JPMorgan Chase & Co. $JPM is Resona Asset Management Co. Ltd.'s 10th Largest Position

Key Points

• Resona Asset Management cut its JPMorgan Chase stake by 5.0% in the fourth quarter, but JPM still remained its 10th-largest position at 853,335 shares worth about $275.2 million.
• JPMorgan reported strong quarterly results, with EPS of $5.94 beating estimates and revenue of $50.54 billion topping expectations, while revenue rose 10% year over year.
• The company also announced a $1.50 quarterly dividend payable July 31, and analysts currently rate the stock a Moderate Buy with a consensus target price of $339.08.

Resona Asset Management Co. Ltd. trimmed its holdings in shares of JPMorgan Chase & Co. (NYSE:JPM - Free Report) by 5.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 853,335 shares of the financial services provider's stock after selling 44,449 shares during the period. JPMorgan Chase & Co. comprises 1.3% of Resona Asset Management Co. Ltd.'s investment portfolio, making the stock its 10th largest position. Resona Asset Management Co. Ltd.'s holdings in JPMorgan Chase & Co. were worth $275,204,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of JPM. Brighton Jones LLC lifted its position in JPMorgan Chase & Co. by 11.0% during the fourth quarter. Brighton Jones LLC now owns 48,732 shares of the financial services provider's stock valued at $11,682,000 after buying an additional 4,841 shares in the last quarter. Acorns Advisers LLC lifted 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 in the last quarter. Ignite Planners LLC lifted its position 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 valued at $3,185,000 after buying an additional 78 shares in the last quarter. Jump Financial LLC acquired a new position in JPMorgan Chase & Co. during the second quarter valued at approximately $1,475,000. Finally, Betterment LLC lifted its position in JPMorgan Chase & Co. by 27.5% during the second quarter. Betterment LLC now owns 1,970 shares of the financial services provider's stock valued at $571,000 after buying an additional 425 shares in the last quarter. 71.55% of the stock is owned by institutional investors and hedge funds.

Key JPMorgan Chase & Co. News

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

• Positive Sentiment: CEO Jamie Dimon said JPMorgan Chase could have up to $10 billion to $20 billion available for a major acquisition, signaling the bank has substantial firepower and flexibility to pursue deals if the right opportunity emerges. Jamie Dimon says JPMorgan Chase could spend $20 billion on acquisition: 'We are on the lookout'
• Positive Sentiment: JPMorgan Asset Management launched a new Managed Futures Plus ETF (JPFP), expanding its active ETF lineup and reinforcing the firm’s asset-management franchise. J.P. Morgan Asset Management Launches JPMorgan Managed Futures Plus ETF (JPFP) on NYSE
• Positive Sentiment: JPMorgan’s strategists said retail trading activity may rebound, which could provide a broader tailwind for U.S. stocks and trading-related revenues. Retail Revival Adds Fuel to US Stocks, JPMorgan Strategists Say
• Neutral Sentiment: The company announced a preferred stock redemption, a routine capital-management move that is generally not material on its own. JPMorganChase Announcement Concerning Preferred Stock
• Neutral Sentiment: JPMorgan also said a Bitcoin ETF outflow trend may reflect a “cooling” crypto trade, which is more of a market commentary than a direct earnings catalyst for JPM. JPMorgan Says Bitcoin ETF Outflows A Sign Of ‘Cooling’ Trade
• Negative Sentiment: Dimon also warned that JPMorgan is “over-earning” and that costs could rise, which spooked investors by suggesting margin pressure and less durable profit levels. Jamie Dimon says JPMorgan Chase could spend $20 billion on acquisition: 'We are on the lookout'
• Negative Sentiment: JPMorgan is also facing headlines over a $4.25 million arbitration ruling tied to the “salami incident,” adding an unwanted legal and reputational distraction. The ‘Salami Incident' That Has JPMorgan Chase on the Hook for $4.25 Million

JPMorgan Chase & Co. Stock Down 0.9%

JPM stock opened at $296.53 on Friday. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.86 and a quick ratio of 0.86. JPMorgan Chase & Co. has a 1-year low of $260.31 and a 1-year high of $337.25. The firm has a fifty day moving average price of $302.25 and a two-hundred day moving average price of $306.84. The firm has a market cap of $794.56 billion, a price-to-earnings ratio of 14.20, a PEG ratio of 1.46 and a beta of 1.03.

JPMorgan Chase & Co. (NYSE:JPM - Get Free Report) last released its earnings results on Tuesday, April 14th. The financial services provider reported $5.94 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $50.54 billion during the quarter, compared to analyst estimates of $48.30 billion. During the same quarter in the previous year, the firm earned $5.07 earnings per share. The firm's revenue for the quarter was up 10.0% compared to the same quarter last year. Research analysts predict that JPMorgan Chase & Co. will post 22.4 EPS for the current year.

JPMorgan Chase & Co. Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Monday, July 6th will be issued a dividend of $1.50 per share. The ex-dividend date of this dividend 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 28.74%.

Wall Street Analysts Forecast Growth

JPM has been the topic of a number of recent research reports. Wells Fargo & Company reduced their target price on shares of JPMorgan Chase & Co. from $360.00 to $350.00 and set an "overweight" rating on the stock in a research report on Tuesday, February 17th. Autonomous Res reduced their target price on shares of JPMorgan Chase & Co. from $360.00 to $324.00 and set a "neutral" rating on the stock in a research report on Monday, April 6th. Barclays reissued a "buy" rating on shares of JPMorgan Chase & Co. in a research report on Wednesday, May 6th. Evercore boosted their target price on shares of JPMorgan Chase & Co. from $320.00 to $340.00 and gave the stock an "outperform" rating in a research report on Friday, April 17th. Finally, The Goldman Sachs Group set a $361.00 target price on shares of JPMorgan Chase & Co. in a research report on Tuesday, April 14th. Fifteen analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $339.08.

Insider Activity at JPMorgan Chase & Co.

In related news, CFO Jeremy Barnum sold 3,022 shares of the company's stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $309.41, for a total value of $935,037.02. Following the completion of the sale, 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 transaction was disclosed in a document filed with the SEC, 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 5,468 shares of the company's stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $300.27, for a total transaction of $1,641,876.36. Following the completion of the sale, the general counsel directly owned 46,428 shares of the company's stock, valued at $13,940,935.56. The trade was a 10.54% decrease in their position. 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. Over the last three months, insiders sold 28,589 shares of company stock worth $8,747,496. 0.41% of the stock is owned by company insiders.

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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