Jacobsen Capital Management Acquires 538 Shares of Bank of America Corporation $BAC

Jacobsen Capital Management raised its holdings in shares of Bank of America Corporation (NYSE:BAC) by 5.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,940 shares of the financial services provider’s stock after buying an additional 538 shares during the quarter. Jacobsen Capital Management’s holdings in Bank of America were worth $470,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Brighton Jones LLC boosted its holdings in Bank of America by 30.0% in the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after purchasing an additional 25,143 shares during the period. GAMMA Investing LLC increased its holdings in shares of Bank of America by 8.2% during the 1st quarter. GAMMA Investing LLC now owns 111,527 shares of the financial services provider’s stock worth $4,654,000 after purchasing an additional 8,435 shares during the period. Flagship Harbor Advisors LLC raised its position in shares of Bank of America by 0.8% during the first quarter. Flagship Harbor Advisors LLC now owns 34,157 shares of the financial services provider’s stock valued at $1,425,000 after buying an additional 271 shares during the last quarter. JFS Wealth Advisors LLC lifted its stake in shares of Bank of America by 2.7% in the first quarter. JFS Wealth Advisors LLC now owns 18,748 shares of the financial services provider’s stock valued at $782,000 after buying an additional 491 shares during the period. Finally, Continuum Advisory LLC grew its position in Bank of America by 32.9% during the first quarter. Continuum Advisory LLC now owns 22,196 shares of the financial services provider’s stock worth $926,000 after buying an additional 5,489 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the transaction, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on BAC. Weiss Ratings restated a “buy (b-)” rating on shares of Bank of America in a research note on Wednesday, October 8th. JPMorgan Chase & Co. boosted their price objective on Bank of America from $51.00 to $55.00 and gave the company an “overweight” rating in a research report on Friday, October 10th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. Barclays lifted their price target on shares of Bank of America from $54.00 to $59.00 and gave the stock an “overweight” rating in a research note on Thursday, October 16th. Finally, Royal Bank Of Canada increased their price objective on shares of Bank of America from $53.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, October 1st. Twenty-one equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $57.23.

Bank of America Stock Down 1.0%

Shares of NYSE BAC opened at $51.52 on Wednesday. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $52.88. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The business has a fifty day moving average of $50.31 and a two-hundred day moving average of $46.04. The stock has a market cap of $381.58 billion, a PE ratio of 14.04, a PEG ratio of 1.98 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. The business had revenue of $28.09 billion during the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The firm’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter last year, the company posted $0.81 EPS. As a group, equities research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America announced that its board has authorized a share buyback plan on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Bank of America Company Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.