Virginia companies join Russell indexes
Two Virginia companies, Virginia Beach-based real estate company Armada Hoffler Properties Inc. and Springfield-based project management company Versar Inc., have been added to prominent stock indexes.
Armada Hoffler Properties was added to the Russell 2000, Russell 3000 and Russell Global indexes after Russell Investments recently rebalanced its comprehensive set of stock indexes.
Meanwhile, Versar Inc. has joined the Russell Microcap Index.
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for investment strategies.
“Our company’s inclusion in the widely followed Russell Indexes is an important acknowledgment for us following our recent May 2013 listing on the New York Stock Exchange and further positions our story to appeal to the broader investment community,” Louis Haddad, the CEO of Armada Hoffler Properties, said in a statement.
Russell calculates more than 700,000 benchmarks daily covering about 98 percent of the investable market globally, 80 countries and more than 10,000 securities. Approximately $4.1 trillion in assets are benchmarked to the Russell Indexes.
Annual reconstitution of Russell Indexes captures the 4,000 largest U.S. stocks as of the end of May, ranking them by total market capitalization to create the Russell 3000 Index and Russell Microcap.
“We are very pleased to have been selected for inclusion on the Russell Microcap Index. Our company has achieved solid financial performance during the last 18 months and we believe our inclusion as a benchmark company for the Russell Microcap Index is recognition of our achievements,” Tony Otten, Versar’s CEO, said in a statement.
Armada Hoffler Properties develops, builds, owns and manages office, retail and multifamily properties in markets throughout the mid-Atlantic states.
Versar provides services to government and commercial clients in the construction management, environmental services, munitions response, and professional services areas.