Employees Retirement System of Texas Sells 9,700 Shares of JPMorgan Chase & Co. $JPM

Key Points

• Employees Retirement System of Texas trimmed its JPMorgan Chase stake by 1.8% in the fourth quarter, selling 9,700 shares and leaving it with 541,000 shares worth about $174.3 million.
• JPMorgan reported strong first-quarter results, with earnings of $5.94 per share beating estimates and revenue rising 10% year over year to $50.54 billion.
• The bank also declared a quarterly dividend of $1.50 per share, implying an annualized payout of $6.00 and a yield of about 1.9%.

Employees Retirement System of Texas lessened its stake in shares of JPMorgan Chase & Co. (NYSE:JPM - Free Report) by 1.8% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 541,000 shares of the financial services provider's stock after selling 9,700 shares during the period. JPMorgan Chase & Co. accounts for approximately 1.4% of Employees Retirement System of Texas' holdings, making the stock its 14th biggest position. Employees Retirement System of Texas' holdings in JPMorgan Chase & Co. were worth $174,321,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in JPM. Turning Point Benefit Group Inc. bought a new position in shares of JPMorgan Chase & Co. during the 3rd quarter valued at about $35,000. Merrithew & Thorsten Inc purchased a new stake in shares of JPMorgan Chase & Co. during the 4th quarter valued at about $40,000. WHI TRUST Co LLC purchased a new stake in shares of JPMorgan Chase & Co. during the 4th quarter valued at about $45,000. Cresta Advisors Ltd. purchased a new stake in shares of JPMorgan Chase & Co. during the 4th quarter valued at about $48,000. Finally, Miller Global Investments LLC purchased a new stake in shares of JPMorgan Chase & Co. during the 4th quarter valued at about $52,000. Institutional investors own 71.55% of the company's stock.

JPMorgan Chase & Co. Stock Performance

JPMorgan Chase & Co. stock opened at $310.99 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. JPMorgan Chase & Co. has a 1-year low of $260.31 and a 1-year high of $337.25. The firm has a market capitalization of $833.29 billion, a P/E ratio of 14.89, a price-to-earnings-growth ratio of 1.47 and a beta of 1.00. The company's 50-day moving average is $303.54 and its 200 day moving average is $306.44.

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

JPMorgan Chase & Co. Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Monday, July 6th will be given a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Monday, July 6th. JPMorgan Chase & Co.'s dividend payout ratio is 28.74%.

Insider Activity

In related news, General Counsel Stacey Friedman sold 5,468 shares of the stock in a transaction dated 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 $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 this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer Piepszak sold 4,919 shares of the stock in a transaction dated 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 directly owned 85,082 shares in the company, valued at $26,326,072.44. This trade represents a 5.47% 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 sold 28,589 shares of company stock valued at $8,747,496. Company insiders own 0.41% of the company's stock.

Analyst Ratings Changes

JPM has been the topic of several recent research reports. Robert W. Baird set a $295.00 target price on shares of JPMorgan Chase & Co. in a research report on Wednesday, April 15th. Keefe, Bruyette & Woods restated an "outperform" rating on shares of JPMorgan Chase & Co. in a research report on Tuesday, February 24th. Royal Bank Of Canada restated a "buy" rating on shares of JPMorgan Chase & Co. in a research report on Monday, May 4th. Barclays restated a "buy" rating on shares of JPMorgan Chase & Co. in a research report on Wednesday, May 6th. Finally, Wells Fargo & Company decreased their target price on shares of JPMorgan Chase & Co. from $360.00 to $350.00 and set an "overweight" rating on the stock in a research report on Tuesday, February 17th. Fourteen research analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $339.08.

More JPMorgan Chase & Co. News

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

• Positive Sentiment: Jamie Dimon is personally promoting SpaceX’s expected blockbuster IPO to 2,500 ultra-wealthy JPMorgan clients, highlighting JPMorgan’s ability to win marquee mandates and generate advisory and placement fees. Reuters article on Dimon discussing SpaceX IPO roadshow
• Positive Sentiment: Reports say JPMorgan is also looking at acquisition opportunities, with CEO Jamie Dimon previously suggesting the bank could deploy $10 billion to $20 billion for a deal, which could support growth if executed well. Yahoo Finance article on acquisition opportunities
• Neutral Sentiment: JPMorgan and other major banks are planning a tokenized deposit system to compete with stablecoins and crypto firms, a longer-term strategic move that could help defend the payments business but is not an immediate earnings driver. WSJ article on tokenized deposit system
• Neutral Sentiment: JPMorgan disclosed that some affiliated entities exited a substantial holder position in PLS Group and increased a stake in a2 Milk, but these are portfolio actions by affiliates and are unlikely to move JPMorgan’s shares meaningfully. TipRanks article on PLS Group filing
• Negative Sentiment: Some commentary from JPMorgan has warned that the crypto-focused CLARITY Act faces a narrow path to passage, underscoring ongoing policy uncertainty in an area the bank is watching closely. Benzinga article on CLARITY Act timing

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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