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

Jacobsen Capital Management boosted its stake in shares of Bank of America Corporation (NYSE:BAC) by 5.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 9,940 shares of the financial services provider’s stock after acquiring 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.

Other institutional investors also recently modified their holdings of the company. Nova Wealth Management Inc. lifted its holdings in Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after buying an additional 227 shares in the last quarter. RMG Wealth Management LLC bought a new stake in shares of Bank of America during the second quarter worth $28,000. CGC Financial Services LLC raised its position in shares of Bank of America by 585.4% during the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 521 shares during the last quarter. Acima Private Wealth LLC acquired a new position in shares of Bank of America during the second quarter valued at $33,000. Finally, Cloud Capital Management LLC bought a new position in Bank of America in the first quarter valued at about $40,000. 70.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft boosted their price objective on Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, September 30th. Seaport Global Securities lifted their price target on shares of Bank of America from $59.00 to $66.00 and gave the stock a “buy” rating in a research report on Monday, October 6th. TD Cowen increased their price objective on shares of Bank of America from $59.00 to $61.00 and gave the company a “buy” rating in a report on Thursday, October 16th. Daiwa Capital Markets raised their price objective on shares of Bank of America from $54.00 to $58.00 and gave the company an “outperform” rating in a research note on Wednesday, October 8th. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $58.00 target price (up previously from $57.00) on shares of Bank of America in a report on Thursday, October 16th. Twenty-one investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $57.23.

Insider Activity

In related news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction that occurred on Friday, August 1st. The stock was 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 directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.30% of the company’s stock.

Bank of America Stock Performance

BAC stock opened at $51.52 on Wednesday. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $52.88. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm has a market cap of $381.58 billion, a PE ratio of 14.04, a P/E/G ratio of 1.98 and a beta of 1.33. The business’s 50-day moving average price is $50.31 and its two-hundred day moving average price is $46.04.

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

Bank of America declared that its Board of Directors has authorized a share buyback plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Bank of America 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.