Covenant Asset Management LLC Sells 2,765 Shares of JPMorgan Chase & Co. $JPM

Key Points

• Covenant Asset Management reduced its JPMorgan Chase stake by 9.9% in the second quarter, selling 2,765 shares and retaining 25,140 shares valued at approximately $8.23 million.
• Institutional investors and hedge funds own 71.55% of JPMorgan, while analysts maintain a consensus “Moderate Buy” rating with an average price target of $359.96.
• JPMorgan reported stronger-than-expected quarterly results, with EPS of $6.14 and revenue of $58.02 billion; its quarterly dividend is $1.50 per share, equivalent to a 1.7% annualized yield.

Covenant Asset Management LLC decreased its holdings in shares of JPMorgan Chase & Co. (NYSE:JPM - Free Report) by 9.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 25,140 shares of the financial services provider's stock after selling 2,765 shares during the period. JPMorgan Chase & Co. comprises 1.4% of Covenant Asset Management LLC's portfolio, making the stock its 20th biggest holding. Covenant Asset Management LLC's holdings in JPMorgan Chase & Co. were worth $8,229,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in JPMorgan Chase & Co. in the 4th quarter valued at $11,396,496,000. Bank of America Corp DE grew its holdings in JPMorgan Chase & Co. by 15.8% during the 1st quarter. Bank of America Corp DE now owns 65,660,460 shares of the financial services provider's stock worth $19,314,681,000 after acquiring an additional 8,941,351 shares during the last quarter. Cardano Risk Management B.V. increased its holdings in shares of JPMorgan Chase & Co. by 889.3% in the fourth quarter. Cardano Risk Management B.V. now owns 8,673,530 shares of the financial services provider's stock valued at $2,794,785,000 after purchasing an additional 7,796,814 shares in the last quarter. American Assets Investment Management LLC raised its position in shares of JPMorgan Chase & Co. by 1,172.2% during the fourth quarter. American Assets Investment Management LLC now owns 2,259,400 shares of the financial services provider's stock worth $728,024,000 after acquiring an additional 2,081,800 shares during the last quarter. Finally, Viking Global Investors LP lifted its position in JPMorgan Chase & Co. by 86.1% during the 2nd quarter. Viking Global Investors LP now owns 4,042,034 shares of the financial services provider's stock valued at $1,171,826,000 after purchasing an additional 1,870,386 shares during the period. 71.55% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Dbs Bank raised JPMorgan Chase & Co. to a "hold" rating in a research note on Tuesday, May 12th. Deutsche Bank Aktiengesellschaft upgraded JPMorgan Chase & Co. from a "hold" rating to a "buy" rating and set a $375.00 target price on the stock in a report on Wednesday, July 22nd. Keefe, Bruyette & Woods upped their price target on JPMorgan Chase & Co. from $370.00 to $384.00 and gave the company an "outperform" rating in a research note on Wednesday, July 15th. Barclays increased their target price on shares of JPMorgan Chase & Co. from $391.00 to $420.00 and gave the stock an "overweight" rating in a report on Wednesday, July 15th. Finally, Royal Bank Of Canada lifted their price objective on JPMorgan Chase & Co. from $330.00 to $370.00 and gave the company an "outperform" rating in a report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and eleven have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $359.96.

Insiders Place Their Bets

In other news, General Counsel Stacey Friedman sold 5,468 shares of the company's stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $300.27, for a total value of $1,641,876.36. Following the sale, the general counsel directly owned 46,428 shares of the company's stock, valued at approximately $13,940,935.56. This represents a 10.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Robin Leopold sold 2,500 shares of the business's stock in a transaction 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 completion of the transaction, the insider owned 73,547 shares in the company, valued at approximately $26,580,621.27. The trade was a 3.29% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 13,435 shares of company stock worth $4,353,502. 0.41% of the stock is owned by company insiders.

Key JPMorgan Chase & Co. News

Here are the key news stories impacting JPMorgan Chase & Co. this week:

• Positive Sentiment: JPMorgan was named the first global banking partner of the Olympic and Paralympic Games. The sponsorship should increase the bank’s international brand visibility and may create opportunities across commercial banking, payments and wealth management. What Does JPMorgan Chase Olympic Deal And Banking Exit Mean Now?
• Positive Sentiment: JPMorgan’s strategists remain constructive on equities for the second half of the year, expecting broader participation from cyclical and higher-beta stocks. A stronger market could support the firm’s investment-banking, trading and asset-management businesses. JPMorgan Sees Further Equity Upside in Second Half
• Positive Sentiment: The bank declared dividends on its Series II, OO and PP preferred stock, signaling continued capacity to meet capital-return obligations. The announcement is routine and does not change common-stock earnings expectations. JPMorganChase Declares Preferred Stock Dividends
• Neutral Sentiment: JPMorgan disclosed larger second-quarter positions in Bitcoin and Ether ETFs. Because the filing combines positions across multiple investment-management entities, the purchases may reflect client or fund activity rather than a firmwide bullish cryptocurrency view. JPMorgan Boosts Bitcoin and Ether ETF Positions
• Negative Sentiment: Reports that JPMorgan ended its banking relationship with Polymarket over regulatory concerns renewed scrutiny of the bank’s exposure to prediction markets. Although JPMorgan reportedly maintains other ties and could pursue future underwriting work, the episode highlights compliance and reputational risks. JPMorgan Debanked Polymarket Over Regulatory Concerns
• Negative Sentiment: Financial stocks traded lower during the afternoon, with the NYSE Financial Index also declining. The sector-wide pressure is likely weighing on JPMorgan alongside profit-taking after its strong run toward its 12-month high. Sector Update: Financial Stocks Softer Friday Afternoon

JPMorgan Chase & Co. Stock Down 0.2%

Shares of JPM stock opened at $362.55 on Friday. The firm's 50-day moving average is $340.11 and its 200-day moving average is $315.46. JPMorgan Chase & Co. has a 52-week low of $279.10 and a 52-week high of $366.50. The stock has a market cap of $963.72 billion, a price-to-earnings ratio of 15.53, a PEG ratio of 1.49 and a beta of 0.99. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.85 and a current ratio of 0.85.

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

JPMorgan Chase & Co. Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 31st. Shareholders of record on Monday, July 6th were given a $1.50 dividend. The ex-dividend date was Monday, July 6th. This represents a $6.00 annualized dividend and a yield of 1.7%. JPMorgan Chase & Co.'s dividend payout ratio (DPR) is currently 25.71%.

JPMorgan Chase & Co. Profile

JPMorgan Chase & Co NYSE: JPM is a diversified global financial services firm headquartered in New York City. The company provides a wide range of banking and financial products and services to consumers, small businesses, corporations, governments and institutional investors worldwide. Its operations span retail banking, commercial lending, investment banking, asset management, payments and card services, and treasury and securities services.

The firm's principal business activities are organized across several core lines: Consumer & Community Banking, which offers deposit accounts, mortgages, auto loans, credit cards and branch and digital banking under the Chase brand; Corporate & Investment Banking, which provides capital markets, advisory, underwriting, trading and risk management services; Commercial Banking, delivering lending, treasury and capital solutions to middle-market and corporate clients; and Asset & Wealth Management, which offers investment management, private banking and retirement services to institutions and high-net-worth individuals.

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