Biondo Investment Advisors LLC Has $20.98 Million Stock Holdings in JPMorgan Chase & Co. $JPM

Key Points

• Biondo Investment Advisors reduced its JPMorgan stake by 17.5% in the second quarter, selling 13,632 shares and retaining 64,082 shares worth approximately $20.98 million. JPMorgan represents about 2.6% of the firm’s portfolio, while institutional investors own 71.55% of the stock.
• JPMorgan reported quarterly earnings of $6.14 per share, exceeding the $5.59 consensus estimate, while revenue rose 27.7% year over year to $58.02 billion. Analysts expect full-year earnings of approximately $24.30 per share.
• The bank increased its quarterly dividend from $1.50 to $1.65 per share, equivalent to a 1.9% yield. Wall Street’s consensus rating remains “Moderate Buy,” with an average price target of $359.96.

Biondo Investment Advisors LLC decreased its holdings in JPMorgan Chase & Co. (NYSE:JPM - Free Report) by 17.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 64,082 shares of the financial services provider's stock after selling 13,632 shares during the period. JPMorgan Chase & Co. accounts for about 2.6% of Biondo Investment Advisors LLC's holdings, making the stock its 12th biggest position. Biondo Investment Advisors LLC's holdings in JPMorgan Chase & Co. were worth $20,976,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of JPM. MBM Wealth Consultants LLC bought a new position in shares of JPMorgan Chase & Co. in the first quarter worth $29,000. Aventus Investment Advisors Inc. purchased a new stake in JPMorgan Chase & Co. in the second quarter worth approximately $33,000. Osbon Capital Management LLC bought a new position in shares of JPMorgan Chase & Co. during the 4th quarter valued at $35,000. WHI TRUST Co LLC purchased a new position in shares of JPMorgan Chase & Co. in the fourth quarter worth about $45,000. Finally, HFM Investment Advisors LLC lifted its position in JPMorgan Chase & Co. by 120.7% in the fourth quarter. HFM Investment Advisors LLC now owns 192 shares of the financial services provider's stock valued at $62,000 after purchasing an additional 105 shares during the last quarter. 71.55% of the stock is currently owned by institutional investors.

JPMorgan Chase & Co. Trading Down 0.1%

Shares of JPM stock opened at $348.92 on Friday. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.85 and a current ratio of 0.85. The stock's fifty day moving average is $353.73 and its two-hundred day moving average is $323.85. The firm has a market capitalization of $927.49 billion, a P/E ratio of 14.95, a PEG ratio of 1.44 and a beta of 0.98. JPMorgan Chase & Co. has a fifty-two week low of $279.10 and a fifty-two week high of $366.50.

JPMorgan Chase & Co. (NYSE:JPM - Get Free Report) last released its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $6.14 EPS for the quarter, topping the consensus estimate of $5.59 by $0.55. JPMorgan Chase & Co. had a return on equity of 18.23% and a net margin of 21.86%.The company had revenue of $58.02 billion for the quarter, compared to analyst estimates of $50.72 billion. During the same quarter in the previous year, the company posted $4.96 earnings per share. The firm's revenue was up 27.7% compared to the same quarter last year. Research analysts expect that JPMorgan Chase & Co. will post 24.3 earnings per share for the current fiscal year.

JPMorgan Chase & Co. Increases Dividend

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

More JPMorgan Chase & Co. News

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

• Positive Sentiment: Strong third-quarter revenue outlook: JPMorgan expects investment-banking fees and Markets revenue to increase in the mid-to-high teens year over year. A robust deal pipeline and trading activity suggest continued strength in fee income and support expectations for another strong quarter. JPMorgan Sees Investment Banking and Trading Powering Q3 Growth
• Positive Sentiment: Higher rates may support lending revenue: Following the Federal Reserve’s rate increase, JPMorgan and other major banks raised prime lending rates to 7%. This could improve asset yields and net interest income, although deposit costs and borrower demand remain important offsets. U.S. Banks Raise Prime Interest Rates Following Fed Hike
• Positive Sentiment: Shareholder-return and franchise catalysts: Analysts highlighted JPMorgan’s planned quarterly dividend increase to $1.65, while new mandates—including financing Drax’s solar acquisition and Canada airport concessions—could add to advisory and underwriting revenue. JPMorgan Dividend and Long-Term Outlook
• Neutral Sentiment: Continued strategic visibility: JPMorgan will report third-quarter results on October 13. The bank is also hosting its India conference and pursuing a large, multiyear U.S. housing initiative, developments that reinforce its global reach but are unlikely to materially affect near-term earnings. JPMorgan Third-Quarter Earnings Call Announcement
• Negative Sentiment: Inflation and oil risks remain overhangs: CEO Jamie Dimon said inflation has not clearly been defeated. Separately, JPMorgan’s commodities team abandoned a firm oil-price forecast as the prolonged Iran conflict pushed Brent above $100 per barrel. Persistent inflation could delay rate cuts, raise credit risks and increase market volatility. Jamie Dimon on Inflation

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Weiss Ratings upgraded JPMorgan Chase & Co. from a "buy (b)" rating to a "buy (b+)" rating in a report on Wednesday, September 2nd. Keefe, Bruyette & Woods raised their price objective on JPMorgan Chase & Co. from $370.00 to $384.00 and gave the company an "outperform" rating in a research report on Wednesday, July 15th. Wells Fargo & Company upped their target price on shares of JPMorgan Chase & Co. from $375.00 to $390.00 and gave the stock an "overweight" rating in a research note on Friday, August 14th. The Goldman Sachs Group reaffirmed a "buy" rating and set a $418.00 price objective on shares of JPMorgan Chase & Co. in a research report on Tuesday, July 14th. Finally, Truist Financial lifted their target price on shares of JPMorgan Chase & Co. from $344.00 to $352.00 and gave the stock a "hold" rating in a research report on Wednesday, July 15th. Sixteen equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $359.96.

Insider Buying and Selling at JPMorgan Chase & Co.

In other news, General Counsel Stacey Friedman sold 5,467 shares of the firm's stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $330.73, for a total transaction of $1,808,100.91. Following the completion of the sale, the general counsel directly owned 40,961 shares in the company, valued at $13,547,031.53. This trade represents a 11.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Robin Leopold sold 2,500 shares of JPMorgan Chase & Co. stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $352.81, for a total value of $882,025.00. Following the completion of the transaction, the insider owned 71,047 shares of the company's stock, valued at $25,066,092.07. This trade represents a 3.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 10,467 shares of company stock worth $3,593,651 over the last 90 days. Company insiders own 0.41% of the company's stock.

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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