Hartford Funds Management Co LLC Decreases Stock Holdings in JPMorgan Chase & Co. $JPM

Key Points

• Hartford Funds Management cut its JPMorgan Chase stake by 43.9% in the first quarter, selling 7,022 shares and ending with 8,974 shares worth about $2.64 million.
• Insider selling continued at JPMorgan, with General Counsel Stacey Friedman and CFO Jeremy Barnum both reducing their holdings through pre-arranged Rule 10b5-1 plans.
• Despite the stock activity, JPMorgan is still drawing positive momentum from strong Q2 results, higher guidance, and analyst upgrades, while the company also maintained a quarterly dividend of $1.50 per share.

Hartford Funds Management Co LLC reduced its holdings in shares of JPMorgan Chase & Co. (NYSE:JPM) by 43.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,974 shares of the financial services provider's stock after selling 7,022 shares during the quarter. JPMorgan Chase & Co. makes up about 0.2% of Hartford Funds Management Co LLC's holdings, making the stock its 20th largest position. Hartford Funds Management Co LLC's holdings in JPMorgan Chase & Co. were worth $2,640,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Brighton Jones LLC boosted its holdings in shares of JPMorgan Chase & Co. by 11.0% in the 4th quarter. Brighton Jones LLC now owns 48,732 shares of the financial services provider's stock worth $11,682,000 after buying an additional 4,841 shares during the last quarter. Acorns Advisers LLC grew its position in JPMorgan Chase & Co. by 6.9% during the first quarter. Acorns Advisers LLC now owns 1,547 shares of the financial services provider's stock valued at $379,000 after buying an additional 100 shares during the period. Ignite Planners LLC increased its holdings in JPMorgan Chase & Co. by 0.7% during the second quarter. Ignite Planners LLC now owns 10,934 shares of the financial services provider's stock worth $3,185,000 after buying an additional 78 shares during the last quarter. Jump Financial LLC purchased a new stake in JPMorgan Chase & Co. during the second quarter worth about $1,475,000. Finally, Betterment LLC raised its position in JPMorgan Chase & Co. by 27.5% in the second quarter. Betterment LLC now owns 1,970 shares of the financial services provider's stock worth $571,000 after acquiring an additional 425 shares during the period. Hedge funds and other institutional investors own 71.55% of the company's stock.

Insider Activity

In related news, General Counsel Stacey Friedman sold 5,467 shares of the firm's stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $330.73, for a total value of $1,808,100.91. Following the completion of the transaction, the general counsel directly owned 40,961 shares of the company's stock, valued at approximately $13,547,031.53. This trade represents a 11.78% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jeremy Barnum sold 3,022 shares of JPMorgan Chase & Co. stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $309.41, for a total transaction of $935,037.02. Following the completion of the transaction, the chief financial officer owned 32,438 shares of the company's stock, valued at $10,036,641.58. This represents a 8.52% 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. Insiders have sold a total of 18,876 shares of company stock valued at $5,907,051 over the last quarter. Company insiders own 0.41% of the company's stock.

JPMorgan Chase & Co. News Roundup

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

• Positive Sentiment: JPMorgan’s blowout Q2 earnings are driving bullish sentiment, with the bank reporting record profits, 41% higher net income, strong trading and investment banking activity, and higher full-year net interest income guidance. JPMorgan Just Reported $21.2 Billion in Q2 Net Income -- Up 41% -- and CEO Jamie Dimon Said the Economy Is "Close to as Good as It Gets."
• Positive Sentiment: Analysts have been raising expectations after the results, including multiple higher price targets and upgraded earnings forecasts, signaling confidence that JPMorgan can continue to outperform. JPMorgan Price Target Raised to $380 on Strong Q2 Results, Upgraded Outlook and Capital Strength
• Positive Sentiment: The stock is also benefiting from expectations that JPMorgan may raise its quarterly dividend by 10% after passing the Federal Reserve stress test, reinforcing the bank’s capital strength and shareholder-return story. JPM Stock Just Staged a Record Bull Run. 1 Analyst Thinks It Can Still Soar to $420.
• Neutral Sentiment: JPMorgan was added to several “Strong Buy” and momentum/income stock lists, which adds to positive sentiment but is less directly impactful than earnings or guidance. New Strong Buy Stocks for July 17th
• Neutral Sentiment: JPMorgan also drew attention for major financing activity and a $24 million Philadelphia shipbuilding investment, highlighting ongoing business expansion and capital deployment. JPMorgan Chase (JPM) Puts $24 Million Into Philadelphia Shipbuilding And Defense
• Negative Sentiment: Late-day sector weakness in financial stocks may be limiting JPMorgan’s upside even as company-specific fundamentals remain strong. Sector Update: Financial Stocks Decline Friday Afternoon

JPMorgan Chase & Co. Price Performance

NYSE JPM opened at $341.60 on Friday. The company has a market cap of $915.33 billion, a PE ratio of 14.64, a price-to-earnings-growth ratio of 1.53 and a beta of 0.99. JPMorgan Chase & Co. has a 52 week low of $279.10 and a 52 week high of $351.24. The company has a quick ratio of 0.86, a current ratio of 0.85 and a debt-to-equity ratio of 1.30. The firm's 50-day simple moving average is $319.11 and its two-hundred day simple moving average is $310.31.

JPMorgan Chase & Co. Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Monday, July 6th will be given a $1.50 dividend. The ex-dividend date of this dividend is Monday, July 6th. This represents a $6.00 annualized dividend and a dividend yield of 1.8%. JPMorgan Chase & Co.'s payout ratio is 25.71%.

Analyst Upgrades and Downgrades

JPM has been the topic of a number of research analyst reports. Weiss Ratings upgraded shares of JPMorgan Chase & Co. from a "buy (b)" rating to a "buy (b+)" rating in a research note on Monday, July 6th. Dbs Bank upgraded shares of JPMorgan Chase & Co. to a "hold" rating in a research note on Tuesday, May 12th. UBS Group lifted their price target on shares of JPMorgan Chase & Co. from $375.00 to $384.00 and gave the stock a "buy" rating in a report on Tuesday, July 7th. Morgan Stanley reiterated a "positive" rating and issued a $370.00 price objective on shares of JPMorgan Chase & Co. in a research note on Wednesday. Finally, HSBC increased their price objective on JPMorgan Chase & Co. from $288.00 to $312.00 and gave the company a "hold" rating in a report on Monday, May 4th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and twelve have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, JPMorgan Chase & Co. presently has an average rating of "Moderate Buy" and a consensus target price of $354.92.

JPMorgan Chase & Co. 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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