Choreo LLC Sells 6,763 Shares of JPMorgan Chase & Co. $JPM

Key Points

• Choreo LLC reduced its JPMorgan stake by 4.1% in the second quarter, selling 6,763 shares and retaining 159,145 shares valued at approximately $52.1 million.
• Institutional investors and hedge funds collectively own 71.55% of JPMorgan’s outstanding stock, with major holders including Morgan Stanley, Bank of America and Norges Bank.
• JPMorgan recently exceeded earnings expectations, reporting $6.14 in quarterly EPS and $58.02 billion in revenue; analysts maintain a “Moderate Buy” consensus with an average price target of $359.96.

Choreo LLC reduced its stake in shares of JPMorgan Chase & Co. (NYSE:JPM) by 4.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 159,145 shares of the financial services provider's stock after selling 6,763 shares during the period. JPMorgan Chase & Co. accounts for approximately 0.6% of Choreo LLC's portfolio, making the stock its 25th biggest holding. Choreo LLC's holdings in JPMorgan Chase & Co. were worth $52,093,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Morgan Stanley boosted its holdings in shares of JPMorgan Chase & Co. by 1.4% during the 4th quarter. Morgan Stanley now owns 66,385,268 shares of the financial services provider's stock worth $21,390,662,000 after buying an additional 939,421 shares during the period. Bank of America Corp DE raised its holdings in JPMorgan Chase & Co. by 15.8% in the 1st quarter. Bank of America Corp DE now owns 65,660,460 shares of the financial services provider's stock worth $19,314,681,000 after acquiring an additional 8,941,351 shares during the period. Norges Bank bought a new position in JPMorgan Chase & Co. in the 4th quarter worth $11,396,496,000. Bank of New York Mellon Corp boosted its holdings in JPMorgan Chase & Co. by 5.4% during the fourth quarter. Bank of New York Mellon Corp now owns 23,424,482 shares of the financial services provider's stock valued at $7,547,837,000 after acquiring an additional 1,194,583 shares during the period. Finally, Legal & General Group Plc grew its position in shares of JPMorgan Chase & Co. by 0.6% in the fourth quarter. Legal & General Group Plc now owns 19,019,564 shares of the financial services provider's stock valued at $6,128,484,000 after purchasing an additional 110,586 shares during the last quarter. Institutional investors and hedge funds own 71.55% of the company's stock.

Insider Activity at JPMorgan Chase & Co.

In related news, insider Robin Leopold sold 2,500 shares of the stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $361.41, for a total transaction of $903,525.00. Following the sale, the insider directly owned 73,547 shares in the company, valued at $26,580,621.27. This represents a 3.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Stacey Friedman sold 5,467 shares of the stock in a transaction that occurred on 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 owned 40,961 shares in the company, valued at approximately $13,547,031.53. This trade represents a 11.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.41% of the company's stock.

Key JPMorgan Chase & Co. News

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

• Positive Sentiment: Hiring strengthens JPMorgan’s healthcare investment-banking franchise. The bank reportedly hired senior healthcare banker David Blais from Guggenheim Securities, adding industry expertise and potentially supporting advisory and capital-markets revenue. JPMorgan hires healthcare banker David Blais from Guggenheim
• Positive Sentiment: Persistent inflation could keep interest rates elevated. JPMorgan and BNP Paribas now expect another European Central Bank rate increase in December. Higher rates can support net interest income, although they may also weigh on loan demand and markets activity. JPMorgan and BNP Paribas expect ECB rate hike
• Neutral Sentiment: JPMorgan’s rate outlook conflicts with market pricing. A senior JPMorgan strategist expects no U.S. rate increase for the remainder of the year, while futures markets reportedly assign meaningful odds to a hike. The disagreement increases uncertainty around bank valuations, bond trading and interest income. No increase in interest rates anytime this year
• Neutral Sentiment: A strong labor market is a mixed development. Reports of 162,000 new jobs may support loan demand and interest income, but they also raise the possibility of higher-for-longer rates, increased credit costs and valuation pressure for financial stocks. JPMorgan falls even as 162,000 jobs revive higher rates
• Negative Sentiment: Reduced financing for Jane Street highlights competitive pressure. JPMorgan reportedly scaled back financing to the quantitative trading firm as Jane Street expands in U.S. Treasury market-making, underscoring competition from nonbank firms in fixed-income markets. JPMorgan scales back Jane Street financing
• Negative Sentiment: Legal exposure remains an overhang. JPMorgan is seeking to stay a $20 million fee order related to the Javice litigation, keeping attention on litigation costs and reputational risk. JPMorgan seeks stay of $20M Javice, Amar fee order

JPMorgan Chase & Co. Stock Down 1.1%

JPM opened at $358.21 on Friday. The firm's 50-day simple moving average is $349.89 and its 200-day simple moving average is $320.44. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.85 and a current ratio of 0.85. JPMorgan Chase & Co. has a twelve month low of $279.10 and a twelve month high of $366.50. The firm has a market cap of $952.19 billion, a price-to-earnings ratio of 15.35, a PEG ratio of 1.48 and a beta of 0.98.

JPMorgan Chase & Co. (NYSE:JPM - Get Free Report) last announced its earnings results on Tuesday, July 14th. The financial services provider reported $6.14 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.59 by $0.55. The business had revenue of $58.02 billion during the quarter, compared to analysts' expectations of $50.72 billion. JPMorgan Chase & Co. had a net margin of 21.86% and a return on equity of 18.23%. The firm's revenue for the quarter was up 27.7% on a year-over-year basis. During the same quarter last year, the company posted $4.96 EPS. Equities research analysts anticipate that JPMorgan Chase & Co. will post 24.28 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

JPM has been the subject of several recent analyst reports. Bank of America increased their target price on JPMorgan Chase & Co. from $408.00 to $420.00 and gave the company a "buy" rating in a research note on Thursday, July 16th. Truist Financial upped their price target on JPMorgan Chase & Co. from $344.00 to $352.00 and gave the stock a "hold" rating in a report on Wednesday, July 15th. Zacks Research raised shares of JPMorgan Chase & Co. from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 16th. Evercore restated an "outperform" rating and issued a $360.00 price target on shares of JPMorgan Chase & Co. in a research report on Monday, July 6th. Finally, Morgan Stanley restated a "positive" rating and set a $370.00 price objective on shares of JPMorgan Chase & Co. in a report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat, JPMorgan Chase & Co. currently has a consensus rating of "Moderate Buy" and an average target price of $359.96.

About JPMorgan Chase & Co.

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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