Cullen Frost Bankers Inc. Decreases Stock Holdings in JPMorgan Chase & Co. $JPM

Key Points

• Cullen Frost Bankers Inc. reduced its JPMorgan Chase stake by 5.4% in the fourth quarter, selling 19,534 shares and leaving it with 344,281 shares valued at about $110.9 million.
• JPMorgan reported strong quarterly results, with EPS of $5.94 beating expectations and revenue rising 10% year over year to $50.54 billion, while analysts currently see a consensus rating of Moderate Buy and a price target of $339.08.
• The bank continues to generate notable market attention: CEO Jamie Dimon said JPMorgan could have $10 billion to $20 billion available for acquisitions, though he also warned the company may be “over-earning” and face higher costs.

Cullen Frost Bankers Inc. trimmed its holdings in shares of JPMorgan Chase & Co. (NYSE:JPM - Free Report) by 5.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 344,281 shares of the financial services provider's stock after selling 19,534 shares during the quarter. JPMorgan Chase & Co. accounts for about 1.2% of Cullen Frost Bankers Inc.'s holdings, making the stock its 20th largest position. Cullen Frost Bankers Inc.'s holdings in JPMorgan Chase & Co. were worth $110,934,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of JPM. Turning Point Benefit Group Inc. purchased a new stake in shares of JPMorgan Chase & Co. during the third quarter valued at approximately $35,000. Merrithew & Thorsten Inc purchased a new stake in JPMorgan Chase & Co. in the fourth quarter worth $40,000. WHI TRUST Co LLC purchased a new stake in JPMorgan Chase & Co. in the fourth quarter worth $45,000. Cresta Advisors Ltd. purchased a new stake in JPMorgan Chase & Co. in the fourth quarter worth $48,000. Finally, Miller Global Investments LLC purchased a new stake in JPMorgan Chase & Co. in the fourth quarter worth $52,000. 71.55% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, COO Jennifer Piepszak sold 9,136 shares of the firm's stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $306.56, for a total value of $2,800,732.16. Following the completion of the transaction, the chief operating officer directly owned 90,001 shares of the company's stock, valued at $27,590,706.56. This trade represents a 9.22% 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. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Robin Leopold sold 433 shares of the firm's stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $295.06, for a total value of $127,760.98. Following the completion of the transaction, the insider directly owned 64,920 shares of the company's stock, valued at $19,155,295.20. The trade was a 0.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 28,589 shares of company stock valued at $8,747,496 over the last three months. Insiders own 0.41% of the company's stock.

JPMorgan Chase & Co. News Summary

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

• Positive Sentiment: CEO Jamie Dimon said JPMorgan Chase could have up to $10 billion to $20 billion available for a major acquisition, signaling the bank has substantial firepower and flexibility to pursue deals if the right opportunity emerges. Jamie Dimon says JPMorgan Chase could spend $20 billion on acquisition: 'We are on the lookout'
• Positive Sentiment: JPMorgan Asset Management launched a new Managed Futures Plus ETF (JPFP), expanding its active ETF lineup and reinforcing the firm’s asset-management franchise. J.P. Morgan Asset Management Launches JPMorgan Managed Futures Plus ETF (JPFP) on NYSE
• Positive Sentiment: JPMorgan’s strategists said retail trading activity may rebound, which could provide a broader tailwind for U.S. stocks and trading-related revenues. Retail Revival Adds Fuel to US Stocks, JPMorgan Strategists Say
• Neutral Sentiment: The company announced a preferred stock redemption, a routine capital-management move that is generally not material on its own. JPMorganChase Announcement Concerning Preferred Stock
• Neutral Sentiment: JPMorgan also said a Bitcoin ETF outflow trend may reflect a “cooling” crypto trade, which is more of a market commentary than a direct earnings catalyst for JPM. JPMorgan Says Bitcoin ETF Outflows A Sign Of ‘Cooling’ Trade
• Negative Sentiment: Dimon also warned that JPMorgan is “over-earning” and that costs could rise, which spooked investors by suggesting margin pressure and less durable profit levels. Jamie Dimon says JPMorgan Chase could spend $20 billion on acquisition: 'We are on the lookout'
• Negative Sentiment: JPMorgan is also facing headlines over a $4.25 million arbitration ruling tied to the “salami incident,” adding an unwanted legal and reputational distraction. The ‘Salami Incident' That Has JPMorgan Chase on the Hook for $4.25 Million

JPMorgan Chase & Co. Price Performance

JPMorgan Chase & Co. stock opened at $296.53 on Friday. JPMorgan Chase & Co. has a one year low of $260.31 and a one year high of $337.25. The business has a fifty day moving average price of $302.25 and a 200-day moving average price of $306.84. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a market capitalization of $794.56 billion, a P/E ratio of 14.20, a PEG ratio of 1.46 and a beta of 1.03.

JPMorgan Chase & Co. (NYSE:JPM - Get Free Report) last posted its quarterly earnings results on Tuesday, April 14th. The financial services provider reported $5.94 EPS for the quarter, topping analysts' consensus estimates of $5.50 by $0.44. JPMorgan Chase & Co. had a return on equity of 17.54% and a net margin of 20.66%.The firm had revenue of $50.54 billion during the quarter, compared to analyst estimates of $48.30 billion. During the same period last year, the company earned $5.07 earnings per share. The business's revenue for the quarter was up 10.0% on a year-over-year basis. As a group, equities research analysts forecast that JPMorgan Chase & Co. will post 22.4 EPS for the current year.

JPMorgan Chase & Co. Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Monday, July 6th will be issued a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Monday, July 6th. JPMorgan Chase & Co.'s dividend payout ratio (DPR) is presently 28.74%.

Analyst Ratings Changes

A number of research firms have issued reports on JPM. DZ Bank reissued a "neutral" rating on shares of JPMorgan Chase & Co. in a research report on Wednesday, April 15th. HSBC raised their target price on JPMorgan Chase & Co. from $288.00 to $312.00 and gave the stock a "hold" rating in a research report on Monday, May 4th. Royal Bank Of Canada reissued a "buy" rating on shares of JPMorgan Chase & Co. in a research report on Monday, May 4th. Truist Financial raised their target price on JPMorgan Chase & Co. from $323.00 to $332.00 and gave the stock a "hold" rating in a research report on Wednesday, April 15th. Finally, Piper Sandler raised their target price on JPMorgan Chase & Co. from $325.00 to $345.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 15th. Fifteen equities research analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $339.08.

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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