Banque Pictet & Cie SA Sells 12,653 Shares of JPMorgan Chase & Co. $JPM

Key Points

• Banque Pictet & Cie SA reduced its stake in JPMorgan Chase & Co. by 19.4% in the second quarter, now holding 52,566 shares worth approximately $15.24 million.
• JPMorgan Chase's recent quarterly earnings beat estimates with an EPS of $4.96, though revenue showed a 10.5% decline year-over-year to $44.91 billion.
• The company announced an increase in its quarterly dividend to $1.50 per share, representing a 1.9% yield and a total annualized dividend of $6.00.

Banque Pictet & Cie SA trimmed its stake in shares of JPMorgan Chase & Co. (NYSE:JPM) by 19.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 52,566 shares of the financial services provider's stock after selling 12,653 shares during the quarter. Banque Pictet & Cie SA's holdings in JPMorgan Chase & Co. were worth $15,239,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in JPM. Brighton Jones LLC raised its stake in shares of 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 purchasing an additional 4,841 shares during the period. Cerro Pacific Wealth Advisors LLC raised its stake in shares of JPMorgan Chase & Co. by 0.9% during the 1st quarter. Cerro Pacific Wealth Advisors LLC now owns 15,888 shares of the financial services provider's stock valued at $3,809,000 after purchasing an additional 137 shares during the period. Fifth Third Wealth Advisors LLC raised its stake in shares of JPMorgan Chase & Co. by 10.1% during the 1st quarter. Fifth Third Wealth Advisors LLC now owns 107,779 shares of the financial services provider's stock valued at $26,438,000 after purchasing an additional 9,871 shares during the period. Allied Investment Advisors LLC raised its stake in shares of JPMorgan Chase & Co. by 0.9% during the 1st quarter. Allied Investment Advisors LLC now owns 70,153 shares of the financial services provider's stock valued at $17,209,000 after purchasing an additional 643 shares during the period. Finally, Bowman & Co S.C. raised its stake in shares of JPMorgan Chase & Co. by 4.1% during the 1st quarter. Bowman & Co S.C. now owns 25,887 shares of the financial services provider's stock valued at $6,351,000 after purchasing an additional 1,009 shares during the period. 71.55% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on JPM. Bank of America upped their target price on JPMorgan Chase & Co. from $330.00 to $340.00 and gave the stock a "buy" rating in a research note on Wednesday, July 16th. Cowen restated a "buy" rating on shares of JPMorgan Chase & Co. in a research note on Wednesday, July 16th. Robert W. Baird lowered JPMorgan Chase & Co. from a "neutral" rating to an "underperform" rating and set a $235.00 target price on the stock. in a research note on Friday, June 27th. Piper Sandler restated an "overweight" rating on shares of JPMorgan Chase & Co. in a research note on Tuesday, July 15th. Finally, Baird R W lowered JPMorgan Chase & Co. from a "hold" rating to a "strong sell" rating in a research note on Friday, June 27th. Thirteen analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $297.17.

Insiders Place Their Bets

In related news, Director Linda Bammann sold 9,500 shares of the stock in a transaction dated Tuesday, September 2nd. The stock was 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 directly owned 82,207 shares in the company, valued at $24,492,753.58. This represents a 10.36% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.47% of the stock is owned by corporate insiders.

JPMorgan Chase & Co. Price Performance

Shares of JPMorgan Chase & Co. stock opened at $316.12 on Monday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.25. The firm has a market capitalization of $869.25 billion, a PE ratio of 16.22, a price-to-earnings-growth ratio of 2.08 and a beta of 1.13. The business's 50-day moving average price is $298.96 and its 200-day moving average price is $272.32. JPMorgan Chase & Co. has a 12 month low of $202.16 and a 12 month high of $317.81.

JPMorgan Chase & Co. (NYSE:JPM - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $4.96 EPS for the quarter, beating the consensus estimate of $4.48 by $0.48. The firm had revenue of $44.91 billion for the quarter, compared to analyst estimates of $43.76 billion. JPMorgan Chase & Co. had a return on equity of 16.93% and a net margin of 20.52%.The company's revenue was down 10.5% on a year-over-year basis. During the same period in the prior year, the company earned $6.12 EPS. Sell-side analysts forecast that JPMorgan Chase & Co. will post 18.1 EPS for the current fiscal year.

JPMorgan Chase & Co. Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Monday, October 6th will be issued a dividend of $1.50 per share. The ex-dividend date is Monday, October 6th. This represents a $6.00 annualized dividend and a yield of 1.9%. This is a boost from JPMorgan Chase & Co.'s previous quarterly dividend of $1.40. JPMorgan Chase & Co.'s dividend payout ratio (DPR) is currently 28.73%.

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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