Cove Private Wealth LLC Has $8.21 Million Stake in JPMorgan Chase & Co. $JPM

Key Points

• Cove Private Wealth LLC increased its stake in JPMorgan Chase & Co. by 20.5%, now holding $8.21 million worth of shares, making it the firm's fifth largest investment.
• JPMorgan Chase & Co. recently announced an increase in its quarterly dividend from $1.40 to $1.50 per share, which translates to an annualized dividend yield of 1.9%.
• Analyst ratings for the stock fluctuate, with thirteen analysts rating it as a Buy while others have assigned Hold or Sell ratings, reflecting mixed expectations among investors.

Cove Private Wealth LLC boosted its holdings in JPMorgan Chase & Co. (NYSE:JPM - Free Report) by 20.5% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 28,325 shares of the financial services provider's stock after acquiring an additional 4,813 shares during the quarter. JPMorgan Chase & Co. accounts for approximately 2.9% of Cove Private Wealth LLC's investment portfolio, making the stock its 5th biggest holding. Cove Private Wealth LLC's holdings in JPMorgan Chase & Co. were worth $8,212,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. MJT & Associates Financial Advisory Group Inc. purchased a new position in shares of JPMorgan Chase & Co. during the first quarter valued at approximately $28,000. University of Illinois Foundation bought a new position in JPMorgan Chase & Co. during the 1st quarter valued at $30,000. Curat Global LLC purchased a new position in JPMorgan Chase & Co. during the 1st quarter worth $33,000. Ryan Investment Management Inc. bought a new stake in shares of JPMorgan Chase & Co. in the 2nd quarter worth $37,000. Finally, Christopher J. Hasenberg Inc raised its holdings in shares of JPMorgan Chase & Co. by 212.0% in the second quarter. Christopher J. Hasenberg Inc now owns 156 shares of the financial services provider's stock valued at $45,000 after purchasing an additional 106 shares during the last quarter. Institutional investors and hedge funds own 71.55% of the company's stock.

Analyst Ratings Changes

Several research firms recently weighed in on JPM. Deutsche Bank Aktiengesellschaft boosted their price target on shares of JPMorgan Chase & Co. from $300.00 to $320.00 and gave the stock a "hold" rating in a report on Tuesday. HSBC restated a "reduce" rating and issued a $259.00 target price on shares of JPMorgan Chase & Co. in a research note on Tuesday, July 8th. Royal Bank Of Canada reaffirmed a "buy" rating on shares of JPMorgan Chase & Co. in a report on Thursday, September 11th. Cowen reiterated a "buy" rating on shares of JPMorgan Chase & Co. in a report on Wednesday, July 16th. Finally, Baird R W cut JPMorgan Chase & Co. from a "hold" rating to a "strong sell" rating in a research report on Friday, June 27th. Thirteen analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $303.45.

JPMorgan Chase & Co. Price Performance

Shares of NYSE:JPM opened at $315.53 on Wednesday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.25. The firm has a market capitalization of $867.63 billion, a PE ratio of 16.19, a P/E/G ratio of 2.08 and a beta of 1.13. JPMorgan Chase & Co. has a twelve month low of $202.16 and a twelve month high of $318.01. The company has a 50-day moving average price of $299.93 and a two-hundred day moving average price of $273.19.

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

JPMorgan Chase & Co. Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Monday, October 6th will be given a dividend of $1.50 per share. This is an increase from JPMorgan Chase & Co.'s previous quarterly dividend of $1.40. This represents a $6.00 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Monday, October 6th. JPMorgan Chase & Co.'s dividend payout ratio (DPR) is currently 28.73%.

Insider Activity

In other news, Director Linda Bammann sold 9,500 shares of the firm's stock in a transaction on 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 completion of the transaction, the director directly owned 82,207 shares of the company's stock, valued at $24,492,753.58. This trade represents a 10.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.47% of the stock is currently owned by corporate insiders.

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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