Chemung Canal Trust Co. Has $9.79 Million Stake in JPMorgan Chase & Co. $JPM

Key Points

• Chemung Canal Trust Co. reduced its stake in JPMorgan Chase & Co. by 27.4%, now holding 33,773 shares valued at approximately $9.79 million, making it the company's 12th largest position.
• JPMorgan Chase & Co. has announced an increase in its quarterly dividend to $1.50 per share, up from $1.40, representing an annualized dividend of $6.00 and a yield of 2.0%.
• JPMorgan's shares are currently down 1.4% and have a market cap of $828 billion, with a 52-week range between $202.16 and $318.01.

Chemung Canal Trust Co. trimmed its stake in shares of JPMorgan Chase & Co. (NYSE:JPM - Free Report) by 27.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 33,773 shares of the financial services provider's stock after selling 12,757 shares during the period. JPMorgan Chase & Co. makes up about 2.1% of Chemung Canal Trust Co.'s investment portfolio, making the stock its 12th biggest position. Chemung Canal Trust Co.'s holdings in JPMorgan Chase & Co. were worth $9,791,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the stock. Kingstone Capital Partners Texas LLC lifted its position in shares of JPMorgan Chase & Co. by 609,867.5% during the second quarter. Kingstone Capital Partners Texas LLC now owns 72,897,211 shares of the financial services provider's stock worth $21,133,630,000 after purchasing an additional 72,885,260 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of JPMorgan Chase & Co. by 1.9% during the first quarter. Bank of New York Mellon Corp now owns 24,801,153 shares of the financial services provider's stock worth $6,083,723,000 after buying an additional 454,226 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of JPMorgan Chase & Co. by 2.7% during the first quarter. Goldman Sachs Group Inc. now owns 20,548,182 shares of the financial services provider's stock worth $5,040,469,000 after buying an additional 548,853 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of JPMorgan Chase & Co. by 5.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 18,441,044 shares of the financial services provider's stock worth $4,523,588,000 after buying an additional 890,553 shares during the last quarter. Finally, Nuveen LLC bought a new stake in shares of JPMorgan Chase & Co. during the first quarter worth approximately $3,972,807,000. 71.55% of the stock is currently owned by institutional investors and hedge funds.

JPMorgan Chase & Co. Stock Down 1.4%

Shares of NYSE:JPM opened at $301.12 on Monday. JPMorgan Chase & Co. has a 52 week low of $202.16 and a 52 week high of $318.01. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.88 and a current ratio of 0.88. The company has a market capitalization of $828.00 billion, a PE ratio of 15.45, a PEG ratio of 1.94 and a beta of 1.13. The company has a 50 day moving average price of $301.61 and a two-hundred day moving average price of $276.98.

JPMorgan Chase & Co. (NYSE:JPM - Get Free Report) last issued its earnings results 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. JPMorgan Chase & Co. had a net margin of 20.52% and a return on equity of 16.93%. The firm had revenue of $44.91 billion during the quarter, compared to the consensus estimate of $43.76 billion. During the same quarter in the prior year, the firm earned $6.12 earnings per share. The business's quarterly revenue was down 10.5% on a year-over-year basis. Analysts forecast that JPMorgan Chase & Co. will post 18.1 earnings per share for the current year.

JPMorgan Chase & Co. Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Monday, October 6th will be given a dividend of $1.50 per share. This is a positive change from JPMorgan Chase & Co.'s previous quarterly dividend of $1.40. This represents a $6.00 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Monday, October 6th. JPMorgan Chase & Co.'s payout ratio is currently 30.79%.

Insider Activity

In other news, Director Linda Bammann sold 9,500 shares of the stock in a transaction on Tuesday, September 2nd. The shares were 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 owned 82,207 shares of the company's stock, valued at $24,492,753.58. This represents a 10.36% 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. 0.47% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on JPM shares. UBS Group boosted their price target on shares of JPMorgan Chase & Co. from $339.00 to $350.00 and gave the stock a "buy" rating in a research note on Tuesday, October 7th. Morgan Stanley boosted their price target on shares of JPMorgan Chase & Co. from $298.00 to $336.00 and gave the stock an "equal weight" rating in a research note on Monday, September 29th. Cowen reissued a "buy" rating on shares of JPMorgan Chase & Co. in a research note on Wednesday, July 16th. Weiss Ratings reissued a "buy (b+)" rating on shares of JPMorgan Chase & Co. in a research note on Wednesday, October 8th. Finally, HSBC reissued a "reduce" rating and set a $259.00 price target on shares of JPMorgan Chase & Co. in a research note on Tuesday, July 8th. Fifteen investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, JPMorgan Chase & Co. currently has a consensus rating of "Hold" and an average target price of $316.00.

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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