Berkshire Asset Management LLC PA Trims Stock Position in JPMorgan Chase & Co. $JPM

Key Points

• Berkshire Asset Management LLC PA reduced its stake in JPMorgan Chase & Co. by 11.1%, selling 44,528 shares and retaining 357,673 shares, which represent 4.2% of its portfolio.
• JPMorgan Chase reported $4.96 earnings per share for the last quarter, surpassing analysts' expectations of $4.48, although revenue was down 10.5% year-over-year.
• As of the latest data, approximately 71.55% of JPMorgan Chase’s stock is owned by hedge funds and institutional investors, indicating strong institutional interest in the company.

Berkshire Asset Management LLC PA reduced its position in JPMorgan Chase & Co. (NYSE:JPM - Free Report) by 11.1% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 357,673 shares of the financial services provider's stock after selling 44,528 shares during the period. JPMorgan Chase & Co. accounts for approximately 4.2% of Berkshire Asset Management LLC PA's portfolio, making the stock its largest holding. Berkshire Asset Management LLC PA's holdings in JPMorgan Chase & Co. were worth $90,173,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in JPM. Brighton Jones LLC increased its position in shares of JPMorgan Chase & Co. by 11.0% during the fourth quarter. Brighton Jones LLC now owns 48,732 shares of the financial services provider's stock valued at $11,682,000 after buying an additional 4,841 shares during the period. Bank Pictet & Cie Europe AG grew its holdings in shares of JPMorgan Chase & Co. by 0.6% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 192,182 shares of the financial services provider's stock worth $46,068,000 after purchasing an additional 1,229 shares in the last quarter. Highview Capital Management LLC DE grew its holdings in shares of JPMorgan Chase & Co. by 16.1% during the fourth quarter. Highview Capital Management LLC DE now owns 13,623 shares of the financial services provider's stock worth $3,266,000 after purchasing an additional 1,893 shares in the last quarter. KKM Financial LLC boosted its stake in JPMorgan Chase & Co. by 3.9% in the fourth quarter. KKM Financial LLC now owns 16,854 shares of the financial services provider's stock worth $4,040,000 after buying an additional 640 shares in the last quarter. Finally, Pinebridge Investments L.P. boosted its stake in JPMorgan Chase & Co. by 19.3% in the fourth quarter. Pinebridge Investments L.P. now owns 1,685,696 shares of the financial services provider's stock worth $404,078,000 after buying an additional 272,544 shares in the last quarter. 71.55% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

JPM has been the subject of several recent research reports. Wall Street Zen upgraded JPMorgan Chase & Co. from a "sell" rating to a "hold" rating in a research report on Wednesday, May 14th. Wells Fargo & Company upped their target price on JPMorgan Chase & Co. from $320.00 to $325.00 and gave the company an "overweight" rating in a report on Wednesday, July 16th. Hsbc Global Res downgraded JPMorgan Chase & Co. from a "hold" rating to a "moderate sell" rating in a report on Tuesday, July 8th. TD Securities reiterated a "buy" rating on shares of JPMorgan Chase & Co. in a report on Wednesday, June 4th. Finally, Keefe, Bruyette & Woods increased their target price on JPMorgan Chase & Co. from $327.00 to $330.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 16th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat.com, JPMorgan Chase & Co. has an average rating of "Moderate Buy" and a consensus target price of $288.68.

Insider Transactions at JPMorgan Chase & Co.

In related news, COO Jennifer Piepszak sold 6,128 shares of JPMorgan Chase & Co. 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 owned 62,455 shares of the company's stock, valued at approximately $16,392,563.85. This trade represents a 8.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.47% of the company's stock.

JPMorgan Chase & Co. Stock Performance

Shares of NYSE JPM traded up $4.5220 during trading on Friday, hitting $295.9920. The company had a trading volume of 8,551,162 shares, compared to its average volume of 7,532,471. The stock has a 50 day simple moving average of $288.92 and a 200 day simple moving average of $264.46. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.88 and a current ratio of 0.88. JPMorgan Chase & Co. has a 12 month low of $200.61 and a 12 month high of $301.29. The firm has a market capitalization of $813.91 billion, a P/E ratio of 15.19, a price-to-earnings-growth ratio of 1.94 and a beta of 1.11.

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, beating the consensus estimate of $4.48 by $0.48. The company had revenue of $44.91 billion for 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 firm's quarterly revenue was down 10.5% on a year-over-year basis. During the same quarter last year, the company earned $6.12 EPS. As a group, analysts anticipate that JPMorgan Chase & Co. will post 18.1 earnings per share for the current year.

About JPMorgan Chase & Co.

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.