Illinois Municipal Retirement Fund Raises Holdings in JPMorgan Chase & Co. $JPM

Key Points

• Illinois Municipal Retirement Fund increased its JPMorgan Chase stake by 13.9% in the first quarter, buying 28,744 additional shares and bringing its total holdings to 235,809 shares worth about $69.4 million.
• Several other institutional investors also adjusted their JPM positions, and hedge funds and other institutions now own 71.55% of JPMorgan’s stock, underscoring broad institutional interest.
• Analysts remain broadly positive on JPMorgan, with an average Moderate Buy rating and a $354.92 price target, while the stock also recently traded near $341.60 and continues to pay a quarterly dividend of $1.50 per share.

Illinois Municipal Retirement Fund grew its holdings in JPMorgan Chase & Co. (NYSE:JPM) by 13.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 235,809 shares of the financial services provider's stock after purchasing an additional 28,744 shares during the period. JPMorgan Chase & Co. comprises about 0.9% of Illinois Municipal Retirement Fund's investment portfolio, making the stock its 12th biggest holding. Illinois Municipal Retirement Fund's holdings in JPMorgan Chase & Co. were worth $69,366,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of JPM. Brighton Jones LLC raised its position in 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 lifted its stake in JPMorgan Chase & Co. by 6.9% during the 1st quarter. Acorns Advisers LLC now owns 1,547 shares of the financial services provider's stock valued at $379,000 after acquiring an additional 100 shares during the period. Ignite Planners LLC lifted its stake in JPMorgan Chase & Co. by 0.7% during the 2nd quarter. Ignite Planners LLC now owns 10,934 shares of the financial services provider's stock valued at $3,185,000 after acquiring an additional 78 shares during the period. Jump Financial LLC purchased a new stake in shares of JPMorgan Chase & Co. during the 2nd quarter valued at about $1,475,000. Finally, Betterment LLC boosted its holdings in shares of JPMorgan Chase & Co. by 27.5% during the 2nd quarter. Betterment LLC now owns 1,970 shares of the financial services provider's stock valued at $571,000 after acquiring an additional 425 shares during the last quarter. Hedge funds and other institutional investors own 71.55% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on JPM. Morgan Stanley reissued a "positive" rating and set a $370.00 price objective on shares of JPMorgan Chase & Co. in a report on Wednesday. Jefferies Financial Group set a $350.00 target price on shares of JPMorgan Chase & Co. in a report on Tuesday, July 14th. Daiwa Securities Group decreased their target price on shares of JPMorgan Chase & Co. from $340.00 to $328.00 and set an "outperform" rating for the company in a research note on Tuesday, April 7th. Dbs Bank upgraded shares of JPMorgan Chase & Co. to a "hold" rating in a research note on Tuesday, May 12th. Finally, DZ Bank reissued a "neutral" rating on shares of JPMorgan Chase & Co. in a report on Wednesday, April 15th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and twelve have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $354.92.

JPMorgan Chase & Co. Price Performance

NYSE JPM opened at $341.60 on Monday. The company has a 50-day moving average price of $319.11 and a 200-day moving average price of $310.21. 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 has a market capitalization of $915.33 billion, a P/E ratio of 14.64, a PEG ratio of 1.52 and a beta of 0.99.

JPMorgan Chase & Co. Dividend Announcement

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

More JPMorgan Chase & Co. News

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

Insider Buying and Selling at JPMorgan Chase & Co.

In other JPMorgan Chase & Co. news, General Counsel Stacey Friedman sold 5,467 shares of the 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 transaction, the general counsel directly owned 40,961 shares in the company, valued at approximately $13,547,031.53. This trade represents a 11.78% decrease in their ownership of the stock. The transaction was disclosed in a legal 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, COO Jennifer Piepszak sold 4,919 shares of JPMorgan Chase & Co. stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $309.42, for a total transaction of $1,522,036.98. Following the transaction, the chief operating officer owned 85,082 shares in the company, valued at $26,326,072.44. This represents a 5.47% 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 ninety days, insiders sold 18,876 shares of company stock valued at $5,907,051. Insiders own 0.41% of the company's stock.

JPMorgan Chase & Co. Company 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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