Bank of Nova Scotia Trust Co. Cuts Stake in JPMorgan Chase & Co. (NYSE:JPM)

Key Points

• Bank of Nova Scotia Trust Co. reduced its stake in JPMorgan Chase & Co. by 3.1%, bringing its holdings to 64,771 shares valued at $15.89 million.
• Insider selling has occurred recently, with General Counsel Stacey Friedman and COO Jennifer Piepszak selling 6,608 and 6,128 shares respectively, resulting in a notable decrease in their ownership.
• JPMorgan's recent earnings report showed better-than-expected EPS of $4.96 against a forecast of $4.48, despite a revenue decline of 10.5% year-over-year.

Bank of Nova Scotia Trust Co. reduced its position in JPMorgan Chase & Co. (NYSE:JPM - Free Report) by 3.1% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 64,771 shares of the financial services provider's stock after selling 2,062 shares during the period. JPMorgan Chase & Co. makes up 1.7% of Bank of Nova Scotia Trust Co.'s investment portfolio, making the stock its 21st largest holding. Bank of Nova Scotia Trust Co.'s holdings in JPMorgan Chase & Co. were worth $15,888,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Brighton Jones LLC lifted its stake in JPMorgan Chase & Co. by 11.0% during the 4th quarter. Brighton Jones LLC now owns 48,732 shares of the financial services provider's stock valued at $11,682,000 after acquiring an additional 4,841 shares in the last quarter. Bank Pictet & Cie Europe AG lifted its stake in JPMorgan Chase & Co. by 0.6% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 192,182 shares of the financial services provider's stock valued at $46,068,000 after acquiring an additional 1,229 shares in the last quarter. Highview Capital Management LLC DE lifted its stake in JPMorgan Chase & Co. by 16.1% during the 4th quarter. Highview Capital Management LLC DE now owns 13,623 shares of the financial services provider's stock valued at $3,266,000 after acquiring an additional 1,893 shares in the last quarter. KKM Financial LLC lifted its stake in JPMorgan Chase & Co. by 3.9% during the 4th quarter. KKM Financial LLC now owns 16,854 shares of the financial services provider's stock valued at $4,040,000 after acquiring an additional 640 shares in the last quarter. Finally, Selway Asset Management raised its stake in shares of JPMorgan Chase & Co. by 0.5% during the 4th quarter. Selway Asset Management now owns 40,507 shares of the financial services provider's stock worth $9,710,000 after purchasing an additional 195 shares during the period. 71.55% of the stock is currently owned by institutional investors.

Insider Activity

In other news, General Counsel Stacey Friedman sold 6,608 shares of the business'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 $1,755,811.68. Following the completion of the transaction, the general counsel owned 36,520 shares of the company's stock, valued at approximately $9,703,729.20. The trade was a 15.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Jennifer Piepszak sold 6,128 shares of the business'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 transaction, the chief operating officer directly owned 62,455 shares of the company's stock, valued at $16,392,563.85. The trade was a 8.94% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 15,557 shares of company stock valued at $4,113,796 in the last three months. 0.47% of the stock is owned by insiders.

JPMorgan Chase & Co. Price Performance

Shares of JPM traded up $1.61 during midday trading on Friday, hitting $288.55. 6,633,369 shares of the company traded hands, compared to its average volume of 8,541,502. The stock has a 50-day moving average of $283.74 and a 200-day moving average of $262.70. JPMorgan Chase & Co. has a one year low of $200.61 and a one year high of $301.29. The firm has a market cap of $793.44 billion, a P/E ratio of 14.81, a PEG ratio of 1.91 and a beta of 1.11. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.88 and a quick ratio of 0.89.

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 for the quarter, beating the consensus estimate 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 firm had revenue of $44.91 billion for the quarter, compared to analysts' expectations of $43.76 billion. During the same period in the prior year, the business posted $6.12 earnings per share. The company's revenue was down 10.5% on a year-over-year basis. As a group, sell-side analysts predict that JPMorgan Chase & Co. will post 18.1 EPS for the current fiscal year.

JPMorgan Chase & Co. Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Thursday, July 3rd were issued a dividend of $1.40 per share. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a $5.60 annualized dividend and a dividend yield of 1.9%. JPMorgan Chase & Co.'s payout ratio is presently 28.73%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Truist Financial raised their price target 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. Royal Bank Of Canada set a $305.00 price objective on JPMorgan Chase & Co. and gave the company an "outperform" rating in a research note on Monday, June 30th. Cowen reiterated a "buy" rating on shares of JPMorgan Chase & Co. in a research note on Wednesday, July 16th. KGI Securities began coverage on JPMorgan Chase & Co. in a research note on Sunday, April 13th. They issued a "hold" rating on the stock. Finally, UBS Group upped their price objective on JPMorgan Chase & Co. from $277.00 to $305.00 and gave the company a "buy" rating in a research note on Thursday, April 17th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $288.68.

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.