Bank of the James Financial Group, Inc.
Priced as a plain Virginia community bank at 10.7x trailing earnings. Return on equity rose to 14.8% from 10.75% a year earlier, and the wealth arm needs almost no capital.
- Price (29 Sep 26)
- $27.04
- Price target (12m)
- $32.90
- Scenario value*
- $31.83
- Bear / Base / Bull
- $23.18 / $32.88 / $38.36
- Market cap
- $122.9M
- Enterprise value
- $96.0M
- Free float
- 88% of S/O
- Avg daily vol, 3m
- 34k
- Short interest
- 0.23%, -38bps
- Institutional own.
- 32%
- Largest holder
- Fourthstone LLC, 7.36%
- Insider and board
- 12%
*Probability-weighted, 25/50/25, over 12 months. Price target is the base case, rounded to the nearest ten cents.
The thesis
- The balance sheet has room to lend. Loans are 73.4% of deposits, leaving $249.1M of deposits not yet lent out, and loans grew $24.7M in the first half of 2026 without wholesale funding.
- A sale is a live option. Directors and officers own 12% of the shares, the CFO of 27 years retired in January 2026, and deposits run 36.3% above loans, which makes BOTJ a clean target for a larger Virginia bank.
- The wealth arm is valued as if it were loans. Pettyjohn, Wood & White managed $1.091B at 30 June 2026 and its fees rose 12.8% to $1.47M in Q2, yet the market prices it inside a bank multiple.
Read the whole thing
The business, the market, the financials, the valuation with its scenarios, the risks and the catalysts. A PDF of 6 pages, 674 KB, sent to you, free.
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