Convergence Investment Partners LLC Decreases Stake in JPMorgan Chase & Co. (NYSE:JPM)

Key Points

• Convergence Investment Partners LLC reduced its holdings in JPMorgan Chase & Co. by 8.1%, now owning 16,084 shares, which account for 1.1% of its portfolio, worth approximately $3,945,000.
• JPMorgan Chase recently reported $4.96 EPS for the quarter, exceeding expectations, but revenue dropped 10.5% year-over-year to $44.91 billion.
• The company declared a quarterly dividend of $1.40, with an annualized dividend yield of 1.89%, reflecting a payout ratio of 28.73%.

Convergence Investment Partners LLC cut its holdings in JPMorgan Chase & Co. (NYSE:JPM - Free Report) by 8.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,084 shares of the financial services provider's stock after selling 1,427 shares during the period. JPMorgan Chase & Co. comprises about 1.1% of Convergence Investment Partners LLC's holdings, making the stock its 20th largest position. Convergence Investment Partners LLC's holdings in JPMorgan Chase & Co. were worth $3,945,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Hurlow Wealth Management Group Inc. boosted its position in JPMorgan Chase & Co. by 0.7% during the fourth quarter. Hurlow Wealth Management Group Inc. now owns 5,538 shares of the financial services provider's stock worth $1,328,000 after purchasing an additional 40 shares in the last quarter. Wimmer Associates 1 LLC increased its holdings in JPMorgan Chase & Co. by 1.0% in the 4th quarter. Wimmer Associates 1 LLC now owns 4,114 shares of the financial services provider's stock worth $986,000 after acquiring an additional 40 shares in the last quarter. Twin Lakes Capital Management LLC increased its holdings in JPMorgan Chase & Co. by 0.3% in the 4th quarter. Twin Lakes Capital Management LLC now owns 13,932 shares of the financial services provider's stock worth $3,340,000 after acquiring an additional 40 shares in the last quarter. First Command Advisory Services Inc. raised its position in JPMorgan Chase & Co. by 0.4% during the first quarter. First Command Advisory Services Inc. now owns 9,306 shares of the financial services provider's stock worth $2,283,000 after acquiring an additional 40 shares during the period. Finally, Rockbridge Investment Management LCC lifted its holdings in JPMorgan Chase & Co. by 2.3% during the fourth quarter. Rockbridge Investment Management LCC now owns 1,838 shares of the financial services provider's stock valued at $441,000 after purchasing an additional 41 shares in the last quarter. 71.55% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Royal Bank Of Canada set a $305.00 price target on shares of JPMorgan Chase & Co. and gave the company an "outperform" rating in a research note on Monday, June 30th. Robert W. Baird cut shares of JPMorgan Chase & Co. from a "neutral" rating to an "underperform" rating and set a $235.00 price target for the company. in a research note on Friday, June 27th. Baird R W cut JPMorgan Chase & Co. from a "hold" rating to a "strong sell" rating in a report on Friday, June 27th. Morgan Stanley upped their target price on shares of JPMorgan Chase & Co. from $296.00 to $298.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 16th. Finally, TD Securities reiterated a "buy" rating on shares of JPMorgan Chase & Co. in a research report on Wednesday, June 4th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, JPMorgan Chase & Co. presently has a consensus rating of "Moderate Buy" and an average price target of $288.68.

Insider Activity

In related news, Director Linda Bammann sold 9,500 shares of the firm's stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $250.00, for a total transaction of $2,375,000.00. Following the sale, the director owned 91,539 shares in the company, valued at approximately $22,884,750. This trade represents a 9.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Jennifer Piepszak sold 6,128 shares of the stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $262.47, for a total value of $1,608,416.16. Following the transaction, the chief operating officer directly owned 62,455 shares in the company, valued at approximately $16,392,563.85. This represents a 8.94% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 71,200 shares of company stock valued at $18,060,015. 0.47% of the stock is owned by corporate insiders.

JPMorgan Chase & Co. Stock Performance

Shares of JPMorgan Chase & Co. stock traded down $7.03 during trading on Friday, reaching $289.21. The company's stock had a trading volume of 12,005,470 shares, compared to its average volume of 10,131,769. JPMorgan Chase & Co. has a fifty-two week low of $190.90 and a fifty-two week high of $301.29. The company has a current ratio of 0.88, a quick ratio of 0.89 and a debt-to-equity ratio of 1.25. The company has a 50-day moving average price of $280.47 and a two-hundred day moving average price of $261.28. The firm has a market cap of $803.74 billion, a PE ratio of 14.84, a P/E/G ratio of 2.02 and a beta of 1.10.

JPMorgan Chase & Co. (NYSE:JPM - Get Free Report) last announced its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $4.96 earnings per share for the quarter, beating analysts' consensus estimates of $4.48 by $0.48. The business had revenue of $44.91 billion during the quarter, compared to analysts' expectations of $43.76 billion. JPMorgan Chase & Co. had a return on equity of 16.93% and a net margin of 20.52%. The business's revenue for the quarter was down 10.5% on a year-over-year basis. During the same quarter last year, the business posted $6.12 earnings per share. On average, analysts forecast that JPMorgan Chase & Co. will post 18.1 EPS for the current year.

JPMorgan Chase & Co. Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Thursday, July 3rd were issued a dividend of $1.40 per share. The ex-dividend date was Thursday, July 3rd. This represents a $5.60 dividend on an annualized basis and a dividend yield of 1.9%. JPMorgan Chase & Co.'s payout ratio is 28.73%.

JPMorgan Chase & Co. Company 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.