The Trump rally has been good to Raymond James Financial and two other companies, which are set to join the S&P 500 index next Monday.
“Based on our review of the market’s progress – the S&P 500 is up 5.5% since the start of the year and 19% over the last 12 months – the Index Committee has revised the market cap guidelines for the S&P 500, S&P MidCap 400 and S&P SmallCap 600,” said David M. Blitzer, chairman of S&P’s Index Committee, in a statement.
As a result of the market’s movement, the market capitalization of Raymond James, Advanced Micro Devices and Alexandria Real Estate Equities has risen above $10 billion for each company, pushing the three firms into the S&P 500. Moving out of the S&P 500 and into the S&P MidCap 400 are Urban Outfitters, Frontier Communications and First Solar.
“These figures, which refer to total, not float adjusted market value, are reviewed from time to time. The previous change took place in the summer of 2014,” according to Blitzer.
Raymond James will be part of the GICS Investment Banking and Brokerage Sub-Industry Index of the S&P 500.
“We are honored to be included with this prestigious group of companies,” said Chairman & CEO Paul Reilly, in a statement.
“This represents a significant milestone for Raymond James, and a major accomplishment for our Chairman Emeritus Tom James, who brought Raymond James public more than 30 years ago, as well as the many current and past advisors and associates who have built this company to its current place among our industry’s leaders,” Reilly added. “Our addition to the S&P 500, like all of our corporate achievements, would not be possible without our client-first culture and the dedicated people who work here.”