Cidel Asset Management Inc. Increases Stock Position in JPMorgan Chase & Co. $JPM

Key Points

• Cidel Asset Management increased its JPMorgan Chase stake by 10.6% in the first quarter, buying 8,971 shares and bringing its position to 93,986 shares worth about $27.6 million.
• JPMorgan reported strong first-quarter results, with EPS of $5.94 and revenue of $50.54 billion, both topping analyst estimates; revenue also rose 10% year over year.
• The bank raised its quarterly dividend to $1.50 per share and announced a $50 billion share buyback after passing the Federal Reserve stress test, reinforcing confidence in its capital strength and earnings power.

Cidel Asset Management Inc. boosted its stake in shares of JPMorgan Chase & Co. (NYSE:JPM) by 10.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 93,986 shares of the financial services provider's stock after buying an additional 8,971 shares during the quarter. JPMorgan Chase & Co. accounts for approximately 1.5% of Cidel Asset Management Inc.'s portfolio, making the stock its 21st largest holding. Cidel Asset Management Inc.'s holdings in JPMorgan Chase & Co. were worth $27,647,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of JPM. Morgan Stanley raised its holdings in JPMorgan Chase & Co. by 1.4% during the fourth quarter. Morgan Stanley now owns 66,385,268 shares of the financial services provider's stock worth $21,390,662,000 after purchasing an additional 939,421 shares during the last quarter. Norges Bank purchased a new position in shares of JPMorgan Chase & Co. in the fourth quarter valued at $11,396,496,000. Bank of New York Mellon Corp increased its position in shares of JPMorgan Chase & Co. by 5.4% in 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 buying an additional 1,194,583 shares in the last quarter. Legal & General Group Plc raised its stake in shares of JPMorgan Chase & Co. by 0.6% during the 4th quarter. Legal & General Group Plc now owns 19,019,564 shares of the financial services provider's stock worth $6,128,484,000 after buying an additional 110,586 shares during the last quarter. Finally, Fisher Asset Management LLC raised its stake in shares of JPMorgan Chase & Co. by 1.9% during the 4th quarter. Fisher Asset Management LLC now owns 16,018,656 shares of the financial services provider's stock worth $5,161,532,000 after buying an additional 296,213 shares during the last quarter. 71.55% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at JPMorgan Chase & Co.

In related news, General Counsel Stacey Friedman sold 5,468 shares of the stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $300.27, for a total transaction of $1,641,876.36. Following the transaction, the general counsel directly owned 46,428 shares in the company, valued at approximately $13,940,935.56. This represents a 10.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer Piepszak sold 9,136 shares of JPMorgan Chase & Co. stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $306.56, for a total value of $2,800,732.16. Following the completion of the sale, the chief operating officer owned 90,001 shares of the company's stock, valued at $27,590,706.56. This trade represents a 9.22% 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 33,623 shares of company stock worth $10,427,835. 0.41% of the stock is currently owned by insiders.

JPMorgan Chase & Co. Price Performance

JPMorgan Chase & Co. stock opened at $328.73 on Friday. The stock has a market capitalization of $880.83 billion, a P/E ratio of 15.74, a P/E/G ratio of 1.56 and a beta of 1.00. JPMorgan Chase & Co. has a 12-month low of $279.10 and a 12-month high of $343.45. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.86 and a quick ratio of 0.86. The firm's 50-day moving average is $311.44 and its two-hundred day moving average is $308.42.

JPMorgan Chase & Co. (NYSE:JPM - Get Free Report) last announced its quarterly earnings data on Tuesday, April 14th. The financial services provider reported $5.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.50 by $0.44. The business had revenue of $50.54 billion for the quarter, compared to the consensus estimate of $48.30 billion. JPMorgan Chase & Co. had a net margin of 20.66% and a return on equity of 17.54%. The company's quarterly revenue was up 10.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $5.07 earnings per share. Equities analysts predict that JPMorgan Chase & Co. will post 22.44 earnings per share for the current year.

JPMorgan Chase & Co. Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Monday, July 6th will be paid a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 1.8%. The ex-dividend date is Monday, July 6th. JPMorgan Chase & Co.'s dividend payout ratio is presently 28.74%.

JPMorgan Chase & Co. News Roundup

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

• Positive Sentiment: JPMorgan cleared the Federal Reserve’s annual stress test, reinforcing that the bank is well capitalized and can withstand a severe downturn. That result supports higher payouts and helps confirm the firm’s balance-sheet strength. Article Title
• Positive Sentiment: The board approved a 10% dividend increase and a new $50 billion share buyback, which is a strong signal of confidence in earnings power and capital generation. Article Title
• Positive Sentiment: The stock recently hit an all-time high as investors reacted favorably to the dividend boost, buyback authorization, and ongoing confidence in JPMorgan’s earnings and capital return profile. Article Title

Analysts Set New Price Targets

A number of equities research analysts recently commented on JPM shares. The Goldman Sachs Group set a $361.00 price objective on shares of JPMorgan Chase & Co. in a research note on Tuesday, April 14th. Zacks Research downgraded shares of JPMorgan Chase & Co. from a "strong-buy" rating to a "hold" rating in a report on Wednesday, April 8th. Robert W. Baird set a $295.00 price target on shares of JPMorgan Chase & Co. in a research report on Wednesday, April 15th. Truist Financial raised their price objective on shares of JPMorgan Chase & Co. from $332.00 to $344.00 and gave the stock a "hold" rating in a research note on Friday. Finally, Jefferies Financial Group restated a "neutral" rating on shares of JPMorgan Chase & Co. in a research report on Thursday. Fourteen investment analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $339.58.

JPMorgan Chase & Co. Company 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.

Want to see what other hedge funds are holding JPM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for JPMorgan Chase & Co. (NYSE:JPM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.