JPMorgan Chase & Co. (NYSE:JPM) shares were down 1.1% on Friday . The stock traded as low as $355.20 and last traded at $358.21. Approximately 4,857,778 shares were traded during mid-day trading, a decline of 48% from the average session volume of 9,361,066 shares. The stock had previously closed at $362.06.
Trending Headlines about JPMorgan Chase & Co.
Here are the key news stories impacting JPMorgan Chase & Co. this week:
- Positive Sentiment: Hiring strengthens JPMorgan’s healthcare investment-banking franchise. The bank reportedly hired senior healthcare banker David Blais from Guggenheim Securities, adding industry expertise and potentially supporting advisory and capital-markets revenue. JPMorgan hires healthcare banker David Blais from Guggenheim
- Positive Sentiment: Persistent inflation could keep interest rates elevated. JPMorgan and BNP Paribas now expect another European Central Bank rate increase in December. Higher rates can support net interest income, although they may also weigh on loan demand and markets activity. JPMorgan and BNP Paribas expect ECB rate hike
- Neutral Sentiment: JPMorgan’s rate outlook conflicts with market pricing. A senior JPMorgan strategist expects no U.S. rate increase for the remainder of the year, while futures markets reportedly assign meaningful odds to a hike. The disagreement increases uncertainty around bank valuations, bond trading and interest income. No increase in interest rates anytime this year
- Neutral Sentiment: A strong labor market is a mixed development. Reports of 162,000 new jobs may support loan demand and interest income, but they also raise the possibility of higher-for-longer rates, increased credit costs and valuation pressure for financial stocks. JPMorgan falls even as 162,000 jobs revive higher rates
- Negative Sentiment: Reduced financing for Jane Street highlights competitive pressure. JPMorgan reportedly scaled back financing to the quantitative trading firm as Jane Street expands in U.S. Treasury market-making, underscoring competition from nonbank firms in fixed-income markets. JPMorgan scales back Jane Street financing
- Negative Sentiment: Legal exposure remains an overhang. JPMorgan is seeking to stay a $20 million fee order related to the Javice litigation, keeping attention on litigation costs and reputational risk. JPMorgan seeks stay of $20M Javice, Amar fee order
Analysts Set New Price Targets
A number of analysts recently commented on JPM shares. Morgan Stanley restated a “positive” rating and issued a $370.00 price objective on shares of JPMorgan Chase & Co. in a research report on Wednesday, July 15th. The Goldman Sachs Group reiterated a “buy” rating and set a $418.00 target price on shares of JPMorgan Chase & Co. in a report on Tuesday, July 14th. Dbs Bank raised JPMorgan Chase & Co. to a “hold” rating in a research note on Tuesday, May 12th. UBS Group increased their price target on JPMorgan Chase & Co. from $384.00 to $400.00 and gave the stock a “buy” rating in a report on Monday, August 3rd. Finally, Jefferies Financial Group set a $350.00 price target on JPMorgan Chase & Co. in a research report on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $359.96.
JPMorgan Chase & Co. Stock Performance
The stock’s 50 day moving average is $349.89 and its two-hundred day moving average is $320.44. The stock has a market capitalization of $952.19 billion, a price-to-earnings ratio of 15.35, a price-to-earnings-growth ratio of 1.48 and a beta of 0.98. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.30.
JPMorgan Chase & Co. (NYSE:JPM – Get Free Report) last released its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $6.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.59 by $0.55. The firm had revenue of $58.02 billion for the quarter, compared to the consensus estimate of $50.72 billion. JPMorgan Chase & Co. had a return on equity of 18.23% and a net margin of 21.86%.The company’s revenue for the quarter was up 27.7% on a year-over-year basis. During the same quarter last year, the business posted $4.96 EPS. Analysts expect that JPMorgan Chase & Co. will post 24.28 earnings per share for the current fiscal year.
Insider Transactions at JPMorgan Chase & Co.
In other JPMorgan Chase & Co. news, insider Robin Leopold sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $361.41, for a total value of $903,525.00. Following the sale, the insider owned 73,547 shares in the company, valued at approximately $26,580,621.27. The trade was a 3.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Stacey Friedman sold 5,467 shares of the company’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $330.73, for a total value of $1,808,100.91. Following the transaction, the general counsel directly owned 40,961 shares of the company’s stock, valued at approximately $13,547,031.53. This trade represents a 11.78% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.41% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On JPMorgan Chase & Co.
Several institutional investors and hedge funds have recently added to or reduced their stakes in JPM. Fidelis Capital Partners LLC boosted its position in shares of JPMorgan Chase & Co. by 7.9% in the fourth quarter. Fidelis Capital Partners LLC now owns 70,077 shares of the financial services provider’s stock valued at $22,580,000 after acquiring an additional 5,101 shares during the period. First National Bank of Mount Dora Trust Investment Services increased its position in JPMorgan Chase & Co. by 18.7% during the first quarter. First National Bank of Mount Dora Trust Investment Services now owns 41,218 shares of the financial services provider’s stock worth $12,125,000 after acquiring an additional 6,492 shares during the period. Brighton Jones LLC increased its position in JPMorgan Chase & Co. by 11.0% during the fourth quarter. Brighton Jones LLC now owns 48,732 shares of the financial services provider’s stock worth $11,682,000 after acquiring an additional 4,841 shares during the period. FAS Wealth Partners Inc. raised its stake in JPMorgan Chase & Co. by 4.3% in the 1st quarter. FAS Wealth Partners Inc. now owns 43,527 shares of the financial services provider’s stock worth $12,804,000 after purchasing an additional 1,794 shares in the last quarter. Finally, KTF Investments LLC bought a new stake in JPMorgan Chase & Co. in the 4th quarter valued at about $6,449,000. 71.55% of the stock is owned by institutional investors.
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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