Why Shares of Envestnet Are Up Today

Shares of the wealth management company Envestnet (NYSE: ENV) traded more than 11% higher as of 1:40 p.m. EDT after it was announced that the company will soon join the S&P MidCap 400 Index.

The S&P MidCap 400 Index is composed of a wide range of publicly traded U.S. mid-cap stocks with a market capitalization ranging from $3.2 billion to $9.8 billion. Envestnet currently has a market cap around $4.35 billion.

The company is replacing regional bank TCF Financial Corp. in the index. TCF is being acquired by another larger regional bank, Huntington Bancshares, in a deal that will soon be completed.

Source Fool.com