Adage Capital Partners GP L.L.C. Reduces Position in JPMorgan Chase & Co. $JPM

Key Points

• Adage Capital Partners GP L.L.C. reduced its stake in JPMorgan Chase by 3.6% during the first quarter, selling 93,400 shares and now holds approximately 2.52 million shares valued at approximately $618 million.
• JPMorgan Chase reported earnings of $4.96 per share for the last quarter, exceeding analyst expectations of $4.48, despite a 10.5% year-over-year revenue decline.
• Several analysts have maintained a buy rating for JPMorgan Chase, with target prices ranging from $275 to $325, indicating a positive outlook for the stock in the near future.

Adage Capital Partners GP L.L.C. reduced its stake in shares of JPMorgan Chase & Co. (NYSE:JPM - Free Report) by 3.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,519,866 shares of the financial services provider's stock after selling 93,400 shares during the period. JPMorgan Chase & Co. makes up approximately 1.1% of Adage Capital Partners GP L.L.C.'s investment portfolio, making the stock its 12th biggest holding. Adage Capital Partners GP L.L.C. owned 0.09% of JPMorgan Chase & Co. worth $618,123,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Bank of New York Mellon Corp lifted its stake in shares of JPMorgan Chase & Co. by 1.9% during the first 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 buying an additional 454,226 shares during the period. GAMMA Investing LLC grew its position in JPMorgan Chase & Co. by 25,861.9% during 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 purchasing an additional 23,465,278 shares during the period. Goldman Sachs Group Inc. grew its position in JPMorgan Chase & Co. by 2.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 20,548,182 shares of the financial services provider's stock worth $5,040,469,000 after purchasing an additional 548,853 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in JPMorgan Chase & Co. by 16.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 17,550,491 shares of the financial services provider's stock worth $4,207,028,000 after purchasing an additional 2,465,572 shares during the period. Finally, Nuveen LLC acquired a new stake in JPMorgan Chase & Co. during the 1st quarter worth about $3,972,807,000. 71.55% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Keefe, Bruyette & Woods increased their price target on JPMorgan Chase & Co. from $327.00 to $330.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 16th. Evercore ISI set a $298.00 price target on JPMorgan Chase & Co. and gave the stock an "outperform" rating in a research report on Monday, July 7th. Wall Street Zen raised shares of JPMorgan Chase & Co. from a "sell" rating to a "hold" rating in a research note on Wednesday, May 14th. Truist Financial raised their price objective on shares of JPMorgan Chase & Co. from $280.00 to $290.00 and gave the stock a "hold" rating in a research note on Wednesday, July 9th. Finally, TD Securities reaffirmed a "buy" rating on shares of JPMorgan Chase & Co. in a research note on Wednesday, June 4th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $291.67.

JPMorgan Chase & Co. Price Performance

Shares of JPMorgan Chase & Co. stock traded down $9.04 during trading hours on Friday, reaching $294.79. The stock had a trading volume of 9,831,520 shares, compared to its average volume of 6,437,430. The stock's 50 day moving average is $293.16 and its 200 day moving average is $266.12. The firm has a market capitalization of $810.59 billion, a PE ratio of 15.12, a PEG ratio of 2.02 and a beta of 1.13. JPMorgan Chase & Co. has a twelve month low of $200.61 and a twelve month high of $305.15. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.25.

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

Insider Activity at JPMorgan Chase & Co.

In other news, Director Linda Bammann sold 9,500 shares of the business's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $297.94, for a total transaction of $2,830,430.00. Following the completion of the sale, the director owned 82,207 shares of the company's stock, valued at $24,492,753.58. The trade was a 10.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.47% of the stock is owned by corporate insiders.

JPMorgan Chase & Co. Company 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.