Drake & Associates LLC Lowers Holdings in JPMorgan Chase & Co. $JPM

Key Points

• Drake & Associates LLC cut its JPMorgan Chase stake by 28% in the fourth quarter, leaving it with 8,464 shares worth about $2.73 million.
• JPMorgan remains a heavily owned institutional stock, with 71.55% of shares held by institutions; several large investors, including Morgan Stanley and Norges Bank, also added to or initiated positions.
• The company reported strong quarterly results, beating estimates with EPS of $5.94 versus $5.50 expected and revenue of $50.54 billion, while analysts currently keep a Hold consensus and a $339.08 target price.

Drake & Associates LLC reduced its position in shares of JPMorgan Chase & Co. (NYSE:JPM) by 28.0% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,464 shares of the financial services provider's stock after selling 3,291 shares during the quarter. JPMorgan Chase & Co. comprises about 0.5% of Drake & Associates LLC's portfolio, making the stock its 21st biggest position. Drake & Associates LLC's holdings in JPMorgan Chase & Co. were worth $2,727,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of JPM. Morgan Stanley lifted its stake in JPMorgan Chase & Co. by 1.4% in the fourth quarter. Morgan Stanley now owns 66,385,268 shares of the financial services provider's stock worth $21,390,662,000 after acquiring an additional 939,421 shares during the period. Norges Bank bought a new position in JPMorgan Chase & Co. during the 4th quarter worth about $11,396,496,000. Bank of New York Mellon Corp increased its position in JPMorgan Chase & Co. by 5.4% during the 4th quarter. Bank of New York Mellon Corp now owns 23,424,482 shares of the financial services provider's stock valued at $7,547,837,000 after purchasing an additional 1,194,583 shares during the period. Legal & General Group Plc increased its position in JPMorgan Chase & Co. by 0.6% during the 4th quarter. Legal & General Group Plc now owns 19,019,564 shares of the financial services provider's stock valued at $6,128,484,000 after purchasing an additional 110,586 shares during the period. Finally, Fisher Asset Management LLC raised its holdings in shares of JPMorgan Chase & Co. by 1.9% in the 4th quarter. Fisher Asset Management LLC now owns 16,018,656 shares of the financial services provider's stock valued at $5,161,532,000 after purchasing an additional 296,213 shares in the last quarter. 71.55% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on JPM. The Goldman Sachs Group set a $361.00 price target on shares of JPMorgan Chase & Co. in a research report on Tuesday, April 14th. DZ Bank reissued a "neutral" rating on shares of JPMorgan Chase & Co. in a research note on Wednesday, April 15th. Robert W. Baird set a $295.00 target price on JPMorgan Chase & Co. in a report on Wednesday, April 15th. Jefferies Financial Group reaffirmed a "neutral" rating on shares of JPMorgan Chase & Co. in a research report on Monday, May 4th. Finally, UBS Group cut their price target on JPMorgan Chase & Co. from $380.00 to $375.00 in a report on Wednesday, May 6th. Fourteen equities research analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $339.08.

Trending Headlines about JPMorgan Chase & Co.

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

• Positive Sentiment: JPMorgan was highlighted as a long-term favorite by multiple market commentators, with articles pointing to Jamie Dimon’s leadership, a strong balance sheet, and the bank’s durable profit record. Jamie Dimon’s Savvy Leadership, Bold Initiatives Keep JPMorgan Chase on Top
• Positive Sentiment: The bank’s planned expansion of the Chase digital bank into at least five European countries over the next five years suggests a new growth avenue that could widen its customer base and support future revenue. JPMorgan Chase & Co. (JPM) – Among the Top 10 Dividend Stocks to Buy According to Reddit
• Positive Sentiment: JPMorgan was also linked to a new Morningstar collaboration with Apollo and Franklin Templeton on model portfolios, reinforcing JPMorgan’s role in wealth-management product innovation. Morningstar (MORN) Teams Up With Apollo, Franklin Templeton, And JPMorgan On New Models
• Neutral Sentiment: Several articles simply reaffirmed JPMorgan as a top dividend or long-term holding, which is supportive sentiment but does not by itself change the near-term earnings outlook. Why JPMorgan Chase & Co. (JPM) is a Top Stock for the Long-Term
• Negative Sentiment: Offsetting the positives, the DOJ is probing transactions tied to a business network linked to Iran’s supreme leader, and JPMorgan was named in the coverage. That adds regulatory and reputational risk, which can pressure the shares if the investigation deepens. DOJ probes JPMorgan, Citigroup transactions tied to Iran supreme leader's business network

Insider Activity at JPMorgan Chase & Co.

In related news, COO Jennifer Piepszak sold 9,136 shares of the company's stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $306.56, for a total transaction of $2,800,732.16. Following the completion of the transaction, the chief operating officer owned 90,001 shares in the company, valued at $27,590,706.56. This represents a 9.22% decrease in their position. The transaction was disclosed in a document filed 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, CFO Jeremy Barnum sold 5,611 shares of the firm's stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $306.55, for a total transaction of $1,720,052.05. Following the completion of the transaction, the chief financial officer directly owned 35,460 shares in the company, valued at $10,870,263. This represents a 13.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 28,589 shares of company stock valued at $8,747,496. 0.41% of the stock is currently owned by company insiders.

JPMorgan Chase & Co. Stock Up 0.0%

JPMorgan Chase & Co. stock opened at $325.28 on Friday. 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 stock has a market capitalization of $871.58 billion, a PE ratio of 15.58, a price-to-earnings-growth ratio of 1.51 and a beta of 1.00. The business has a 50 day simple moving average of $309.17 and a 200-day simple moving average of $307.69. JPMorgan Chase & Co. has a 12 month low of $272.11 and a 12 month high of $338.09.

JPMorgan Chase & Co. (NYSE:JPM - Get Free Report) last announced its earnings results on Tuesday, April 14th. The financial services provider reported $5.94 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analyst estimates of $48.30 billion. During the same quarter last year, the firm posted $5.07 EPS. The business's revenue was up 10.0% on a year-over-year basis. On average, analysts anticipate that JPMorgan Chase & Co. will post 22.44 EPS for the current fiscal year.

JPMorgan Chase & Co. Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Monday, July 6th will be issued a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Monday, July 6th. JPMorgan Chase & Co.'s dividend payout ratio (DPR) is presently 28.74%.

JPMorgan Chase & Co. Company 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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