First Mercantile Trust Co Lowers stake in Envestnet Inc (ENV)

Envestnet Inc (ENV) : First Mercantile Trust Co reduced its stake in Envestnet Inc by 10.73% during the most recent quarter end. The investment management company now holds a total of 13,900 shares of Envestnet Inc which is valued at $504,431 after selling 1,670 shares in Envestnet Inc , the firm said in a disclosure report filed with the SEC on Oct 7, 2016.Envestnet Inc makes up approximately 0.07% of First Mercantile Trust Co’s portfolio.

Other Hedge Funds, Including , Simplex Trading sold out all of its stake in ENV during the most recent quarter. The investment firm sold 2,281 shares of ENV which is valued $82,777.Independent Portfolio Consultants reduced its stake in ENV by selling 85 shares or 20.0% in the most recent quarter. The Hedge Fund company now holds 340 shares of ENV which is valued at $12,519.Bnp Paribas Arbitrage Sa boosted its stake in ENV in the latest quarter, The investment management firm added 1,835 additional shares and now holds a total of 3,448 shares of Envestnet Inc which is valued at $126,955.

Envestnet Inc closed down -0.28 points or -0.77% at $36.29 with 2,04,368 shares getting traded on Friday. Post opening the session at $36.56, the shares hit an intraday low of $35.72 and an intraday high of $36.69 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

On the company’s financial health, Envestnet Inc reported $0.21 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Aug 8, 2016. Analyst had a consensus of $0.20. The company had revenue of $141.70 million for the quarter, compared to analysts expectations of $139.22 million. The company’s revenue was up 38.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.24 EPS.

Many Wall Street Analysts have commented on Envestnet Inc. Company shares were Reiterated by RBC Capital Mkts on Aug 9, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 40 from a previous price target of $37 .

Envestnet Inc. (Envestnet) provides wealth management software and services to financial advisors and institutions. The Company works with Independent Registered Investment Advisors and advisors associated with financial institutions. The Company’s technology platform services include risk assessment and selection of investment strategies and solutions asset allocation models research and due diligence portfolio construction proposal generation and paperwork preparation model management and account rebalancing account monitoring customized fee billing overlay services covering asset allocation tax management and socially responsible investing aggregated multi-custodian performance reporting and communication tools as well as access to a wide range of leading third-party asset custodians. The product and services of the Company include: Envestnet’s wealth management software Envestnet PMC Envestnet Tamarac Vantage Reporting Solution Envestnet WMS and Envestnet Placemark.

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