Todd Asset Management LLC boosted its holdings in shares of JPMorgan Chase & Co. (NYSE:JPM) by 8.9% during the 2nd quarter, Holdings Channel.com reports. The fund owned 244,161 shares of the financial services provider’s stock after purchasing an additional 19,994 shares during the period. JPMorgan Chase & Co. comprises approximately 1.4% of Todd Asset Management LLC’s investment portfolio, making the stock its 16th biggest position. Todd Asset Management LLC’s holdings in JPMorgan Chase & Co. were worth $79,921,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. Arkansas Financial Group Inc. increased its position in JPMorgan Chase & Co. by 1.1% during the second quarter. Arkansas Financial Group Inc. now owns 2,667 shares of the financial services provider’s stock worth $873,000 after buying an additional 30 shares during the last quarter. Flynn Zito Capital Management LLC lifted its position in shares of JPMorgan Chase & Co. by 1.1% in the second quarter. Flynn Zito Capital Management LLC now owns 2,830 shares of the financial services provider’s stock worth $926,000 after buying an additional 30 shares during the last quarter. Wedgewood Investors Inc. PA boosted its stake in shares of JPMorgan Chase & Co. by 1.5% during the 2nd quarter. Wedgewood Investors Inc. PA now owns 2,059 shares of the financial services provider’s stock worth $674,000 after acquiring an additional 30 shares in the last quarter. WealthBridge Capital Management LLC boosted its stake in shares of JPMorgan Chase & Co. by 0.3% during the 2nd quarter. WealthBridge Capital Management LLC now owns 10,503 shares of the financial services provider’s stock worth $3,438,000 after acquiring an additional 31 shares in the last quarter. Finally, LightSquare Wealth Management LLC increased its holdings in shares of JPMorgan Chase & Co. by 1.1% during the 2nd quarter. LightSquare Wealth Management LLC now owns 2,952 shares of the financial services provider’s stock valued at $966,000 after acquiring an additional 31 shares during the last quarter. 71.55% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
JPM has been the subject of several analyst reports. Zacks Research upgraded JPMorgan Chase & Co. from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 16th. Royal Bank Of Canada increased their price target on JPMorgan Chase & Co. from $330.00 to $370.00 and gave the company an “outperform” rating in a report on Wednesday, July 15th. Wells Fargo & Company lifted their price target on shares of JPMorgan Chase & Co. from $375.00 to $390.00 and gave the company an “overweight” rating in a research report on Friday, August 14th. Keefe, Bruyette & Woods boosted their price objective on shares of JPMorgan Chase & Co. from $370.00 to $384.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 15th. Finally, Barclays upped their price objective on shares of JPMorgan Chase & Co. from $391.00 to $420.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat, JPMorgan Chase & Co. currently has a consensus rating of “Moderate Buy” and a consensus price target of $359.96.
JPMorgan Chase & Co. Stock Performance
Shares of NYSE JPM opened at $358.21 on Monday. JPMorgan Chase & Co. has a 12 month low of $279.10 and a 12 month high of $366.50. The company has a market cap of $952.19 billion, a P/E ratio of 15.35, a P/E/G ratio of 1.48 and a beta of 0.98. The business’s 50 day moving average is $349.89 and its two-hundred day moving average is $320.56. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.30.
JPMorgan Chase & Co. (NYSE:JPM – Get Free Report) last posted its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $6.14 earnings per share for the quarter, beating the consensus estimate of $5.59 by $0.55. The company had revenue of $58.02 billion during the quarter, compared to analysts’ expectations of $50.72 billion. JPMorgan Chase & Co. had a return on equity of 18.23% and a net margin of 21.86%.JPMorgan Chase & Co.’s revenue for the quarter was up 27.7% compared to the same quarter last year. During the same period in the prior year, the business earned $4.96 earnings per share. On average, equities analysts expect that JPMorgan Chase & Co. will post 24.28 EPS for the current year.
Insiders Place Their Bets
In related news, insider Robin Leopold sold 2,500 shares of the stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $361.41, for a total value of $903,525.00. Following the completion of the sale, the insider owned 73,547 shares in the company, valued at approximately $26,580,621.27. This trade represents a 3.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Stacey Friedman sold 5,467 shares of JPMorgan Chase & Co. stock in a transaction dated 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 sale, the general counsel directly owned 40,961 shares in the company, valued at approximately $13,547,031.53. This trade represents a 11.78% decrease in their ownership of the stock. 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 owned by corporate insiders.
Key Headlines Impacting 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
About JPMorgan Chase & Co.
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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