Fred Alger Management LLC Grows Stake in JPMorgan Chase & Co. $JPM

Key Points

• Fred Alger Management LLC increased its holdings in JPMorgan Chase & Co. by 17.7% in the 1st quarter, bringing their total to 134,874 shares valued at approximately $33.1 million.
• JPMorgan Chase's recent earnings report showed $4.96 EPS, surpassing expectations, while revenue was down 10.5% year-over-year at $44.91 billion.
• Currently, analysts have a consensus rating of "Moderate Buy" for JPMorgan Chase's stock, with an average target price of $291.67.

Fred Alger Management LLC raised its position in shares of JPMorgan Chase & Co. (NYSE:JPM - Free Report) by 17.7% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 134,874 shares of the financial services provider's stock after buying an additional 20,241 shares during the period. Fred Alger Management LLC's holdings in JPMorgan Chase & Co. were worth $33,085,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. MJT & Associates Financial Advisory Group Inc. purchased a new position in shares of JPMorgan Chase & Co. in the 1st quarter valued at approximately $28,000. University of Illinois Foundation purchased a new position in JPMorgan Chase & Co. in the 1st quarter worth approximately $30,000. Curat Global LLC purchased a new position in JPMorgan Chase & Co. in the 1st quarter worth approximately $33,000. Measured Risk Portfolios Inc. purchased a new position in JPMorgan Chase & Co. in the 4th quarter worth approximately $44,000. Finally, Minot DeBlois Advisors LLC purchased a new stake in JPMorgan Chase & Co. in the fourth quarter worth approximately $54,000. 71.55% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

JPM has been the topic of several research reports. Citigroup set a $275.00 target price on shares of JPMorgan Chase & Co. and gave the stock a "buy" rating in a report on Monday, July 7th. Piper Sandler reissued an "overweight" rating on shares of JPMorgan Chase & Co. in a research note on Tuesday, July 15th. Keefe, Bruyette & Woods increased their price objective on shares of JPMorgan Chase & Co. from $327.00 to $330.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 16th. HSBC reissued a "reduce" rating and issued a $259.00 price objective on shares of JPMorgan Chase & Co. in a research note on Tuesday, July 8th. Finally, Morgan Stanley increased their price objective on shares of JPMorgan Chase & Co. from $296.00 to $298.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 16th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $291.67.

Insider Activity

In other JPMorgan Chase & Co. news, Director Linda Bammann sold 9,500 shares of the firm's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $297.94, for a total transaction of $2,830,430.00. Following the transaction, the director directly owned 82,207 shares in the company, valued at $24,492,753.58. This trade represents a 10.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.47% of the company's stock.

JPMorgan Chase & Co. Trading Up 1.6%

JPM traded up $4.79 during trading hours on Tuesday, reaching $297.70. 7,844,109 shares of the company's stock traded hands, compared to its average volume of 6,731,510. The firm has a 50-day moving average price of $293.21 and a 200 day moving average price of $266.22. JPMorgan Chase & Co. has a 52-week low of $200.61 and a 52-week high of $305.15. 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 market capitalization of $818.60 billion, a PE ratio of 15.27, a PEG ratio of 1.95 and a beta of 1.13.

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

JPMorgan Chase & Co. Company 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.