Macerich Co., a real-estate investment trust, will join the Standard & Poor’s 500 Index to replace Coventry Health Care Inc., S&P Dow Jones Indices said in a statement.
Shares of Macerich, based in Santa Monica, California, climbed 2.1 percent to $71.89 in extended trading at 5:16 p.m. in New York after gaining 2 percent in the regular session. The REIT will join the benchmark gauge of American equities after the close of trading on May 8, around the time Coventry’s takeover by Aetna Inc. will be completed, S&P Dow Jones said.
The revisions in the benchmark equity index will prompt money managers to shift holdings to match the index. About $4.8 trillion is benchmarked to the S&P 500, according to the S&P/DJ website. With a market value of about $9.7 billion, Macerich will be the 340th largest company in the index and the third-smallest REIT, according to data compiled by Bloomberg.
3D Systems Corp., a maker of three-dimensional printers, will replace Macerich in the S&P MidCap 400 Index and CoreSite Realty Corp. will take 3D Systems’ spot in the S&P SmallCap 600 Index on the same day, the index provider said.
Aetna, the third-biggest U.S health insurer, agreed to buy Coventry Health for $5.6 billion in August in the insurer sought to boost government business under President Barack Obama’s health overhaul.