Versant Capital Management Inc reduced its holdings in JPMorgan Chase & Co. (NYSE:JPM – Free Report) by 12.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,685 shares of the financial services provider’s stock after selling 1,540 shares during the quarter. Versant Capital Management Inc’s holdings in JPMorgan Chase & Co. were worth $3,497,000 at the end of the most recent reporting period.
Other hedge funds also recently modified their holdings of the company. Brighton Jones LLC raised its holdings in JPMorgan Chase & Co. by 11.0% during the 4th quarter. Brighton Jones LLC now owns 48,732 shares of the financial services provider’s stock worth $11,682,000 after buying an additional 4,841 shares during the period. Acorns Advisers LLC lifted its stake in JPMorgan Chase & Co. by 6.9% in the first quarter. Acorns Advisers LLC now owns 1,547 shares of the financial services provider’s stock valued at $379,000 after buying an additional 100 shares in the last quarter. Ignite Planners LLC lifted its stake in JPMorgan Chase & Co. by 0.7% in the second quarter. Ignite Planners LLC now owns 10,934 shares of the financial services provider’s stock valued at $3,185,000 after buying an additional 78 shares in the last quarter. Jump Financial LLC acquired a new position in shares of JPMorgan Chase & Co. in the second quarter valued at approximately $1,475,000. Finally, Betterment LLC boosted its holdings in shares of JPMorgan Chase & Co. by 27.5% in the second quarter. Betterment LLC now owns 1,970 shares of the financial services provider’s stock valued at $571,000 after buying an additional 425 shares during the period. Institutional investors and hedge funds own 71.55% of the company’s stock.
JPMorgan Chase & Co. Stock Performance
Shares of JPM opened at $352.60 on Tuesday. The stock has a market capitalization of $944.79 billion, a price-to-earnings ratio of 15.11, a PEG ratio of 1.45 and a beta of 0.99. JPMorgan Chase & Co. has a 12 month low of $279.10 and a 12 month high of $359.30. The firm has a fifty day simple moving average of $329.73 and a 200 day simple moving average of $312.08. The company has a current ratio of 0.85, a quick ratio of 0.86 and a debt-to-equity ratio of 1.30.
JPMorgan Chase & Co. Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Friday, July 31st. Stockholders of record on Monday, July 6th were issued a $1.50 dividend. The ex-dividend date was Monday, July 6th. This represents a $6.00 annualized dividend and a dividend yield of 1.7%. JPMorgan Chase & Co.’s dividend payout ratio (DPR) is presently 25.71%.
Key JPMorgan Chase & Co. News
Here are the key news stories impacting JPMorgan Chase & Co. this week:
- Positive Sentiment: JPMorgan announced plans to deploy more than $750 billion through 2035 through its American Dream Initiative—nearly 40% more housing capital than during the prior decade. The program targets financing for 1 million affordable housing units and assistance for 500,000 homebuyers, including 200,000 first-time buyers. JPMorganChase Doubles Down on Housing
- Positive Sentiment: The bank plans to increase mortgage lending by more than 40% and hire 850 Home Lending Advisors. Investors may view the expansion as a meaningful growth opportunity if housing supply improves and demand for mortgages, refinancing and affordable-housing finance strengthens. JPMorgan Stock Rises as Housing Plan Unfolds
- Positive Sentiment: Financial stocks advanced broadly, with the NYSE Financial Index rising 0.6%, providing a favorable sector backdrop for JPM. The move follows JPMorgan’s recent strong quarterly results, which exceeded analyst expectations for earnings and revenue. Sector Update: Financial Stocks Advance Late Afternoon
- Neutral Sentiment: JPMorgan economists reportedly brought forward their expectation for a possible year-end Federal Reserve rate increase, citing concerns about Fed credibility. Higher rates could support interest income but also pressure loan demand, bond values and credit quality. JPMorgan Rate Forecast
- Negative Sentiment: Commentary on the housing push warns that the large lending pipeline must pass a profitability test. The scale of the commitment could expose JPMorgan to margin pressure, housing-cycle risk and higher credit losses if returns do not justify the additional capital deployment. JPMorgan Makes Massive Push Into American Housing
Analyst Ratings Changes
JPM has been the topic of a number of research analyst reports. HSBC raised their price objective on shares of JPMorgan Chase & Co. from $288.00 to $312.00 and gave the stock a “hold” rating in a report on Monday, May 4th. Deutsche Bank Aktiengesellschaft raised shares of JPMorgan Chase & Co. from a “hold” rating to a “buy” rating and set a $375.00 target price for the company in a research note on Wednesday, July 22nd. Autonomous Res lowered their target price on JPMorgan Chase & Co. from $360.00 to $324.00 and set a “neutral” rating for the company in a report on Monday, April 6th. Truist Financial lifted their price target on JPMorgan Chase & Co. from $344.00 to $352.00 and gave the company a “hold” rating in a research note on Wednesday, July 15th. Finally, Jefferies Financial Group set a $350.00 price target on JPMorgan Chase & Co. in a report on Tuesday, July 14th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $359.33.
Get Our Latest Analysis on JPMorgan Chase & Co.
Insider Buying and Selling at JPMorgan Chase & Co.
In related news, General Counsel Stacey Friedman sold 5,468 shares of JPMorgan Chase & Co. stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $300.27, for a total value of $1,641,876.36. Following the sale, the general counsel owned 46,428 shares of the company’s stock, valued at approximately $13,940,935.56. The trade was a 10.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.41% of the stock is owned by insiders.
JPMorgan Chase & Co. Company Profile
JPMorgan Chase & Co (NYSE: JPM) is a diversified global financial services firm headquartered in New York City. The company provides a wide range of banking and financial products and services to consumers, small businesses, corporations, governments and institutional investors worldwide. Its operations span retail banking, commercial lending, investment banking, asset management, payments and card services, and treasury and securities services.
The firm’s principal business activities are organized across several core lines: Consumer & Community Banking, which offers deposit accounts, mortgages, auto loans, credit cards and branch and digital banking under the Chase brand; Corporate & Investment Banking, which provides capital markets, advisory, underwriting, trading and risk management services; Commercial Banking, delivering lending, treasury and capital solutions to middle-market and corporate clients; and Asset & Wealth Management, which offers investment management, private banking and retirement services to institutions and high-net-worth individuals.
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