Shares of FB Financial and CoreCivic booked solid gains Wednesday after the team at S&P Dow Jones Indices included them in a few benchmark adjustments.
S&P’s indexers said FB Financial, the downtown-based parent of FirstBank, will be added to their SmallCap 600 index before trading opens Monday. FB Financial will neatly take the spot of Franklin Financial Network, which it is in the process of acquiring.
At about 2 p.m. Central, FB shares (Ticker: FBK) were changing hands at $29.94, up more than 4.6 percent from their Tuesday close. They have climbed nicely from about $23 in the past month and are now about 20 percent from their mid-February pre-market slide levels.
CoreCivic’s embattled shares, which have lost about three-quarters of their value in the past three-and-a-half years, were up about 8 percent to $9.89 Wednesday even though they will be dropped from the S&P MidCap 400 to the SmallCap 600. The stock (Ticker: CXW) is still down more than 40 percent year to date despite a nice rally on the heels of the company’s recent news that it will drop its real estate investment trust structure.