Convergence Financial LLC Grows Stake in JPMorgan Chase & Co. $JPM

Key Points

• Convergence Financial LLC nearly doubled its JPMorgan stake in the second quarter, adding 10,180 shares to hold 21,503 shares valued at approximately $7.04 million. Institutional investors collectively own 71.55% of the company.
• 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. Shares opened at $353.38, near their 12-month high of $366.50.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $359.96; however, two company insiders sold shares under pre-arranged trading plans.

Convergence Financial LLC lifted its holdings in shares of JPMorgan Chase & Co. (NYSE:JPM) by 89.9% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 21,503 shares of the financial services provider's stock after acquiring an additional 10,180 shares during the period. Convergence Financial LLC's holdings in JPMorgan Chase & Co. were worth $7,038,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in JPM. WealthSpring Partners LLC lifted its stake in JPMorgan Chase & Co. by 0.7% during the second quarter. WealthSpring Partners LLC now owns 4,730 shares of the financial services provider's stock worth $1,548,000 after purchasing an additional 34 shares during the last quarter. Bridgewater Advisors Inc. raised its holdings in JPMorgan Chase & Co. by 12.3% during the second quarter. Bridgewater Advisors Inc. now owns 48,665 shares of the financial services provider's stock worth $17,161,000 after purchasing an additional 5,324 shares in the last quarter. KBC Group NV raised its holdings in JPMorgan Chase & Co. by 4.3% during the second quarter. KBC Group NV now owns 2,384,147 shares of the financial services provider's stock worth $780,402,000 after purchasing an additional 99,182 shares in the last quarter. GWN Securities Inc. lifted its position in shares of JPMorgan Chase & Co. by 3.5% during the 2nd quarter. GWN Securities Inc. now owns 7,361 shares of the financial services provider's stock worth $2,410,000 after buying an additional 249 shares during the last quarter. Finally, Aspiring Ventures LLC boosted its holdings in shares of JPMorgan Chase & Co. by 5.0% in the 2nd quarter. Aspiring Ventures LLC now owns 1,057 shares of the financial services provider's stock valued at $346,000 after buying an additional 50 shares in the last quarter. Hedge funds and other institutional investors own 71.55% of the company's stock.

JPMorgan Chase & Co. Price Performance

Shares of JPM opened at $353.38 on Wednesday. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.30. The stock's 50 day moving average is $350.99 and its two-hundred day moving average is $321.24. JPMorgan Chase & Co. has a twelve month low of $279.10 and a twelve month high of $366.50. The firm has a market capitalization of $939.35 billion, a PE ratio of 15.14, a P/E/G ratio of 1.48 and a beta of 0.98.

JPMorgan Chase & Co. (NYSE:JPM - Get Free Report) last posted its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $6.14 earnings per share for the quarter, beating analysts' consensus estimates 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 firm had revenue of $58.02 billion for the quarter, compared to the consensus estimate of $50.72 billion. During the same period in the previous year, the business earned $4.96 earnings per share. The company's revenue for the quarter was up 27.7% compared to the same quarter last year. Research analysts anticipate that JPMorgan Chase & Co. will post 24.28 earnings per share for the current year.

Wall Street Analyst Weigh In

JPM has been the topic of a number of recent analyst reports. Barclays increased their target price 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 raised their price objective on JPMorgan Chase & Co. from $330.00 to $370.00 and gave the stock an "outperform" rating in a report on Wednesday, July 15th. Citigroup boosted their target price on JPMorgan Chase & Co. from $325.00 to $360.00 and gave the company a "neutral" rating in a report on Monday, July 20th. Wells Fargo & Company raised their price target on JPMorgan Chase & Co. from $375.00 to $390.00 and gave the stock an "overweight" rating in a research note on Friday, August 14th. Finally, The Goldman Sachs Group reaffirmed a "buy" rating and set a $418.00 price target on shares of JPMorgan Chase & Co. in a research report on Tuesday, July 14th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat, JPMorgan Chase & Co. has a consensus rating of "Moderate Buy" and an average target price of $359.96.

Insiders Place Their Bets

In other JPMorgan Chase & Co. news, General Counsel Stacey Friedman sold 5,467 shares of the company's stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $330.73, for a total transaction of $1,808,100.91. Following the transaction, the general counsel directly owned 40,961 shares in the company, valued at approximately $13,547,031.53. This represents a 11.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 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 that occurred on Tuesday, August 11th. The shares were sold at an average price of $361.41, for a total transaction of $903,525.00. Following the sale, the insider owned 73,547 shares of the company's stock, valued at approximately $26,580,621.27. The trade was a 3.29% 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. Corporate 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: JPMorgan expects approximately $138 billion of buyout debt to come to market, highlighting potential fee opportunities for its leveraged-finance and investment-banking businesses. Buyout Debt Is Surging to Levels Not Seen Since Before the Financial Crisis
• Positive Sentiment: The bank appointed its APAC and EMEA technology investment-banking chiefs as international co-heads, reinforcing its global technology franchise and succession depth. JPMorgan names APAC, EMEA tech investment banking chiefs as international co-heads
• Positive Sentiment: Heavy Treasury and corporate-bond issuance could support JPMorgan’s underwriting and trading businesses, although the benefit depends on sustained issuer and investor demand. Why Corporate Bonds Are Giving Treasuries a Tough Time
• Neutral Sentiment: JPMorgan was named broker for CSL’s on-market share buyback and ceased substantial-holder status in Peet Limited. These mandates and portfolio changes demonstrate client activity but are unlikely to materially affect JPM’s earnings. CSL Appoints J.P. Morgan as Broker for On-Market Share Buy-Back
• Neutral Sentiment: JPMorgan’s research points to a possible rebound in healthcare ETF flows, while its analysts remain constructive on selected sectors and stocks. This may generate research-related attention but has limited direct impact on JPM’s financial results. Healthcare ETFs Were Left Behind. JPMorgan Sees the Money Coming Back
• Negative Sentiment: Analysts warn that fading capital-markets momentum could produce uneven third-quarter results for JPMorgan and other large banks, particularly if deal activity and trading revenue soften. Capital Markets Momentum Fades: What it Means for Big Banks in Q3
• Negative Sentiment: One valuation-focused analysis recommends holding JPM’s common shares rather than aggressively buying them at roughly 3.2 times book value, signaling limited upside after the stock’s strong run. JPMorgan: Start Accumulating The Preferred For Income, Hold The Common At 3.2x Book

About JPMorgan Chase & Co.

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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