JPMorgan Chase & Co. (NYSE:JPM) Stake Reduced by 1ST Source Bank

Key Points

• 1ST Source Bank reduced its stake in JPMorgan Chase & Co. by 2.3%, holding 69,558 shares valued at approximately $17.06 million after selling 1,636 shares in the first quarter.
• JPMorgan Chase & Co. recently announced a quarterly dividend of $1.40 per share, which yields 1.88% annually, reflecting a dividend payout ratio of 28.73%.
• Analysts have issued mixed ratings on JPMorgan stock, with an average price target of $288.68; recent ratings include "buy" from TD Cowen and an "overweight" rating from Piper Sandler.

1ST Source Bank lessened its position in shares of JPMorgan Chase & Co. (NYSE:JPM - Free Report) by 2.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 69,558 shares of the financial services provider's stock after selling 1,636 shares during the period. JPMorgan Chase & Co. comprises 1.0% of 1ST Source Bank's investment portfolio, making the stock its 17th biggest holding. 1ST Source Bank's holdings in JPMorgan Chase & Co. were worth $17,063,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its stake in JPMorgan Chase & Co. by 1.5% during the 4th quarter. Geode Capital Management LLC now owns 59,220,603 shares of the financial services provider's stock worth $14,161,171,000 after purchasing an additional 876,417 shares during the period. Norges Bank acquired a new stake in shares of JPMorgan Chase & Co. in the 4th quarter worth $8,310,884,000. Northern Trust Corp lifted its stake in shares of JPMorgan Chase & Co. by 15.4% in the 4th quarter. Northern Trust Corp now owns 33,845,676 shares of the financial services provider's stock worth $8,113,147,000 after acquiring an additional 4,515,147 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of JPMorgan Chase & Co. by 1.9% in the 1st quarter. Bank of New York Mellon Corp now owns 24,801,153 shares of the financial services provider's stock worth $6,083,723,000 after acquiring an additional 454,226 shares during the period. Finally, GAMMA Investing LLC lifted its stake in shares of JPMorgan Chase & Co. by 25,861.9% in the 1st quarter. GAMMA Investing LLC now owns 23,556,011 shares of the financial services provider's stock worth $5,778,289,000 after acquiring an additional 23,465,278 shares during the period. Institutional investors and hedge funds own 71.55% of the company's stock.

JPMorgan Chase & Co. Stock Performance

JPMorgan Chase & Co. stock traded down $0.31 during mid-day trading on Tuesday, reaching $297.97. The company's stock had a trading volume of 2,079,815 shares, compared to its average volume of 10,060,245. The firm has a market cap of $828.09 billion, a price-to-earnings ratio of 15.29, a PEG ratio of 2.01 and a beta of 1.10. The business has a 50 day moving average price of $278.35 and a 200-day moving average price of $260.40. The company has a current ratio of 0.88, a quick ratio of 0.89 and a debt-to-equity ratio of 1.25. JPMorgan Chase & Co. has a twelve month low of $190.90 and a twelve month high of $301.29.

JPMorgan Chase & Co. (NYSE:JPM - Get Free Report) last announced its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $4.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.48 by $0.48. JPMorgan Chase & Co. had a net margin of 20.52% and a return on equity of 16.93%. The company had revenue of $44.91 billion during the quarter, compared to the consensus estimate of $43.76 billion. During the same quarter in the previous year, the company posted $6.12 earnings per share. The company's revenue for the quarter was down 10.5% compared to the same quarter last year. Sell-side analysts predict that JPMorgan Chase & Co. will post 18.1 EPS for the current fiscal year.

JPMorgan Chase & Co. Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Thursday, July 3rd will be paid a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 1.88%. The ex-dividend date is Thursday, July 3rd. JPMorgan Chase & Co.'s dividend payout ratio is currently 28.73%.

Insider Activity at JPMorgan Chase & Co.

In related news, COO Jennifer Piepszak sold 6,128 shares of JPMorgan Chase & Co. stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $262.47, for a total transaction of $1,608,416.16. Following the sale, the chief operating officer directly owned 62,455 shares in the company, valued at $16,392,563.85. The trade was a 8.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jeremy Barnum sold 40,014 shares of JPMorgan Chase & Co. stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $250.77, for a total transaction of $10,034,310.78. Following the sale, the chief financial officer owned 18,017 shares in the company, valued at approximately $4,518,123.09. This represents a 68.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 71,200 shares of company stock valued at $18,060,015 in the last ninety days. Company insiders own 0.47% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on JPM. Evercore ISI set a $298.00 price target on shares of JPMorgan Chase & Co. and gave the company an "outperform" rating in a report on Monday, July 7th. Royal Bank Of Canada set a $305.00 price objective on shares of JPMorgan Chase & Co. and gave the company an "outperform" rating in a research note on Monday, June 30th. Bank of America raised their price target on shares of JPMorgan Chase & Co. from $330.00 to $340.00 and gave the stock a "buy" rating in a research note on Wednesday, July 16th. HSBC reissued a "reduce" rating and issued a $259.00 target price on shares of JPMorgan Chase & Co. in a research report on Tuesday, July 8th. Finally, Hsbc Global Res lowered shares of JPMorgan Chase & Co. from a "hold" rating to a "moderate sell" rating in a research note on Tuesday, July 8th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $288.68.

JPMorgan Chase & Co. Profile

JPMorgan Chase & Co is a financial holding company, which engages in the provision of financial and investment banking services. It focuses on investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. It operates through the following segments: Consumer and Community Banking (CCB), Commercial and Investment Bank (CIB), Asset and Wealth Management (AWM), and Corporate.