JPMorgan Chase & Co. (NYSE:JPM) Lowered to Hold Rating by Zacks Research

Key Points

• Zacks Research downgraded JPMorgan Chase from “strong buy” to “hold,” although the broader analyst consensus remains “Moderate Buy” with an average price target of $359.96.
• JPMorgan shares opened at $354.10, near the consensus target, while the bank’s latest quarterly results exceeded expectations with $6.14 in EPS and $58.02 billion in revenue.
• The bank expects strong third-quarter investment-banking fees and trading revenue, but investors remain cautious about slowing earnings growth and broader economic risks.

JPMorgan Chase & Co. (NYSE:JPM) was downgraded by Zacks Research from a "strong-buy" rating to a "hold" rating in a report issued on Monday, Zacks reports.

Several other research analysts have also issued reports on JPM. Morgan Stanley restated a "positive" rating and issued a $370.00 price target on shares of JPMorgan Chase & Co. in a research report on Wednesday, July 15th. Evercore reiterated an "outperform" rating and issued a $360.00 price objective on shares of JPMorgan Chase & Co. in a report on Monday, July 6th. Citigroup increased their target price on JPMorgan Chase & Co. from $325.00 to $360.00 and gave the company a "neutral" rating in a research note on Monday, July 20th. The Goldman Sachs Group restated a "buy" rating and set a $418.00 target price on shares of JPMorgan Chase & Co. in a research report on Tuesday, July 14th. Finally, Robert W. Baird upped their price target on JPMorgan Chase & Co. from $295.00 to $305.00 and gave the company a "neutral" rating in a research note on Wednesday, July 15th. Sixteen analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $359.96.

JPMorgan Chase & Co. Trading Up 1.1%

Shares of NYSE JPM opened at $354.10 on Monday. The company's 50 day simple moving average is $352.81 and its 200 day simple moving average is $323.02. JPMorgan Chase & Co. has a fifty-two week low of $279.10 and a fifty-two week high of $366.50. The firm has a market capitalization of $941.27 billion, a P/E ratio of 15.17, a P/E/G ratio of 1.44 and a beta of 0.98. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.85 and a quick ratio of 0.85.

JPMorgan Chase & Co. (NYSE:JPM - Get Free Report) last announced its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $6.14 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.59 by $0.55. The firm had revenue of $58.02 billion for the quarter, compared to analysts' expectations of $50.72 billion. JPMorgan Chase & Co. had a net margin of 21.86% and a return on equity of 18.23%. The business's revenue for the quarter was up 27.7% on a year-over-year basis. During the same period last year, the firm earned $4.96 earnings per share. On average, analysts predict that JPMorgan Chase & Co. will post 24.3 EPS for the current year.

Insider Buying and Selling at JPMorgan Chase & Co.

In related news, insider Robin Leopold sold 2,500 shares of the firm's stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $352.81, for a total transaction of $882,025.00. Following the sale, the insider owned 71,047 shares of the company's stock, valued at approximately $25,066,092.07. This trade represents a 3.40% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed 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 business's stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $330.73, for a total value of $1,808,100.91. Following the completion of the transaction, the general counsel directly owned 40,961 shares of the company's stock, valued at approximately $13,547,031.53. The trade was a 11.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 10,467 shares of company stock worth $3,593,651 in the last ninety days. 0.41% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On JPMorgan Chase & Co.

Institutional investors and hedge funds have recently modified their holdings of the business. Norges Bank bought a new stake in shares of JPMorgan Chase & Co. in the fourth quarter worth $11,396,496,000. Bank of America Corp DE grew its position in JPMorgan Chase & Co. by 15.8% in the first quarter. Bank of America Corp DE now owns 65,660,460 shares of the financial services provider's stock valued at $19,314,681,000 after purchasing an additional 8,941,351 shares in the last quarter. Ascentis Wealth Management LLC grew its position in JPMorgan Chase & Co. by 32,672.0% in the second quarter. Ascentis Wealth Management LLC now owns 4,647,071 shares of the financial services provider's stock valued at $1,521,126,000 after purchasing an additional 4,632,891 shares in the last quarter. Jupiter Topco LLC bought a new position in JPMorgan Chase & Co. in the second quarter valued at $1,274,097,000. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its stake in JPMorgan Chase & Co. by 31.5% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 6,944,004 shares of the financial services provider's stock valued at $2,042,648,000 after buying an additional 1,662,250 shares during the last quarter. 71.55% of the stock is currently owned by institutional investors and hedge funds.

More JPMorgan Chase & Co. News

Here are the key news stories impacting JPMorgan Chase & Co. this week:

• Positive Sentiment: JPMorgan said third-quarter investment-banking fees and trading revenue are expected to show strong growth. Co-President Doug Petno also indicated that overall revenue is tracking ahead of expectations, helping reverse earlier weakness in the shares. JPMorgan expects investment banking, trading to shine in third quarter
• Positive Sentiment: The revenue outlook suggests continued momentum in JPMorgan’s capital-markets operations, including stronger deal activity and market-trading fees. The update provides a near-term catalyst following the bank’s recent earnings beat and robust year-over-year revenue growth. JPMorgan Chase stock rises after upbeat revenue outlook
• Neutral Sentiment: JPMorgan declared its regular quarterly dividend on common stock and dividends on Series CC preferred stock. The announcements reinforce shareholder distributions but appear routine rather than a new change in capital-return policy. JPMorganChase Declares Common Stock Dividend JPMorganChase Declares Preferred Stock Dividends
• Negative Sentiment: Investors continue to monitor signs that earnings growth may be slowing despite the benefit of higher interest rates. Jamie Dimon’s ongoing warnings about economic and structural pressures, along with elevated oil prices and potential effects on borrowers, remain longer-term risks for the bank. JPM Benefits from Higher Rates, but Earnings Growth Is Slowing

JPMorgan Chase & Co. Company Profile

JPMorgan Chase & Co is a global financial services company headquartered in New York City. Through its businesses, the company provides banking, lending, payments, investment banking, asset management and wealth management services to consumers, businesses, institutional clients and governments.

The company operates through four primary business areas: Consumer & Community Banking; Commercial & Investment Banking; Asset & Wealth Management; and Corporate. Its offerings include deposit accounts, credit cards, mortgages, auto loans, business banking, commercial lending, treasury services, investment banking, securities trading, investment management and private banking.

JPMorgan Chase serves customers in the United States and maintains operations and client relationships across numerous international markets.

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