Farmers Trust Co. Cuts Holdings in JPMorgan Chase & Co. $JPM

Key Points

• Farmers Trust Co. reduced its holdings in JPMorgan Chase & Co. by 13.9% in Q2, now owning 68,513 shares valued at approximately $19.86 million, making it their third-largest investment.
• JPMorgan Chase recently reported $4.96 earnings per share for the last quarter, exceeding expectations, though experiencing a 10.5% year-over-year revenue decline.
• The firm announced an increase in its quarterly dividend, raising it from $1.40 to $1.50 per share, with a record date of October 6th and a yield of 1.9%.

Farmers Trust Co. cut its stake in JPMorgan Chase & Co. (NYSE:JPM) by 13.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 68,513 shares of the financial services provider's stock after selling 11,024 shares during the quarter. JPMorgan Chase & Co. comprises about 3.7% of Farmers Trust Co.'s holdings, making the stock its 3rd biggest holding. Farmers Trust Co.'s holdings in JPMorgan Chase & Co. were worth $19,863,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently modified their holdings of the stock. Florida Financial Advisors LLC lifted its stake in shares of JPMorgan Chase & Co. by 62.5% in the 1st quarter. Florida Financial Advisors LLC now owns 9,863 shares of the financial services provider's stock valued at $2,416,000 after purchasing an additional 3,792 shares during the period. Crown Wealth Group LLC raised its holdings in JPMorgan Chase & Co. by 5.4% in the first quarter. Crown Wealth Group LLC now owns 4,320 shares of the financial services provider's stock worth $1,060,000 after purchasing an additional 222 shares in the last quarter. Mosaic Financial Group LLC raised its holdings in JPMorgan Chase & Co. by 0.8% in the first quarter. Mosaic Financial Group LLC now owns 9,296 shares of the financial services provider's stock worth $2,280,000 after purchasing an additional 78 shares in the last quarter. Morse Asset Management Inc lifted its position in JPMorgan Chase & Co. by 19.5% during the first quarter. Morse Asset Management Inc now owns 2,569 shares of the financial services provider's stock valued at $630,000 after buying an additional 420 shares during the period. Finally, Hidden Cove Wealth Management LLC boosted its holdings in shares of JPMorgan Chase & Co. by 4.2% during the 1st quarter. Hidden Cove Wealth Management LLC now owns 2,758 shares of the financial services provider's stock valued at $677,000 after buying an additional 112 shares in the last quarter. Institutional investors own 71.55% of the company's stock.

JPMorgan Chase & Co. Price Performance

Shares of JPM opened at $313.42 on Thursday. The company has a market capitalization of $861.82 billion, a P/E ratio of 16.08, a price-to-earnings-growth ratio of 2.06 and a beta of 1.13. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.25. The firm has a 50 day moving average of $297.99 and a 200 day moving average of $270.52. JPMorgan Chase & Co. has a twelve month low of $202.16 and a twelve month high of $316.58.

JPMorgan Chase & Co. (NYSE:JPM - Get Free Report) last released its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $4.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.48 by $0.48. JPMorgan Chase & Co. had a return on equity of 16.93% and a net margin of 20.52%.The business had revenue of $44.91 billion for the quarter, compared to analysts' expectations of $43.76 billion. During the same period in the prior year, the firm posted $6.12 EPS. The firm's quarterly revenue was down 10.5% on a year-over-year basis. As a group, equities research analysts anticipate that JPMorgan Chase & Co. will post 18.1 earnings per share for the current fiscal year.

JPMorgan Chase & Co. Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Monday, October 6th will be given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 1.9%. This is a boost from JPMorgan Chase & Co.'s previous quarterly dividend of $1.40. The ex-dividend date of this dividend is Monday, October 6th. JPMorgan Chase & Co.'s payout ratio is 28.73%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Zacks Research downgraded shares of JPMorgan Chase & Co. from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 8th. Piper Sandler reaffirmed an "overweight" rating on shares of JPMorgan Chase & Co. in a research note on Tuesday, July 15th. Evercore ISI set a $298.00 target price on shares of JPMorgan Chase & Co. and gave the company an "outperform" rating in a report on Monday, July 7th. Royal Bank Of Canada reissued a "buy" rating on shares of JPMorgan Chase & Co. in a research report on Thursday, September 11th. Finally, Hsbc Global Res lowered JPMorgan Chase & Co. from a "hold" rating to a "moderate sell" rating in a research report on Tuesday, July 8th. Thirteen analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, JPMorgan Chase & Co. has an average rating of "Hold" and a consensus price target of $297.17.

Insider Activity at JPMorgan Chase & Co.

In related news, Director Linda Bammann sold 9,500 shares of JPMorgan Chase & Co. stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $297.94, for a total value of $2,830,430.00. Following the completion of the sale, the director directly owned 82,207 shares in the company, valued at approximately $24,492,753.58. This trade represents a 10.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.47% of the stock is owned by company insiders.

JPMorgan Chase & Co. Profile

JPMorgan Chase & Co is a financial holding company, which engages in the provision of financial and investment banking services. It focuses on investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. It operates through the following segments: Consumer and Community Banking (CCB), Commercial and Investment Bank (CIB), Asset and Wealth Management (AWM), and Corporate.

Want to see what other hedge funds are holding JPM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for JPMorgan Chase & Co. (NYSE:JPM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.