JPMorgan Chase & Co. $JPM Holdings Trimmed by Allstate Corp

Key Points

• Allstate reduced its JPMorgan stake by 10.6% in the second quarter, selling 29,700 shares and retaining 250,584 shares worth approximately $82 million.
• Other institutional investors largely increased their positions, and hedge funds and institutions collectively own 71.55% of JPMorgan’s outstanding shares.
• JPMorgan reported quarterly results above expectations, with $6.14 in earnings per share and $58.02 billion in revenue, while raising its quarterly dividend from $1.50 to $1.65 per share. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $359.96.

Allstate Corp cut its holdings in JPMorgan Chase & Co. (NYSE:JPM) by 10.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 250,584 shares of the financial services provider's stock after selling 29,700 shares during the quarter. JPMorgan Chase & Co. comprises about 0.8% of Allstate Corp's investment portfolio, making the stock its 19th biggest holding. Allstate Corp's holdings in JPMorgan Chase & Co. were worth $82,024,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in JPM. OMERS ADMINISTRATION Corp boosted its stake in JPMorgan Chase & Co. by 60.6% in the 2nd quarter. OMERS ADMINISTRATION Corp now owns 1,239,469 shares of the financial services provider's stock worth $405,715,000 after purchasing an additional 467,749 shares during the period. Sanctuary Advisors LLC raised its stake in JPMorgan Chase & Co. by 2.7% during the 2nd quarter. Sanctuary Advisors LLC now owns 737,445 shares of the financial services provider's stock valued at $241,388,000 after purchasing an additional 19,252 shares during the period. Saranac Partners Ltd acquired a new stake in JPMorgan Chase & Co. during the 2nd quarter valued at $711,000. Jericho Financial LLP lifted its holdings in shares of JPMorgan Chase & Co. by 15.0% in the second quarter. Jericho Financial LLP now owns 29,658 shares of the financial services provider's stock valued at $9,708,000 after purchasing an additional 3,863 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of JPMorgan Chase & Co. by 44.8% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 702,078 shares of the financial services provider's stock valued at $229,811,000 after purchasing an additional 217,342 shares in the last quarter. Institutional investors and hedge funds own 71.55% of the company's stock.

Insider Activity at JPMorgan Chase & Co.

In other JPMorgan Chase & Co. news, insider Robin Leopold sold 2,500 shares of JPMorgan Chase & Co. stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $352.81, for a total value of $882,025.00. Following the completion of the sale, the insider directly owned 71,047 shares in the company, valued at $25,066,092.07. The trade was a 3.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Stacey Friedman sold 5,467 shares of the business's stock in a transaction that occurred on Monday, June 22nd. The stock was 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 directly owned 40,961 shares of the company's stock, valued at $13,547,031.53. This represents a 11.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 10,467 shares of company stock worth $3,593,651. Insiders own 0.41% of the company's stock.

Key Headlines Impacting JPMorgan Chase & Co.

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

• Positive Sentiment: Strong third-quarter revenue outlook: JPMorgan expects investment-banking fees and Markets revenue to increase in the mid-to-high teens year over year. A robust deal pipeline and trading activity suggest continued strength in fee income and support expectations for another strong quarter. JPMorgan Sees Investment Banking and Trading Powering Q3 Growth
• Positive Sentiment: Higher rates may support lending revenue: Following the Federal Reserve’s rate increase, JPMorgan and other major banks raised prime lending rates to 7%. This could improve asset yields and net interest income, although deposit costs and borrower demand remain important offsets. U.S. Banks Raise Prime Interest Rates Following Fed Hike
• Positive Sentiment: Shareholder-return and franchise catalysts: Analysts highlighted JPMorgan’s planned quarterly dividend increase to $1.65, while new mandates—including financing Drax’s solar acquisition and Canada airport concessions—could add to advisory and underwriting revenue. JPMorgan Dividend and Long-Term Outlook
• Neutral Sentiment: Continued strategic visibility: JPMorgan will report third-quarter results on October 13. The bank is also hosting its India conference and pursuing a large, multiyear U.S. housing initiative, developments that reinforce its global reach but are unlikely to materially affect near-term earnings. JPMorgan Third-Quarter Earnings Call Announcement
• Negative Sentiment: Inflation and oil risks remain overhangs: CEO Jamie Dimon said inflation has not clearly been defeated. Separately, JPMorgan’s commodities team abandoned a firm oil-price forecast as the prolonged Iran conflict pushed Brent above $100 per barrel. Persistent inflation could delay rate cuts, raise credit risks and increase market volatility. Jamie Dimon on Inflation

JPMorgan Chase & Co. Stock Performance

Shares of NYSE JPM opened at $348.92 on Friday. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.85 and a quick ratio of 0.85. JPMorgan Chase & Co. has a one year low of $279.10 and a one year high of $366.50. The business's 50-day moving average price is $353.73 and its two-hundred day moving average price is $323.85. The company has a market capitalization of $927.49 billion, a P/E ratio of 14.95, a price-to-earnings-growth ratio of 1.44 and a beta of 0.98.

JPMorgan Chase & Co. (NYSE:JPM - Get Free Report) last posted its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $6.14 earnings per share for the quarter, topping analysts' consensus estimates of $5.59 by $0.55. The company had revenue of $58.02 billion during the quarter, compared to the consensus estimate 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 quarterly revenue was up 27.7% on a year-over-year basis. During the same period last year, the business earned $4.96 EPS. Analysts anticipate that JPMorgan Chase & Co. will post 24.3 earnings per share for the current fiscal year.

JPMorgan Chase & Co. Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, October 31st. Investors of record on Tuesday, October 6th will be given a dividend of $1.65 per share. The ex-dividend date of this dividend is Tuesday, October 6th. This is a boost from JPMorgan Chase & Co.'s previous quarterly dividend of $1.50. This represents a $6.60 annualized dividend and a yield of 1.9%. JPMorgan Chase & Co.'s payout ratio is 25.71%.

Analyst Ratings Changes

Several research analysts recently weighed in on JPM shares. Jefferies Financial Group set a $350.00 price target on JPMorgan Chase & Co. in a research report on Tuesday, July 14th. Keefe, Bruyette & Woods raised their price objective on JPMorgan Chase & Co. from $370.00 to $384.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 15th. Bank of America upped their target price on JPMorgan Chase & Co. from $408.00 to $420.00 and gave the company a "buy" rating in a report on Thursday, July 16th. Citigroup increased their price target on shares of JPMorgan Chase & Co. from $325.00 to $360.00 and gave the stock a "neutral" rating in a research report on Monday, July 20th. Finally, Truist Financial raised their price target on shares of JPMorgan Chase & Co. from $344.00 to $352.00 and gave the stock a "hold" rating in a report on Wednesday, July 15th. Sixteen research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat, JPMorgan Chase & Co. presently has a consensus rating of "Moderate Buy" and an average price target of $359.96.

JPMorgan Chase & Co. Profile

JPMorgan Chase & Co is a global financial services company headquartered in New York City. Through its businesses, the company provides banking, lending, payments, investment banking, asset management and wealth management services to consumers, businesses, institutional clients and governments.

The company operates through four primary business areas: Consumer & Community Banking; Commercial & Investment Banking; Asset & Wealth Management; and Corporate. Its offerings include deposit accounts, credit cards, mortgages, auto loans, business banking, commercial lending, treasury services, investment banking, securities trading, investment management and private banking.

JPMorgan Chase serves customers in the United States and maintains operations and client relationships across numerous international markets.

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