Empirical Financial Services LLC d.b.a. Empirical Wealth Management Boosts Stock Position in JPMorgan Chase & Co. $JPM

Key Points

• Empirical Wealth Management increased its JPMorgan Chase stake by 6.6% in the first quarter, adding 5,403 shares to bring its total to 86,802 shares worth about $25.5 million.
• Several other large institutional investors also made major moves in JPM, and 71.55% of the stock is owned by institutional investors, underscoring broad professional interest in the bank.
• JPMorgan is drawing positive attention from strong recent fundamentals, including record Q2 earnings, raised analyst price targets, and expectations for a possible dividend increase after passing the Fed stress test.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its holdings in JPMorgan Chase & Co. (NYSE:JPM) by 6.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 86,802 shares of the financial services provider's stock after purchasing an additional 5,403 shares during the quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in JPMorgan Chase & Co. were worth $25,534,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in JPM. Norges Bank bought a new position in JPMorgan Chase & Co. during the fourth quarter valued at about $11,396,496,000. Cardano Risk Management B.V. boosted its stake in 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 acquiring an additional 7,796,814 shares during the last quarter. American Assets Investment Management LLC grew its position in shares of JPMorgan Chase & Co. by 1,172.2% during the 4th quarter. American Assets Investment Management LLC now owns 2,259,400 shares of the financial services provider's stock valued at $728,024,000 after acquiring an additional 2,081,800 shares during the period. Viking Global Investors LP raised its holdings in shares of JPMorgan Chase & Co. by 86.1% in the 2nd quarter. Viking Global Investors LP now owns 4,042,034 shares of the financial services provider's stock worth $1,171,826,000 after purchasing an additional 1,870,386 shares during the period. Finally, PFA Pension Forsikringsaktieselskab purchased a new position in JPMorgan Chase & Co. in the fourth quarter valued at approximately $474,516,000. 71.55% of the stock is currently owned by institutional investors.

Key Stories Impacting JPMorgan Chase & Co.

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

• Positive Sentiment: JPMorgan’s blowout Q2 earnings are driving bullish sentiment, with the bank reporting record profits, 41% higher net income, strong trading and investment banking activity, and higher full-year net interest income guidance. JPMorgan Just Reported $21.2 Billion in Q2 Net Income -- Up 41% -- and CEO Jamie Dimon Said the Economy Is "Close to as Good as It Gets."
• Positive Sentiment: Analysts have been raising expectations after the results, including multiple higher price targets and upgraded earnings forecasts, signaling confidence that JPMorgan can continue to outperform. JPMorgan Price Target Raised to $380 on Strong Q2 Results, Upgraded Outlook and Capital Strength
• Positive Sentiment: The stock is also benefiting from expectations that JPMorgan may raise its quarterly dividend by 10% after passing the Federal Reserve stress test, reinforcing the bank’s capital strength and shareholder-return story. JPM Stock Just Staged a Record Bull Run. 1 Analyst Thinks It Can Still Soar to $420.
• Neutral Sentiment: JPMorgan was added to several “Strong Buy” and momentum/income stock lists, which adds to positive sentiment but is less directly impactful than earnings or guidance. New Strong Buy Stocks for July 17th
• Neutral Sentiment: JPMorgan also drew attention for major financing activity and a $24 million Philadelphia shipbuilding investment, highlighting ongoing business expansion and capital deployment. JPMorgan Chase (JPM) Puts $24 Million Into Philadelphia Shipbuilding And Defense
• Negative Sentiment: Late-day sector weakness in financial stocks may be limiting JPMorgan’s upside even as company-specific fundamentals remain strong. Sector Update: Financial Stocks Decline Friday Afternoon

JPMorgan Chase & Co. Price Performance

Shares of NYSE:JPM opened at $341.60 on Friday. The company has a 50 day moving average of $319.11 and a 200 day moving average of $310.31. The stock has a market cap of $915.33 billion, a P/E ratio of 14.64, a P/E/G ratio of 1.53 and a beta of 0.99. JPMorgan Chase & Co. has a 12 month low of $279.10 and a 12 month high of $351.24. The company has a current ratio of 0.85, a quick ratio of 0.86 and a debt-to-equity ratio of 1.30.

JPMorgan Chase & Co. Dividend Announcement

The company 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. The ex-dividend date of this dividend is Monday, July 6th. This represents a $6.00 annualized dividend and a dividend yield of 1.8%. JPMorgan Chase & Co.'s dividend payout ratio is presently 25.71%.

Analyst Ratings Changes

Several analysts have issued reports on the company. HSBC boosted their target price on JPMorgan Chase & Co. from $288.00 to $312.00 and gave the company a "hold" rating in a research note on Monday, May 4th. Truist Financial boosted their price target on shares of JPMorgan Chase & Co. from $344.00 to $352.00 and gave the company a "hold" rating in a research report on Wednesday. Wells Fargo & Company upped their price target on shares of JPMorgan Chase & Co. from $360.00 to $375.00 and gave the company an "overweight" rating in a research note on Wednesday. DZ Bank reiterated a "neutral" rating on shares of JPMorgan Chase & Co. in a research note on Wednesday, April 15th. Finally, Weiss Ratings raised JPMorgan Chase & Co. from a "buy (b)" rating to a "buy (b+)" rating in a report on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and twelve have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $354.92.

Insider Buying and Selling

In related news, COO Jennifer Piepszak sold 4,919 shares of JPMorgan Chase & Co. stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $309.42, for a total transaction of $1,522,036.98. Following the completion of the sale, the chief operating officer owned 85,082 shares of the company's stock, valued at approximately $26,326,072.44. This trade represents a 5.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Stacey Friedman sold 5,467 shares of the business's stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $330.73, for a total value of $1,808,100.91. Following the transaction, the general counsel owned 40,961 shares of the company's stock, valued at approximately $13,547,031.53. The trade was a 11.78% 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. Over the last quarter, insiders have sold 18,876 shares of company stock worth $5,907,051. Corporate insiders own 0.41% of the company's stock.

About JPMorgan Chase & Co.

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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