Bank of America Corp DE Increases Holdings in JPMorgan Chase & Co. $JPM

Key Points

• Bank of America increased its JPMorgan stake by 6.1% in the second quarter, adding 4.0 million shares to own 69.7 million shares valued at approximately $22.8 billion. Institutional investors collectively hold 71.55% of JPMorgan’s stock.
• Analysts maintain a generally positive view, with a consensus rating of “Moderate Buy” and an average price target of $359.96. JPMorgan recently reported quarterly earnings and revenue above expectations, while year-over-year revenue increased 27.7%.
• JPMorgan raised its quarterly dividend from $1.50 to $1.65 per share, implying an annualized dividend of $6.60 and a yield of about 1.9%.

Bank of America Corp DE increased its stake in shares of JPMorgan Chase & Co. (NYSE:JPM - Free Report) by 6.1% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 69,666,753 shares of the financial services provider's stock after buying an additional 4,006,293 shares during the period. JPMorgan Chase & Co. comprises about 1.5% of Bank of America Corp DE's holdings, making the stock its 13th biggest position. Bank of America Corp DE owned about 2.62% of JPMorgan Chase & Co. worth $22,804,018,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the stock. MBM Wealth Consultants LLC bought a new position in shares of JPMorgan Chase & Co. during the 1st quarter worth $29,000. Aventus Investment Advisors Inc. bought a new position in JPMorgan Chase & Co. in the 2nd quarter worth about $33,000. Osbon Capital Management LLC bought a new position in shares of JPMorgan Chase & Co. in the fourth quarter worth approximately $35,000. HFM Investment Advisors LLC increased its holdings in shares of JPMorgan Chase & Co. by 120.7% in the 4th quarter. HFM Investment Advisors LLC now owns 192 shares of the financial services provider's stock worth $62,000 after buying an additional 105 shares during the last quarter. Finally, Lifetime Wealth Management P.C. purchased a new position in shares of JPMorgan Chase & Co. in the 4th quarter worth about $65,000. Institutional investors own 71.55% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on JPM. Citigroup increased their price target on shares of JPMorgan Chase & Co. from $325.00 to $360.00 and gave the company a "neutral" rating in a research report on Monday, July 20th. Bank of America increased their target price on shares of JPMorgan Chase & Co. from $408.00 to $420.00 and gave the company a "buy" rating in a report on Thursday, July 16th. Jefferies Financial Group set a $350.00 price target on shares of JPMorgan Chase & Co. in a research note on Tuesday, July 14th. Weiss Ratings upgraded shares of JPMorgan Chase & Co. from a "buy (b)" rating to a "buy (b+)" rating in a research report on Wednesday, September 2nd. Finally, Evercore reiterated an "outperform" rating and issued a $360.00 price objective on shares of JPMorgan Chase & Co. in a research report on Monday, July 6th. Sixteen research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $359.96.

JPMorgan Chase & Co. Stock Up 0.7%

JPM stock opened at $352.27 on Tuesday. JPMorgan Chase & Co. has a twelve month low of $279.10 and a twelve month high of $366.50. The firm has a market cap of $936.40 billion, a PE ratio of 15.09, a price-to-earnings-growth ratio of 1.44 and a beta of 0.98. The business has a 50 day moving average of $354.07 and a 200 day moving average of $324.40. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.30.

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

JPMorgan Chase & Co. Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Saturday, October 31st. Stockholders of record on Tuesday, October 6th will be issued a dividend of $1.65 per share. The ex-dividend date is Tuesday, October 6th. This is a positive change from JPMorgan Chase & Co.'s previous quarterly dividend of $1.50. This represents a $6.60 dividend on an annualized basis and a dividend yield of 1.9%. JPMorgan Chase & Co.'s dividend payout ratio is currently 25.71%.

Insider Buying and Selling at JPMorgan Chase & Co.

In related news, insider Robin Leopold sold 2,500 shares of the business's stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $352.81, for a total value of $882,025.00. Following the completion of the transaction, the insider directly owned 71,047 shares in the company, valued at $25,066,092.07. The trade was a 3.40% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.41% of the stock is owned by company insiders.

Key Stories Impacting JPMorgan Chase & Co.

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

• Positive Sentiment: The QIA partnership provides a significant new mandate for JPMorgan Asset Management and reinforces the bank’s global institutional-investment relationships. QIA and J.P. Morgan Asset Management Announce $20 Billion Strategic Partnership
• Positive Sentiment: JPMorgan investment-banking executives said dealmaking remains strong and is tracking toward a potentially record year, supporting expectations for higher advisory and underwriting revenue. JPMorgan Sees Dealmaking On Track for Record Year
• Positive Sentiment: CEO Jamie Dimon characterized artificial intelligence as a substantial investment opportunity comparable to the internet, potentially supporting JPMorgan’s long-term productivity and technology strategy, although near-term monetization remains uncertain. Jamie Dimon on AI and investment prospects
• Neutral Sentiment: Analysts continue to view selective acquisitions in payments, data and technology as a possible growth lever, while JPMorgan remains focused on organic expansion. The strategy could improve capabilities but may not materially affect earnings immediately. JPMorgan’s Selective M&A Strategy
• Negative Sentiment: Broader bank stocks faced pressure after the Federal Reserve raised interest rates, as investors reassessed the outlook for the rally and the potential effects of tighter financial conditions on economic growth and loan demand. Fed Rate Hike Fails to Lift Bank Stocks

JPMorgan Chase & Co. 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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