DNB Financial Corporation, the parent of DNB First, and Malvern’s Recro Pharma, a revenue generating specialty pharmaceutical company focused on therapeutics for hospital and other acute care settings, have been added as members of the broad-market Russell 3000 Index.
The annual reconstitution of the Russell indexes captures the 4,000 largest U.S. stocks as of the end of May, ranking them by total market capitalization.
Membership in the Russell 3000 Index, which remains in place for one year, means automatic inclusion in the small-cap Russell 2000 Index, as well as the appropriate growth and value style indexes. Membership in the Russell indexes is determined primarily by objective, market-capitalization rankings and style attributes.
“Our inclusion in the Russell 3000 is an important milestone that reflects the solid growth DNB has achieved over the past several years, including our successful acquisition and integration of East River Bank in 2016,” said William J. Hieb, DNB Financial’s President and CEO. “The Russell indexes are widely followed within the investment community, and we believe our inclusion will lead to increased liquidity in our stock and greater awareness for our company as an attractive investment.
“We look forward to the opportunity this provides to share our story as a high-performing bank with a broader investor audience.”
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $8.4 trillion in assets are benchmarked against Russell’s U.S. indexes.