Cornerstone Enterprises LLC Reduces Stake in JPMorgan Chase & Co. $JPM

Key Points

• Cornerstone Enterprises LLC reduced its stake in JPMorgan Chase & Co. by 37.1%, now holding 9,495 shares valued at $2,753,000, making it the firm's 16th biggest position.
• JPMorgan Chase & Co. recently declared a quarterly dividend of $1.50 per share, an increase from the previous dividend of $1.40, representing an annualized yield of 2.0%.
• The company reported a Q3 EPS of $5.07, exceeding analysts' expectations of $4.83, with a revenue of $46.43 billion, up 8.8% from the same quarter last year.

Cornerstone Enterprises LLC reduced its position in JPMorgan Chase & Co. (NYSE:JPM - Free Report) by 37.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,495 shares of the financial services provider's stock after selling 5,612 shares during the period. JPMorgan Chase & Co. comprises 1.5% of Cornerstone Enterprises LLC's investment portfolio, making the stock its 16th biggest position. Cornerstone Enterprises LLC's holdings in JPMorgan Chase & Co. were worth $2,753,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of JPM. Brighton Jones LLC increased its position in JPMorgan Chase & Co. by 11.0% during the fourth quarter. Brighton Jones LLC now owns 48,732 shares of the financial services provider's stock worth $11,682,000 after buying an additional 4,841 shares in the last quarter. GAMMA Investing LLC increased its position in JPMorgan Chase & Co. by 5.8% during the first quarter. GAMMA Investing LLC now owns 96,029 shares of the financial services provider's stock worth $23,556,000 after buying an additional 5,296 shares in the last quarter. Ironwood Wealth Management LLC. increased its position in JPMorgan Chase & Co. by 0.7% during the first quarter. Ironwood Wealth Management LLC. now owns 15,400 shares of the financial services provider's stock worth $3,778,000 after buying an additional 107 shares in the last quarter. Acorns Advisers LLC increased its position in JPMorgan Chase & Co. by 6.9% during the first quarter. Acorns Advisers LLC now owns 1,547 shares of the financial services provider's stock worth $379,000 after buying an additional 100 shares in the last quarter. Finally, Robertson Stephens Wealth Management LLC increased its position in JPMorgan Chase & Co. by 5.4% during the first quarter. Robertson Stephens Wealth Management LLC now owns 41,279 shares of the financial services provider's stock worth $10,126,000 after buying an additional 2,106 shares in the last quarter. 71.55% of the stock is owned by hedge funds and other institutional investors.

JPMorgan Chase & Co. Trading Down 0.2%

NYSE:JPM opened at $297.81 on Friday. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.88 and a current ratio of 0.86. JPMorgan Chase & Co. has a one year low of $202.16 and a one year high of $318.01. The business's 50-day simple moving average is $302.82 and its 200 day simple moving average is $278.54. The stock has a market cap of $818.91 billion, a price-to-earnings ratio of 14.75, a price-to-earnings-growth ratio of 1.81 and a beta of 1.13.

JPMorgan Chase & Co. (NYSE:JPM - Get Free Report) last released its quarterly earnings results on Tuesday, October 14th. The financial services provider reported $5.07 EPS for the quarter, topping the consensus estimate of $4.83 by $0.24. JPMorgan Chase & Co. had a return on equity of 17.18% and a net margin of 20.90%.The business had revenue of $46.43 billion for the quarter, compared to analysts' expectations of $44.42 billion. During the same quarter in the previous year, the firm posted $4.37 earnings per share. The company's revenue was up 8.8% compared to the same quarter last year. As a group, sell-side analysts predict that JPMorgan Chase & Co. will post 18.1 earnings per share for the current fiscal year.

JPMorgan Chase & Co. Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Monday, October 6th will be paid a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.0%. This is a positive change from JPMorgan Chase & Co.'s previous quarterly dividend of $1.40. The ex-dividend date is Monday, October 6th. JPMorgan Chase & Co.'s payout ratio is presently 29.72%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Truist Financial raised their price objective on JPMorgan Chase & Co. from $290.00 to $319.00 and gave the stock a "hold" rating in a report on Tuesday, September 23rd. HSBC restated a "reduce" rating and set a $259.00 price objective on shares of JPMorgan Chase & Co. in a report on Tuesday, July 8th. UBS Group raised their price objective on JPMorgan Chase & Co. from $339.00 to $350.00 and gave the stock a "buy" rating in a report on Tuesday, October 7th. Bank of America raised their price objective on JPMorgan Chase & Co. from $330.00 to $340.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Finally, Hsbc Global Res cut JPMorgan Chase & Co. from a "hold" rating to a "moderate sell" rating in a report on Tuesday, July 8th. Fifteen investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $319.40.

Insider Activity at JPMorgan Chase & Co.

In related news, Director Linda Bammann sold 9,500 shares of the business's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $297.94, for a total value of $2,830,430.00. Following the transaction, the director owned 82,207 shares in the company, valued at approximately $24,492,753.58. The trade was a 10.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.47% of the company's stock.

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.

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