (Nasdaq: TCRD), Tompkins Financial Corporation (NYSE: TMP), Tejon Ranch Co. (NYSE: TRC), Universal Insurance Holdings Inc. (NYSE: UVE), WesBanco Inc. (Nasdaq: WSBC), and Whitestone REIT (NYSE: WSR).

R2000 (sell-side): Federal Agricultural Mortgage Corp. (NYSE: AGM), Alterra Capital Holdings Limited (Nasdaq: ALTE), Bank Mutual Corporation (Nasdaq: BKMU), Sierra Bancorp (Nasdaq: BSRR), Baldwin & Lyons Inc. (Nasdaq: BWINB), Cass Information Systems Inc. (Nasdaq: CASS), Capital Bank Corporation (Nasdaq: CBKN), Capital City Bank Group Inc. (Nasdaq: CCBG), California First National Bancorp (Nasdaq: CFNB), Charter Financial Corp. (Nasdaq: CHFN), Crawford & Company (NYSE: CRD-B), Consolidated Tomoka Land Co. (NYSE: CTO), CIFC Corp. (NYSE: DFR), The First Bancorp, Inc. (Nasdaq: FNLC), Franklin Financial Corporation (Nasdaq: FRNK), Heritage Commerce Corp. (Nasdaq: HTBK), Independence Holding Co. (NYSE: IHC), Infinity Property and Casualty Corp. (Nasdaq: IPCC), Kansas City Life Insurance Company (Nasdaq: KCLI), Midsouth Bancorp Inc. (NYSE: MSL), Northfield Bancorp, Inc. (Staten Island, NY) (Nasdaq: NFBK), National Health Investors Inc. (NYSE: NHI), Nicholas Financial Inc. (Nasdaq: NICK), New Mountain Finance Corporation (Nasdaq: NMFC), Peoples Bancorp Inc. (Nasdaq: PEBO), Presidential Life Corp. (Nasdaq: PLFE), Safety Insurance Group Inc. (Nasdaq: SAFT), iStar Financial Inc. (NYSE: SFI), Sun Bancorp Inc. (Nasdaq: SNBC), Taylor Capital Group Inc. (Nasdaq: TAYC), TriCo Bancshares (Nasdaq: TCBK), Urstadt Biddle Properties Inc. (NYSE: UBA), Value Line, Inc. (Nasdaq: VALU), Virtus Investment Partners, Inc. (Nasdaq: VRTS), and Walker & Dunlop, Inc. (NYSE: WD).

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