Cannell & Spears LLC Sells 8,733 Shares of JPMorgan Chase & Co. $JPM

Key Points

• Cannell & Spears LLC reduced its JPMorgan stake by 4%, selling 8,733 shares and retaining 209,220 shares worth approximately $60 million at the end of the first quarter.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $358.67, while several firms recently raised their targets. JPMorgan’s latest quarterly results also exceeded expectations, with $6.14 in EPS and $58.02 billion in revenue.
• JPMorgan declared a quarterly dividend of $1.50 per share, equivalent to $6.00 annually and a 1.7% yield; insiders have sold 18,876 shares worth about $5.9 million over the past 90 days.

Cannell & Spears LLC trimmed its position in JPMorgan Chase & Co. (NYSE:JPM - Free Report) by 4.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 209,220 shares of the financial services provider's stock after selling 8,733 shares during the quarter. JPMorgan Chase & Co. comprises approximately 1.2% of Cannell & Spears LLC's holdings, making the stock its 22nd biggest position. Cannell & Spears LLC's holdings in JPMorgan Chase & Co. were worth $60,023,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Timmons Wealth Management LLC purchased a new stake in shares of JPMorgan Chase & Co. during the fourth quarter worth about $27,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of JPMorgan Chase & Co. in the fourth quarter worth about $32,000. MBM Wealth Consultants LLC purchased a new stake in shares of JPMorgan Chase & Co. in the first quarter worth about $29,000. Osbon Capital Management LLC purchased a new stake in shares of JPMorgan Chase & Co. during the 4th quarter worth approximately $35,000. Finally, Turning Point Benefit Group Inc. purchased a new stake in JPMorgan Chase & Co. during the third quarter valued at $35,000. Hedge funds and other institutional investors own 71.55% of the company's stock.

Insider Transactions at JPMorgan Chase & Co.

In related news, CFO Jeremy Barnum sold 3,022 shares of the firm's stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $309.41, for a total value of $935,037.02. Following the completion of the transaction, the chief financial officer owned 32,438 shares in the company, valued at $10,036,641.58. This trade represents a 8.52% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Stacey Friedman sold 5,467 shares of JPMorgan Chase & Co. stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $330.73, for a total value of $1,808,100.91. Following the sale, the general counsel directly owned 40,961 shares of the company's stock, valued at approximately $13,547,031.53. This represents a 11.78% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 18,876 shares of company stock worth $5,907,051. Company insiders own 0.41% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on JPM shares. HSBC upped their price objective on JPMorgan Chase & Co. from $288.00 to $312.00 and gave the company a "hold" rating in a research report on Monday, May 4th. Barclays boosted their price objective on shares of JPMorgan Chase & Co. from $391.00 to $420.00 and gave the company an "overweight" rating in a research report on Wednesday, July 15th. Royal Bank Of Canada upped their target price on JPMorgan Chase & Co. from $330.00 to $370.00 and gave the stock an "outperform" rating in a report on Wednesday, July 15th. Wells Fargo & Company increased their price objective on shares of JPMorgan Chase & Co. from $360.00 to $375.00 and gave the company an "overweight" rating in a research note on Wednesday, July 15th. Finally, Truist Financial raised their price objective on JPMorgan Chase & Co. from $344.00 to $352.00 and gave the company a "hold" rating in a research report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $358.67.

JPMorgan Chase & Co. Stock Performance

JPM opened at $356.15 on Tuesday. JPMorgan Chase & Co. has a 52-week low of $279.10 and a 52-week high of $359.05. The company has a quick ratio of 0.86, a current ratio of 0.85 and a debt-to-equity ratio of 1.30. The company has a market cap of $954.30 billion, a P/E ratio of 15.26, a price-to-earnings-growth ratio of 1.47 and a beta of 0.99. The firm's 50-day moving average price is $324.84 and its 200-day moving average price is $311.12.

JPMorgan Chase & Co. (NYSE:JPM - Get Free Report) last announced its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $6.14 EPS 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 analyst estimates of $50.72 billion. JPMorgan Chase & Co. had a net margin of 21.86% and a return on equity of 18.23%. JPMorgan Chase & Co.'s revenue was up 27.7% on a year-over-year basis. During the same period last year, the firm posted $4.96 EPS. As a group, equities analysts anticipate that JPMorgan Chase & Co. will post 23.97 EPS for the current fiscal year.

JPMorgan Chase & Co. Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Monday, July 6th will be issued a $1.50 dividend. The ex-dividend date of this dividend is Monday, July 6th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 1.7%. JPMorgan Chase & Co.'s dividend payout ratio (DPR) is currently 25.71%.

JPMorgan Chase & Co. News Summary

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

• Positive Sentiment: Strong earnings momentum: JPMorgan’s record second-quarter performance, including sharply higher earnings and revenue that exceeded analyst expectations, has reinforced investor confidence in its lending, trading and investment-banking operations. JPMorgan and Goldman Posted Record Quarters
• Positive Sentiment: Rising earnings estimates: Analysts are increasing their profit forecasts for JPMorgan, a trend that can support further near-term gains as investors reassess the bank’s earnings outlook. Earnings Estimates Rising for JPMorgan Chase
• Positive Sentiment: New payments opportunity: South Korea’s KB Kookmin Bank plans to use JPMorgan’s Kinexys blockchain for cross-border U.S.-dollar payments across 10 countries. The agreement highlights potential growth for JPMorgan’s institutional payments and digital-assets infrastructure. South Korea’s Largest Bank to Launch Payment Service on JPMorgan’s Kinexys
• Positive Sentiment: AI and efficiency appeal: Analysts continue to view JPMorgan favorably as it applies artificial intelligence to reduce costs and improve productivity, while maintaining strong cash generation and a diversified revenue base. These 3 AI Winners Don’t Sell the Tech—They Use It
• Neutral Sentiment: CEO Jamie Dimon’s account of his 2020 health crisis is personal and does not materially change JPMorgan’s current earnings or valuation outlook. Jamie Dimon Reveals the Moment He Knew It Might Be Goodbye
• Negative Sentiment: Risk warnings temper optimism: Dimon cautioned that investors may be underestimating geopolitical, fiscal and valuation risks. Rising consumer credit-card delinquencies and unusually volatile markets also represent potential pressure on future loan quality and results. Jamie Dimon Said Markets Are Underestimating Risks

JPMorgan Chase & Co. Profile

JPMorgan Chase & Co NYSE: JPM is a diversified global financial services firm headquartered in New York City. The company provides a wide range of banking and financial products and services to consumers, small businesses, corporations, governments and institutional investors worldwide. Its operations span retail banking, commercial lending, investment banking, asset management, payments and card services, and treasury and securities services.

The firm's principal business activities are organized across several core lines: Consumer & Community Banking, which offers deposit accounts, mortgages, auto loans, credit cards and branch and digital banking under the Chase brand; Corporate & Investment Banking, which provides capital markets, advisory, underwriting, trading and risk management services; Commercial Banking, delivering lending, treasury and capital solutions to middle-market and corporate clients; and Asset & Wealth Management, which offers investment management, private banking and retirement services to institutions and high-net-worth individuals.

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