U.S. Markets close in 4 hrs 21 mins

BofA, Citi Saw Institutional Investors Cash Out

Felice Maranz
BofA, Citi Saw Institutional Investors Cash Out

Institutional investors shed shares of Bank of America Corp, Citigroup Inc. and JPMorgan Chase & Co. last quarter just as the S&P 500 Index declined amid questions about the health of the Trump trade and the longevity of the bull market. An analysis of 13F filings for the quarter ended March 31 showed institutions have continued to shift away from Bank of America, Citigroup and JPMorgan. Among Bank of America’s hedge fund holders, Citadel Advisors and Coatue Management topped the list of sales, cutting their positions by 23.7 million and 13.9 million shares respectively.