Gateway Wealth Partners LLC trimmed its holdings in shares of JPMorgan Chase & Co. (NYSE:JPM) by 24.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,528 shares of the financial services provider's stock after selling 6,215 shares during the quarter. Gateway Wealth Partners LLC's holdings in JPMorgan Chase & Co. were worth $6,392,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Morgan Stanley lifted its position in JPMorgan Chase & Co. by 1.4% in the fourth quarter. Morgan Stanley now owns 66,385,268 shares of the financial services provider's stock worth $21,390,662,000 after buying an additional 939,421 shares during the last quarter. Bank of America Corp DE raised its stake in shares of JPMorgan Chase & Co. by 15.8% in the first quarter. Bank of America Corp DE now owns 65,660,460 shares of the financial services provider's stock valued at $19,314,681,000 after acquiring an additional 8,941,351 shares during the period. Norges Bank bought a new stake in shares of JPMorgan Chase & Co. in the 4th quarter worth about $11,396,496,000. Bank of New York Mellon Corp grew its holdings in JPMorgan Chase & Co. by 5.4% during the 4th quarter. Bank of New York Mellon Corp now owns 23,424,482 shares of the financial services provider's stock valued at $7,547,837,000 after purchasing an additional 1,194,583 shares during the last quarter. Finally, Legal & General Group Plc raised its position in JPMorgan Chase & Co. by 0.6% in the 4th quarter. Legal & General Group Plc now owns 19,019,564 shares of the financial services provider's stock worth $6,128,484,000 after purchasing an additional 110,586 shares during the period. Hedge funds and other institutional investors own 71.55% of the company's stock.
Analyst Upgrades and Downgrades
Several research analysts have issued reports on JPM shares. Barclays boosted their target price on JPMorgan Chase & Co. from $391.00 to $420.00 and gave the company an "overweight" rating in a research report on Wednesday, July 15th. Deutsche Bank Aktiengesellschaft raised shares of JPMorgan Chase & Co. from a "hold" rating to a "buy" rating and set a $375.00 price target on the stock in a research note on Wednesday, July 22nd. Weiss Ratings upgraded shares of JPMorgan Chase & Co. from a "buy (b)" rating to a "buy (b+)" rating in a research note on Wednesday. Zacks Research raised shares of JPMorgan Chase & Co. from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 16th. Finally, Morgan Stanley reissued a "positive" rating and issued a $370.00 price objective on shares of JPMorgan Chase & Co. in a research note on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $359.96.
Read Our Latest Research Report on JPMorgan Chase & Co.
Insider Activity
In other JPMorgan Chase & Co. news, insider Robin Leopold sold 2,500 shares of the stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $361.41, for a total transaction of $903,525.00. Following the completion of the sale, the insider directly owned 73,547 shares of the company's stock, valued at approximately $26,580,621.27. This represents a 3.29% decrease in their ownership of the stock. The transaction 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. Also, General Counsel Stacey Friedman sold 5,467 shares of the firm's stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $330.73, for a total transaction of $1,808,100.91. Following the completion of the sale, the general counsel owned 40,961 shares in the company, valued at $13,547,031.53. This represents a 11.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.41% of the stock is owned by insiders.
JPMorgan Chase & Co. Stock Down 1.1%
Shares of NYSE JPM opened at $358.21 on Friday. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.30. The stock has a market capitalization of $952.19 billion, a PE ratio of 15.35, a price-to-earnings-growth ratio of 1.48 and a beta of 0.98. The stock's fifty day simple moving average is $349.89 and its two-hundred day simple moving average is $320.44. JPMorgan Chase & Co. has a 12-month low of $279.10 and a 12-month high of $366.50.
JPMorgan Chase & Co. (NYSE:JPM - Get Free Report) last released its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $6.14 EPS for the quarter, topping the consensus estimate of $5.59 by $0.55. The firm had revenue of $58.02 billion during the quarter, compared to analyst estimates of $50.72 billion. JPMorgan Chase & Co. had a return on equity of 18.23% and a net margin of 21.86%.The business's revenue for the quarter was up 27.7% compared to the same quarter last year. During the same period in the previous year, the company posted $4.96 EPS. As a group, analysts expect that JPMorgan Chase & Co. will post 24.28 EPS for the current fiscal year.
JPMorgan Chase & Co. News Roundup
Here are the key news stories impacting JPMorgan Chase & Co. this week:
- Positive Sentiment: Hiring strengthens JPMorgan’s healthcare investment-banking franchise. The bank reportedly hired senior healthcare banker David Blais from Guggenheim Securities, adding industry expertise and potentially supporting advisory and capital-markets revenue. JPMorgan hires healthcare banker David Blais from Guggenheim
- Positive Sentiment: Persistent inflation could keep interest rates elevated. JPMorgan and BNP Paribas now expect another European Central Bank rate increase in December. Higher rates can support net interest income, although they may also weigh on loan demand and markets activity. JPMorgan and BNP Paribas expect ECB rate hike
- Neutral Sentiment: JPMorgan’s rate outlook conflicts with market pricing. A senior JPMorgan strategist expects no U.S. rate increase for the remainder of the year, while futures markets reportedly assign meaningful odds to a hike. The disagreement increases uncertainty around bank valuations, bond trading and interest income. No increase in interest rates anytime this year
- Neutral Sentiment: A strong labor market is a mixed development. Reports of 162,000 new jobs may support loan demand and interest income, but they also raise the possibility of higher-for-longer rates, increased credit costs and valuation pressure for financial stocks. JPMorgan falls even as 162,000 jobs revive higher rates
- Negative Sentiment: Reduced financing for Jane Street highlights competitive pressure. JPMorgan reportedly scaled back financing to the quantitative trading firm as Jane Street expands in U.S. Treasury market-making, underscoring competition from nonbank firms in fixed-income markets. JPMorgan scales back Jane Street financing
- Negative Sentiment: Legal exposure remains an overhang. JPMorgan is seeking to stay a $20 million fee order related to the Javice litigation, keeping attention on litigation costs and reputational risk. JPMorgan seeks stay of $20M Javice, Amar fee order
JPMorgan Chase & Co. Company Profile
(
Free Report)
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.
Further Reading
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 reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
Continue following MarketBeat
Add MarketBeat as your preferred source on Google to see our latest stories in your feed.
Before you consider JPMorgan Chase & Co., you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and JPMorgan Chase & Co. wasn't on the list.
While JPMorgan Chase & Co. currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Tesla, Nvidia, and Google helped shape the last era of market growth, but the next wave could come from a new group of companies. Inside this report, you’ll find 7 stocks that could play a major role in the next tech-driven market boom.
Get This Free Report
