Allstate Corp Raises Holdings in JPMorgan Chase & Co. $JPM

Key Points

• Allstate Corp has increased its holdings in JPMorgan Chase & Co. by 17.4% during the first quarter, now owning 99,360 shares valued at approximately $24.37 million.
• Recent analyst ratings for JPMorgan Chase vary, with Robert W. Baird downgrading the stock from "neutral" to "underperform," while Wells Fargo raised its price target from $320 to $325.
• JPMorgan Chase's recent earnings report exceeded expectations, posting an EPS of $4.96 against the consensus estimate of $4.48, despite a 10.5% year-over-year revenue decline.

Allstate Corp increased its holdings in JPMorgan Chase & Co. (NYSE:JPM - Free Report) by 17.4% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 99,360 shares of the financial services provider's stock after buying an additional 14,731 shares during the period. JPMorgan Chase & Co. comprises approximately 0.7% of Allstate Corp's investment portfolio, making the stock its 22nd biggest holding. Allstate Corp's holdings in JPMorgan Chase & Co. were worth $24,373,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. MJT & Associates Financial Advisory Group Inc. purchased a new stake in shares of JPMorgan Chase & Co. during the 1st quarter worth $28,000. University of Illinois Foundation bought a new position in JPMorgan Chase & Co. in the first quarter worth about $30,000. Curat Global LLC purchased a new stake in shares of JPMorgan Chase & Co. during the first quarter valued at about $33,000. Measured Risk Portfolios Inc. purchased a new stake in shares of JPMorgan Chase & Co. during the fourth quarter valued at about $44,000. Finally, Minot DeBlois Advisors LLC bought a new stake in shares of JPMorgan Chase & Co. in the 4th quarter valued at about $54,000. Institutional investors own 71.55% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Robert W. Baird lowered shares of JPMorgan Chase & Co. from a "neutral" rating to an "underperform" rating and set a $235.00 price objective for the company. in a research note on Friday, June 27th. Wells Fargo & Company lifted their price target on shares of JPMorgan Chase & Co. from $320.00 to $325.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. Morgan Stanley upped their price target on JPMorgan Chase & Co. from $296.00 to $298.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 16th. Piper Sandler reissued an "overweight" rating on shares of JPMorgan Chase & Co. in a research report on Tuesday, July 15th. Finally, Wall Street Zen upgraded JPMorgan Chase & Co. from a "sell" rating to a "hold" rating in a research note on Wednesday, May 14th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, six have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat, JPMorgan Chase & Co. has a consensus rating of "Moderate Buy" and a consensus price target of $288.68.

Insider Buying and Selling at JPMorgan Chase & Co.

In other news, COO Jennifer Piepszak sold 6,128 shares of the firm's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $262.47, for a total value of $1,608,416.16. Following the completion of the transaction, the chief operating officer directly owned 62,455 shares in the company, valued at $16,392,563.85. This trade represents a 8.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.47% of the company's stock.

JPMorgan Chase & Co. Trading Up 1.6%

NYSE:JPM opened at $295.9920 on Friday. The company has a market capitalization of $813.90 billion, a P/E ratio of 15.19, a PEG ratio of 1.94 and a beta of 1.11. 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. has a 12 month low of $200.61 and a 12 month high of $301.29. The firm has a fifty day simple moving average of $288.92 and a 200-day simple moving average of $264.46.

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

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.

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