JPMorgan Chase & Co. (NYSE:JPM) Stock Position Cut by Arrow Financial Corp

Key Points

• Arrow Financial Corp reduced its stake in JPMorgan Chase & Co. by 32.1% during the first quarter, now owning 26,915 shares valued at approximately $6.6 million.
• The company reported earnings of $4.96 EPS for the last quarter, surpassing estimates, but revenue was down by 10.5% year-over-year.
• JPMorgan Chase & Co. announced a quarterly dividend of $1.40 per share, reflecting a yield of 1.88% and a payout ratio of 28.73%.

Arrow Financial Corp cut its holdings in JPMorgan Chase & Co. (NYSE:JPM - Free Report) by 32.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 26,915 shares of the financial services provider's stock after selling 12,741 shares during the quarter. JPMorgan Chase & Co. makes up about 0.7% of Arrow Financial Corp's investment portfolio, making the stock its 29th largest position. Arrow Financial Corp's holdings in JPMorgan Chase & Co. were worth $6,602,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in JPM. Crestwood Advisors Group LLC increased its holdings in shares of JPMorgan Chase & Co. by 1.9% during the first quarter. Crestwood Advisors Group LLC now owns 251,690 shares of the financial services provider's stock valued at $61,739,000 after acquiring an additional 4,624 shares in the last quarter. Kingsman Wealth Management Inc. purchased a new stake in JPMorgan Chase & Co. in the first quarter valued at approximately $1,274,000. Wealth Dimensions Group Ltd. boosted its position in JPMorgan Chase & Co. by 3.3% in the first quarter. Wealth Dimensions Group Ltd. now owns 6,632 shares of the financial services provider's stock valued at $1,627,000 after buying an additional 211 shares during the last quarter. Verus Financial Partners Inc. boosted its position in JPMorgan Chase & Co. by 15.2% in the first quarter. Verus Financial Partners Inc. now owns 2,200 shares of the financial services provider's stock valued at $513,000 after buying an additional 291 shares during the last quarter. Finally, Gallacher Capital Management LLC purchased a new stake in JPMorgan Chase & Co. in the first quarter valued at approximately $208,000. 71.55% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Piper Sandler reiterated an "overweight" rating on shares of JPMorgan Chase & Co. in a research report on Tuesday, July 15th. TD Cowen assumed coverage on JPMorgan Chase & Co. in a research report on Thursday, May 15th. They issued a "buy" rating and a $305.00 price objective on the stock. Citigroup set a $275.00 target price on JPMorgan Chase & Co. and gave the company a "buy" rating in a research report on Monday, July 7th. TD Securities reiterated a "buy" rating on shares of JPMorgan Chase & Co. in a research report on Wednesday, June 4th. Finally, Morgan Stanley increased their target price on JPMorgan Chase & Co. from $296.00 to $298.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 16th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $288.68.

JPMorgan Chase & Co. Price Performance

JPMorgan Chase & Co. stock traded down $0.40 during midday trading on Monday, reaching $298.22. The company's stock had a trading volume of 5,837,580 shares, compared to its average volume of 8,749,911. JPMorgan Chase & Co. has a fifty-two week low of $190.90 and a fifty-two week high of $299.59. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.89 and a current ratio of 0.88. The stock's 50 day simple moving average is $278.35 and its 200 day simple moving average is $260.40. The firm has a market capitalization of $828.78 billion, a PE ratio of 15.30, a P/E/G ratio of 2.01 and a beta of 1.10.

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

JPMorgan Chase & Co. Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders 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 Transactions at JPMorgan Chase & Co.

In related news, COO Jennifer Piepszak sold 6,128 shares of the company's stock in a transaction that occurred on Thursday, June 5th. The stock was 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 of the company's stock, valued at approximately $16,392,563.85. This represents a 8.94% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, General Counsel Stacey Friedman sold 2,821 shares of the company's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $265.71, for a total transaction of $749,567.91. Following the transaction, the general counsel owned 68,757 shares of the company's stock, valued at $18,269,422.47. This represents a 3.94% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 71,200 shares of company stock worth $18,060,015 over the last 90 days. Company insiders own 0.47% of the company's stock.

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.