Bank of America on E*Trade: Citadel to Sell Remaining Stake

Bank of America analyst Michael Carrier published a report on E*Trade ETFC that maintained an Underperform rating after Citadel announced they would sell their remaining stake. In the report Bank of America said, "E*Trade announced that Citadel Equity Fund intends to offer its 27.4M share ETFC stake (9.6% of shares outstanding) in an underwritten offering, with closing expected on or about March 19th (none of the proceeds will go to E*Trade). We maintain our Underperform rating." On Wednesday E*Trade closed at $10.99.