NEW YORK, NY / ACCESSWIRE / April 7, 2017 / The banking industry is making some adjustments after a jump in price immediately following the economic optimism of the Trump election. A correction is currently being made. According to The Wall Street Journal, "the six biggest U.S. banks' average price-to-book ratio, which measures the share value relative to reported net worth, fell to 1.19 from 1.27," since the beginning of March. Some analysts believe that the correction has been made and the overvaluation of bank stocks has ended.

RDI Initiates Coverage on:

Bank of America Corp. https://ub.rdinvesting.com/news/?ticker=BAC

Citigroup Inc. https://ub.rdinvesting.com/news/?ticker=C

Bank of America advanced 0.39% to close at $23.26 on Thursday. The stock traded between $22.96 and $23.46 with a volume of 82.98 million shares. The stock has rewarded investors with a gain of over 43% during the past 6 months. Bank of America is up 5.25% year-to-date, with its stock price continuing to edge near its 52 week high of $25.80. What the Federal Reserve does with the intensity and pace of projected interest rate increases in 2017, will point the future direction of the stock.

Access RDI's Bank of America Research Report at: https://ub.rdinvesting.com/news/?ticker=BAC

Citigroup advanced 0.50% to close at $59.89 on Thursday. It's lower than average volume was not reflective of the daily price range volatility, as the daily high price ranged from a high of $60.23 and a low of $59.01. After hours trading saw the stock moving upward. The company announced it has received an industry award, recognizing its CitiConnect API as both innovative and productive from the 2017 Celent Model Bank award for Open Banking committee. Naveed Sultan, Citi's Global Head of Treasury and Trade Solutions, said, "The financial industry has been taken by storm with API based integrations. We believe that through our CitiConnect API, Citi has the leading solution delivering the right services on a global scale."

Access RDI's Citigroup Research Report at: https://ub.rdinvesting.com/news/?ticker=C

Our Actionable Research on Bank of America Corp. (NYSE: BAC) and Citigroup Inc. (NYSE: C) can be downloaded free of charge at Research Driven Investing.

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SOURCE: RDInvesting.com