Cove Private Wealth LLC Grows Position in JPMorgan Chase & Co. (NYSE:JPM)

Key Points

• Cove Private Wealth LLC increased its stake in JPMorgan Chase & Co. by 19.4%, owning 23,512 shares valued at approximately $5.77 million, making it the firm's 5th largest position.
• Several institutional investors, including SouthState Corp and Nuveen LLC, have also raised or established new positions in JPMorgan Chase, highlighting growing confidence among institutional holders.
• JPMorgan Chase & Co. reported better-than-expected earnings with $4.96 EPS for the last quarter, surpassing estimates and indicating solid financial performance despite a year-over-year revenue decline of 10.5%.

Cove Private Wealth LLC grew its position in JPMorgan Chase & Co. (NYSE:JPM) by 19.4% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 23,512 shares of the financial services provider's stock after buying an additional 3,814 shares during the period. JPMorgan Chase & Co. accounts for about 3.0% of Cove Private Wealth LLC's portfolio, making the stock its 5th largest position. Cove Private Wealth LLC's holdings in JPMorgan Chase & Co. were worth $5,767,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. SouthState Corp boosted its holdings in shares of JPMorgan Chase & Co. by 5.1% in the 1st quarter. SouthState Corp now owns 161,988 shares of the financial services provider's stock valued at $39,736,000 after buying an additional 7,926 shares in the last quarter. Nuveen LLC purchased a new position in shares of JPMorgan Chase & Co. in the 1st quarter valued at approximately $3,972,807,000. Aigen Investment Management LP purchased a new position in shares of JPMorgan Chase & Co. in the 1st quarter valued at approximately $2,146,000. Cooper Financial Group raised its position in shares of JPMorgan Chase & Co. by 22.0% in the 1st quarter. Cooper Financial Group now owns 10,002 shares of the financial services provider's stock valued at $2,453,000 after purchasing an additional 1,801 shares during the last quarter. Finally, Strengthening Families & Communities LLC raised its position in shares of JPMorgan Chase & Co. by 125.7% in the 1st quarter. Strengthening Families & Communities LLC now owns 386 shares of the financial services provider's stock valued at $95,000 after purchasing an additional 215 shares during the last quarter. 71.55% of the stock is currently owned by institutional investors.

Insider Buying and Selling at JPMorgan Chase & Co.

In other JPMorgan Chase & Co. news, COO Jennifer Piepszak sold 6,128 shares of JPMorgan Chase & Co. stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $262.47, for a total transaction of $1,608,416.16. Following the sale, the chief operating officer owned 62,455 shares of the company's stock, valued at $16,392,563.85. The trade was a 8.94% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel Stacey Friedman sold 2,821 shares of JPMorgan Chase & Co. stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $265.71, for a total transaction of $749,567.91. Following the sale, the general counsel directly owned 68,757 shares in the company, valued at approximately $18,269,422.47. This trade represents a 3.94% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 15,557 shares of company stock worth $4,113,796. 0.47% of the stock is currently owned by corporate insiders.

JPMorgan Chase & Co. Price Performance

JPMorgan Chase & Co. stock opened at $294.03 on Friday. The company's fifty day moving average price is $285.93 and its 200 day moving average price is $263.45. JPMorgan Chase & Co. has a 1 year low of $200.61 and a 1 year high of $301.29. The stock has a market capitalization of $808.52 billion, a P/E ratio of 15.09, a P/E/G ratio of 1.93 and a beta of 1.11. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.88 and a current ratio of 0.88.

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

JPMorgan Chase & Co. Dividend Announcement

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

Analysts Set New Price Targets

Several equities analysts recently commented on JPM shares. HSBC reaffirmed a "reduce" rating and issued a $259.00 price objective on shares of JPMorgan Chase & Co. in a research report on Tuesday, July 8th. Truist Financial increased their price objective on shares of JPMorgan Chase & Co. from $280.00 to $290.00 and gave the company a "hold" rating in a research report on Wednesday, July 9th. Keefe, Bruyette & Woods raised their price target on shares of JPMorgan Chase & Co. from $327.00 to $330.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 16th. Evercore ISI set a $298.00 price target on shares of JPMorgan Chase & Co. and gave the stock an "outperform" rating in a research report on Monday, July 7th. Finally, Morgan Stanley raised their price target on shares of JPMorgan Chase & Co. from $296.00 to $298.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 16th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $288.68.

JPMorgan Chase & Co. 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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