Hartford Funds Management Co LLC Increases Position in JPMorgan Chase & Co. $JPM

Key Points

• Hartford Funds Management increased its stake in JPMorgan Chase by 38.1% in the fourth quarter, buying 4,413 additional shares to bring its total to 15,996 shares worth about $5.16 million.
• JPMorgan’s recent news flow was mixed: CEO Jamie Dimon said the bank could pursue large acquisitions and also warned that earnings may not hold at current levels and costs could rise, suggesting both growth ambition and margin pressure.
• The bank reported strong quarterly results, with EPS of $5.94 beating estimates and revenue of $50.54 billion topping forecasts, while it also announced a quarterly dividend of $1.50 per share, yielding about 2.0% annually.

Hartford Funds Management Co LLC raised its position in JPMorgan Chase & Co. (NYSE:JPM - Free Report) by 38.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 15,996 shares of the financial services provider's stock after buying an additional 4,413 shares during the period. JPMorgan Chase & Co. comprises about 0.4% of Hartford Funds Management Co LLC's portfolio, making the stock its 14th largest holding. Hartford Funds Management Co LLC's holdings in JPMorgan Chase & Co. were worth $5,155,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Turning Point Benefit Group Inc. acquired a new stake in JPMorgan Chase & Co. in the 3rd quarter worth about $35,000. Merrithew & Thorsten Inc acquired a new position in JPMorgan Chase & Co. in the fourth quarter valued at approximately $40,000. WHI TRUST Co LLC acquired a new position in JPMorgan Chase & Co. in the fourth quarter valued at approximately $45,000. Cresta Advisors Ltd. purchased a new stake in JPMorgan Chase & Co. in the fourth quarter valued at approximately $48,000. Finally, Miller Global Investments LLC purchased a new stake in JPMorgan Chase & Co. in the fourth quarter valued at approximately $52,000. 71.55% of the stock is currently owned by institutional investors and hedge funds.

Key JPMorgan Chase & Co. News

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

• Negative Sentiment: JPMorgan may spend heavily on acquisitions, which could reduce capital flexibility and pressure returns if deals are expensive or hard to integrate. Jamie Dimon says JPMorgan Chase could spend $20 billion on acquisition: 'We are on the lookout'
• Negative Sentiment: Dimon said earnings may not stay at current levels and that costs are likely to rise, which raises concerns about margin pressure. JPMorgan Chase Stock Is Falling: What's Happening Today?
• Neutral Sentiment: The bank also announced it will redeem $2.0 billion of Series KK preferred stock, a routine capital-management move that is not likely to change the investment thesis on its own. JPMorgan Chase to Redeem Series KK Preferred Stock
• Positive Sentiment: Dimon’s willingness to consider large acquisitions also reflects confidence in JPMorgan’s excess capital and long-term growth options, which could support the stock over time if management finds attractive targets. Jamie Dimon says JPMorgan could spend up to $20bn on a new acquisition

Analysts Set New Price Targets

A number of research firms have recently weighed in on JPM. Jefferies Financial Group reaffirmed a "neutral" rating on shares of JPMorgan Chase & Co. in a research report on Monday, May 4th. HSBC upped their price objective on shares of JPMorgan Chase & Co. from $288.00 to $312.00 and gave the company a "hold" rating in a research note on Monday, May 4th. Piper Sandler increased their target price on shares of JPMorgan Chase & Co. from $325.00 to $345.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 15th. Barclays reiterated a "buy" rating on shares of JPMorgan Chase & Co. in a research note on Wednesday, May 6th. Finally, Evercore raised their price objective on shares of JPMorgan Chase & Co. from $320.00 to $340.00 and gave the company an "outperform" rating in a research report on Friday, April 17th. Fifteen research analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $339.08.

Insider Buying and Selling at JPMorgan Chase & Co.

In related news, insider Robin Leopold sold 433 shares of JPMorgan Chase & Co. stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $295.06, for a total transaction of $127,760.98. Following the transaction, the insider owned 64,920 shares in the company, valued at approximately $19,155,295.20. The trade was a 0.66% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Jeremy Barnum sold 5,611 shares of JPMorgan Chase & Co. stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $306.55, for a total transaction of $1,720,052.05. Following the sale, the chief financial officer directly owned 35,460 shares in the company, valued at $10,870,263. This trade represents a 13.66% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 28,589 shares of company stock worth $8,747,496. Insiders own 0.41% of the company's stock.

JPMorgan Chase & Co. Trading Down 2.5%

Shares of JPM opened at $299.04 on Thursday. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a 50 day simple moving average of $302.05 and a 200-day simple moving average of $306.96. JPMorgan Chase & Co. has a 1-year low of $260.31 and a 1-year high of $337.25. The stock has a market cap of $801.27 billion, a price-to-earnings ratio of 14.32, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03.

JPMorgan Chase & Co. (NYSE:JPM - Get Free Report) last issued its quarterly earnings data on Tuesday, April 14th. The financial services provider reported $5.94 earnings per share for the quarter, topping analysts' consensus estimates of $5.50 by $0.44. JPMorgan Chase & Co. had a net margin of 20.66% and a return on equity of 17.54%. The business had revenue of $50.54 billion during the quarter, compared to analysts' expectations of $48.30 billion. During the same period last year, the company posted $5.07 EPS. The company's revenue was up 10.0% on a year-over-year basis. Equities analysts forecast that JPMorgan Chase & Co. will post 22.4 EPS for the current fiscal year.

JPMorgan Chase & Co. Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Monday, July 6th will be issued a dividend of $1.50 per share. The ex-dividend date is Monday, July 6th. This represents a $6.00 annualized dividend and a dividend yield of 2.0%. JPMorgan Chase & Co.'s payout ratio is presently 28.74%.

About JPMorgan Chase & Co.

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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