JPMorgan Chase & Co. $JPM Shares Sold by Argus Investors Counsel Inc.

Key Points

• Argus Investors Counsel Inc. reduced its stake in JPMorgan Chase & Co. by 13% in the second quarter, holding 15,329 shares worth approximately $4.44 million.
• JPMorgan Chase's recent quarterly earnings reported an EPS of $4.96, exceeding analysts' expectations, despite a 10.5% year-over-year revenue decline.
• The company announced an increase in its quarterly dividend to $1.50 per share, representing a yield of 1.9%.

Argus Investors Counsel Inc. lessened its stake in shares of JPMorgan Chase & Co. (NYSE:JPM - Free Report) by 13.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,329 shares of the financial services provider's stock after selling 2,296 shares during the period. JPMorgan Chase & Co. accounts for about 3.2% of Argus Investors Counsel Inc.'s portfolio, making the stock its 4th biggest position. Argus Investors Counsel Inc.'s holdings in JPMorgan Chase & Co. were worth $4,444,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently modified their holdings of JPM. Kingstone Capital Partners Texas LLC raised its holdings in shares of JPMorgan Chase & Co. by 609,867.5% during the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 72,897,211 shares of the financial services provider's stock worth $21,133,630,000 after buying an additional 72,885,260 shares in the last quarter. Nuveen LLC bought a new stake in shares of JPMorgan Chase & Co. during the 1st quarter valued at about $3,972,807,000. National Bank of Canada FI boosted its position in shares of JPMorgan Chase & Co. by 44.4% during the 1st quarter. National Bank of Canada FI now owns 4,518,740 shares of the financial services provider's stock valued at $1,108,415,000 after purchasing an additional 1,388,992 shares in the last quarter. Strs Ohio bought a new stake in shares of JPMorgan Chase & Co. during the 1st quarter valued at about $279,389,000. Finally, Alecta Tjanstepension Omsesidigt acquired a new position in JPMorgan Chase & Co. during the 1st quarter worth approximately $278,493,000. Institutional investors and hedge funds own 71.55% of the company's stock.

JPMorgan Chase & Co. Stock Up 0.8%

Shares of NYSE:JPM opened at $309.89 on Friday. JPMorgan Chase & Co. has a 1 year low of $202.16 and a 1 year high of $318.01. The company has a market cap of $852.11 billion, a PE ratio of 15.90, a P/E/G ratio of 2.03 and a beta of 1.13. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.88 and a quick ratio of 0.88. The stock's 50-day moving average is $300.67 and its 200 day moving average is $274.48.

JPMorgan Chase & Co. (NYSE:JPM - Get Free Report) last announced its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $4.96 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.48 by $0.48. The company had revenue of $44.91 billion for the quarter, compared to the consensus estimate of $43.76 billion. JPMorgan Chase & Co. had a return on equity of 16.93% and a net margin of 20.52%.JPMorgan Chase & Co.'s revenue was down 10.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $6.12 EPS. Sell-side analysts anticipate that JPMorgan Chase & Co. will post 18.1 EPS for the current year.

JPMorgan Chase & Co. Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Monday, October 6th will be given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Monday, October 6th. This is a positive change from JPMorgan Chase & Co.'s previous quarterly dividend of $1.40. JPMorgan Chase & Co.'s payout ratio is presently 28.73%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on JPM. Phillip Securities downgraded JPMorgan Chase & Co. from a "moderate buy" rating to a "hold" rating in a research note on Wednesday, July 16th. Robert W. Baird lowered JPMorgan Chase & Co. from a "neutral" rating to an "underperform" rating and set a $235.00 price objective for the company. in a report on Friday, June 27th. Piper Sandler reissued an "overweight" rating on shares of JPMorgan Chase & Co. in a report on Tuesday, July 15th. Morgan Stanley raised their price target on JPMorgan Chase & Co. from $298.00 to $336.00 and gave the stock an "equal weight" rating in a report on Monday. Finally, Baird R W lowered JPMorgan Chase & Co. from a "hold" rating to a "strong sell" rating in a research note on Friday, June 27th. Fourteen research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $303.45.

Insiders Place Their Bets

In other JPMorgan Chase & Co. news, Director Linda Bammann sold 9,500 shares of JPMorgan Chase & Co. stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $297.94, for a total transaction of $2,830,430.00. Following the sale, the director directly owned 82,207 shares of the company's stock, valued at approximately $24,492,753.58. The trade was a 10.36% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.47% of the company's stock.

About JPMorgan Chase & Co.

JPMorgan Chase & Co is a financial holding company, which engages in the provision of financial and investment banking services. It focuses on investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. It operates through the following segments: Consumer and Community Banking (CCB), Commercial and Investment Bank (CIB), Asset and Wealth Management (AWM), and Corporate.

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