NEW YORK, May 27, 2014 /PRNewswire/ -- CareTrust REIT Inc. (NASD: CTREV) will replace Tower Group International, Ltd (NASD: TWGP) in the S&P SmallCap 600 effective after the close of trading on Monday, June 2. S&P SmallCap 600 constituent The Ensign Group Inc. (NASD: ENSG) is spinning off CareTrust REIT to shareholders in a transaction expected to be completed after the close of trading on that date. Post spin, The Ensign Group will remain in the S&P SmallCap 600. Tower Group is ranked near the bottom of the S&P SmallCap 600 and is no longer representative of that index.
CareTrust REIT, operating as a Real Estate Investment Trust (REIT), is primarily engaged in the ownership, acquisition and leasing of healthcare-related properties. Headquartered in Mission Viejo, CA, the company will be added to the S&P SmallCap 600 GICS (Global Industry Classification Standard) Health Care REITs Sub-Industry index.
Following is a summary of the change:
S&P SMALLCAP 600 INDEX – June 2, 2014 |
|||
COMPANY |
GICS ECONOMIC SECTOR |
GICS SUB-INDUSTRY |
|
ADDED |
CareTrust REIT |
Financials |
Health Care REITs |
DELETED |
Tower Group International |
Financials |
Property & Casualty Insurance |
Additions to and deletions from S&P Dow Jones Indices do not in any way reflect an opinion on the investment merits of the companies involved.
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