Jacobi Capital Management LLC Acquires 12,096 Shares of Bank of America Corporation $BAC

Key Points

• Jacobi Capital Management increased its Bank of America stake by 7% in the third quarter, adding 12,096 shares to hold 185,185 shares valued at about $10.08 million.
• Bank of America’s latest quarterly results fell short of expectations: EPS was $1.08 versus $1.10 forecast, and revenue was $29.96 billion versus $30.58 billion expected. Revenue nevertheless rose 3.2% year over year.
• The company announced a quarterly dividend of $0.32 per share, equivalent to a 2.5% annualized yield; analysts’ consensus rating was “Moderate Buy,” with an average price target of $62.48.

Jacobi Capital Management LLC boosted its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 7.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 185,185 shares of the financial services provider's stock after acquiring an additional 12,096 shares during the quarter. Jacobi Capital Management LLC's holdings in Bank of America were worth $10,080,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Turim 21 Investimentos Ltda. purchased a new position in shares of Bank of America during the second quarter valued at approximately $25,000. Cherry Tree Wealth Management LLC raised its position in Bank of America by 167.6% in the 2nd quarter. Cherry Tree Wealth Management LLC now owns 479 shares of the financial services provider's stock valued at $27,000 after buying an additional 300 shares during the last quarter. Principia Wealth Advisory LLC raised its position in Bank of America by 69.9% in the 2nd quarter. Principia Wealth Advisory LLC now owns 530 shares of the financial services provider's stock valued at $30,000 after buying an additional 218 shares during the last quarter. Balance Wealth Partners LLC purchased a new stake in Bank of America in the 3rd quarter valued at $33,000. Finally, Frazier Financial Advisors LLC bought a new position in Bank of America during the 2nd quarter valued at $34,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Stock Performance

Shares of BAC opened at $50.67 on Thursday. The stock has a 50 day moving average of $54.56 and a 200 day moving average of $54.87. The company has a market capitalization of $349.61 billion, a price-to-earnings ratio of 11.57, a PEG ratio of 0.89 and a beta of 1.19. Bank of America Corporation has a 12 month low of $46.12 and a 12 month high of $65.22. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 1.17.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Wednesday, October 14th. The financial services provider reported $1.08 earnings per share for the quarter, missing the consensus estimate of $1.10 by ($0.02). The business had revenue of $29.96 billion during the quarter, compared to analysts' expectations of $30.58 billion. Bank of America had a return on equity of 12.15% and a net margin of 16.80%. The firm's revenue for the quarter was up 3.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.06 EPS. As a group, sell-side analysts forecast that Bank of America Corporation will post 4.51 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 24th. Shareholders of record on Friday, December 4th will be paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Friday, December 4th. Bank of America's payout ratio is presently 30.40%.

Analyst Ratings Changes

A number of research firms have issued reports on BAC. JPMorgan Chase & Co. cut their price objective on shares of Bank of America from $62.00 to $59.50 and set an "overweight" rating on the stock in a report on Friday, October 30th. Robert W. Baird upgraded shares of Bank of America from a "neutral" rating to an "outperform" rating and set a $62.00 target price for the company in a report on Thursday, October 15th. Wells Fargo & Company dropped their price target on shares of Bank of America from $69.00 to $64.00 and set an "overweight" rating on the stock in a research report on Thursday, October 15th. Weiss Ratings restated a "buy (b)" rating on shares of Bank of America in a report on Monday, October 19th. Finally, Jefferies Financial Group cut their price target on shares of Bank of America from $75.00 to $70.00 and set a "buy" rating on the stock in a report on Thursday, September 24th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, Bank of America presently has an average rating of "Moderate Buy" and an average target price of $62.48.

Key Stories Impacting Bank of America

Here are a few of the latest stories about BAC:

• Positive Sentiment: A comparison with Wells Fargo says Bank of America has an edge on earnings growth and valuation, though Wells Fargo has stronger recent share performance and return on equity. Read article
• Neutral Sentiment: Bank of America’s market outlook includes caution about crowded trades, while its view that inflation could prompt a larger Federal Reserve rate hike points to potential rate volatility. These are broader market calls, not new BAC-specific financial forecasts. Read article Read article
• Negative Sentiment: Several law firms are publicizing the same securities class action against Bank of America, concerning investors who bought shares from August 1, 2025, through October 13, 2026. The lead-plaintiff deadline is December 15, 2026. The repeated alerts are not evidence of a new ruling, but the allegations and potential legal costs may weigh on sentiment. Read article Read article

Bank of America Company Profile

Bank of America Corporation is a financial services company serving consumers, businesses, institutional investors and government entities. Its offerings include checking and savings accounts, credit and debit cards, mortgages, auto loans and other lending, as well as payment and treasury services. The company also provides investment and wealth management through Merrill and Bank of America Private Bank, and serves corporate and institutional clients with commercial banking, capital markets, trading and advisory services.

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corporation (NYSE:BAC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.