Ethic Inc. Acquires 96,664 Shares of JPMorgan Chase & Co. $JPM

Key Points

• Ethic Inc. more than doubled its JPMorgan stake in the third quarter, adding 96,664 shares to hold 188,691 shares worth about $62.4 million.
• Institutional investors own 71.55% of JPMorgan shares; several major firms, including State Street and Bank of America, also increased their holdings.
• JPMorgan’s latest quarter showed 8.1% year-over-year revenue growth, but EPS and revenue both fell short of analyst estimates. Analysts’ consensus rating is “Moderate Buy,” with a $368.33 average price target.

Ethic Inc. boosted its stake in JPMorgan Chase & Co. (NYSE:JPM - Free Report) by 105.0% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 188,691 shares of the financial services provider's stock after acquiring an additional 96,664 shares during the quarter. JPMorgan Chase & Co. accounts for about 0.7% of Ethic Inc.'s portfolio, making the stock its 18th biggest holding. Ethic Inc.'s holdings in JPMorgan Chase & Co. were worth $62,425,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State Street Corp grew its position in shares of JPMorgan Chase & Co. by 0.8% in the second quarter. State Street Corp now owns 125,209,293 shares of the financial services provider's stock valued at $40,984,758,000 after purchasing an additional 932,632 shares during the period. Bank of America Corp DE raised its position in shares of JPMorgan Chase & Co. by 6.1% during the 2nd quarter. Bank of America Corp DE now owns 69,666,753 shares of the financial services provider's stock worth $22,804,018,000 after purchasing an additional 4,006,293 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of JPMorgan Chase & Co. by 2.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 21,642,804 shares of the financial services provider's stock worth $7,084,339,000 after purchasing an additional 540,362 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of JPMorgan Chase & Co. by 3.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 18,968,884 shares of the financial services provider's stock worth $5,578,788,000 after purchasing an additional 607,288 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in JPMorgan Chase & Co. by 0.7% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 18,833,413 shares of the financial services provider's stock valued at $6,164,741,000 after buying an additional 134,634 shares in the last quarter. Hedge funds and other institutional investors own 71.55% of the company's stock.

Trending Headlines about JPMorgan Chase & Co.

Here are a few of the latest headlines about JPM:

• Neutral Sentiment: Hot inflation has renewed attention to Federal Reserve rate risks. Higher rates may affect bank earnings in multiple ways, while the article highlights JPMorgan’s liquidity and earnings resilience rather than identifying a new company-specific development. Article: Inflation Stays Hot: 3 Financial Stocks to Watch
• Neutral Sentiment: JPM was up 2.4% since its latest earnings report, according to Zacks. However, the quarter cited in the supplied background missed analyst EPS and revenue estimates despite year-over-year revenue growth, leaving the earnings picture mixed. Article: JPMorgan Up Since Last Earnings Report
• Negative Sentiment: A report notes that JPMorgan’s CFO has warned of weaker credit ahead. Potential deterioration in borrowers’ ability to repay could raise credit costs and pressure earnings, tempering the positive case for the bank’s dividend increase and long-term returns. Article: America’s Biggest Bank Turned $1,000 Into $5,559 in Ten Years

Insider Activity at JPMorgan Chase & Co.

In other news, insider Robin Leopold sold 2,500 shares of JPMorgan Chase & Co. stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $352.81, for a total value of $882,025.00. Following the completion of the sale, the insider directly owned 71,047 shares of the company's stock, valued at approximately $25,066,092.07. The trade was a 3.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.41% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

JPM has been the topic of several research analyst reports. TD Cowen initiated coverage on JPMorgan Chase & Co. in a report on Thursday, October 8th. They issued a "hold" rating and a $370.00 price objective on the stock. Wells Fargo & Company boosted their price target on shares of JPMorgan Chase & Co. from $375.00 to $390.00 and gave the stock an "overweight" rating in a research report on Friday, August 14th. Keefe, Bruyette & Woods reissued an "outperform" rating on shares of JPMorgan Chase & Co. in a research note on Wednesday, October 14th. Barclays boosted their target price on JPMorgan Chase & Co. from $420.00 to $425.00 and gave the stock an "overweight" rating in a report on Wednesday, October 14th. Finally, Weiss Ratings upgraded JPMorgan Chase & Co. from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Tuesday. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and thirteen have issued a Hold rating to the company's stock. According to data from MarketBeat.com, JPMorgan Chase & Co. currently has a consensus rating of "Moderate Buy" and a consensus price target of $368.33.

JPMorgan Chase & Co. Trading Down 0.1%

Shares of JPMorgan Chase & Co. stock opened at $343.10 on Friday. JPMorgan Chase & Co. has a fifty-two week low of $279.10 and a fifty-two week high of $366.50. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.85 and a current ratio of 0.85. The firm has a market capitalization of $911.15 billion, a price-to-earnings ratio of 14.39, a PEG ratio of 1.36 and a beta of 1.03. The stock has a 50 day moving average of $340.80 and a 200 day moving average of $324.61.

JPMorgan Chase & Co. (NYSE:JPM - Get Free Report) last announced its quarterly earnings results on Tuesday, October 13th. The financial services provider reported $5.75 EPS for the quarter, missing the consensus estimate of $5.94 by ($0.19). The business had revenue of $50.17 billion during the quarter, compared to analyst estimates of $51.23 billion. JPMorgan Chase & Co. had a net margin of 21.85% and a return on equity of 18.48%. The business's revenue for the quarter was up 8.1% on a year-over-year basis. During the same period last year, the company earned $5.07 EPS. As a group, research analysts predict that JPMorgan Chase & Co. will post 23.95 earnings per share for the current year.

JPMorgan Chase & Co. Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Saturday, October 31st. Shareholders of record on Tuesday, October 6th were paid a dividend of $1.65 per share. This represents a $6.60 dividend on an annualized basis and a yield of 1.9%. This is a positive change from JPMorgan Chase & Co.'s previous quarterly dividend of $1.50. The ex-dividend date was Tuesday, October 6th. JPMorgan Chase & Co.'s payout ratio is currently 27.68%.

JPMorgan Chase & Co. Company Profile

JPMorgan Chase & Co. is a global financial services company serving consumers, businesses, institutional clients and governments. Its operations include consumer and community banking, corporate and investment banking, commercial banking, and asset and wealth management. The company offers services such as deposit accounts, credit cards, mortgages, auto financing, lending, payment processing and investment advice. It also provides institutional clients with investment banking, markets, treasury and securities services, and commercial lending.

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