JPMorgan Chase & Co. $JPM Shares Sold by Essex LLC

Key Points

• Essex LLC reduced its stake in JPMorgan Chase & Co. by 2.9% during the second quarter, now holding 33,279 shares valued at approximately $9.6 million, making it the firm's 12th largest holding.
• JPMorgan Chase reported a strong EPS of $5.07 for the quarter, exceeding the consensus estimate of $4.83, with revenues up 8.8% year-over-year.
• The company recently declared an increased quarterly dividend of $1.50 per share, representing an annualized dividend of $6.00 and a dividend yield of 2.0%.

Essex LLC cut its position in shares of JPMorgan Chase & Co. (NYSE:JPM) by 2.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 33,279 shares of the financial services provider's stock after selling 992 shares during the quarter. JPMorgan Chase & Co. accounts for about 1.9% of Essex LLC's investment portfolio, making the stock its 12th largest holding. Essex LLC's holdings in JPMorgan Chase & Co. were worth $9,648,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Kingstone Capital Partners Texas LLC increased its holdings in shares of JPMorgan Chase & Co. by 609,867.5% during the second quarter. Kingstone Capital Partners Texas LLC now owns 72,897,211 shares of the financial services provider's stock valued at $21,133,630,000 after purchasing an additional 72,885,260 shares during the period. Bank of New York Mellon Corp increased its stake in JPMorgan Chase & Co. by 1.9% in the 1st quarter. Bank of New York Mellon Corp now owns 24,801,153 shares of the financial services provider's stock worth $6,083,723,000 after purchasing an additional 454,226 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in JPMorgan Chase & Co. by 2.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 20,548,182 shares of the financial services provider's stock worth $5,040,469,000 after purchasing an additional 548,853 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in JPMorgan Chase & Co. by 5.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 18,441,044 shares of the financial services provider's stock worth $4,523,588,000 after purchasing an additional 890,553 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in JPMorgan Chase & Co. during the 1st quarter worth about $3,972,807,000. 71.55% of the stock is currently owned by institutional investors.

JPMorgan Chase & Co. Stock Performance

Shares of NYSE JPM opened at $300.27 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.88 and a debt-to-equity ratio of 1.26. JPMorgan Chase & Co. has a 12 month low of $202.16 and a 12 month high of $318.01. The stock has a 50 day moving average of $303.43 and a 200-day moving average of $281.56. The company has a market capitalization of $825.66 billion, a P/E ratio of 14.87, a P/E/G ratio of 1.81 and a beta of 1.13.

JPMorgan Chase & Co. (NYSE:JPM - Get Free Report) last issued its earnings results on Tuesday, October 14th. The financial services provider reported $5.07 EPS for the quarter, topping the consensus estimate of $4.83 by $0.24. The company had revenue of $46.43 billion during the quarter, compared to the consensus estimate of $44.42 billion. JPMorgan Chase & Co. had a return on equity of 17.18% and a net margin of 20.90%.The firm's revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period in the previous year, the company posted $4.37 EPS. As a group, equities research analysts predict that JPMorgan Chase & Co. will post 18.1 EPS for the current year.

JPMorgan Chase & Co. Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Monday, October 6th will be given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Monday, October 6th. This is a positive change from JPMorgan Chase & Co.'s previous quarterly dividend of $1.40. JPMorgan Chase & Co.'s dividend payout ratio is currently 29.72%.

Insider Buying and Selling at JPMorgan Chase & Co.

In other news, Director Linda Bammann sold 9,500 shares of the company's stock in a transaction 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 completion of the sale, the director directly owned 82,207 shares in the company, valued at approximately $24,492,753.58. This represents a 10.36% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.47% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on JPM. Barclays raised their price objective on JPMorgan Chase & Co. from $330.00 to $342.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 15th. Deutsche Bank Aktiengesellschaft lifted their price target on JPMorgan Chase & Co. from $300.00 to $320.00 and gave the stock a "hold" rating in a research report on Tuesday, September 30th. Daiwa Capital Markets boosted their price objective on JPMorgan Chase & Co. from $330.00 to $332.00 and gave the company an "outperform" rating in a research report on Wednesday, October 8th. Loop Capital set a $310.00 price target on JPMorgan Chase & Co. in a research report on Thursday. Finally, Piper Sandler reiterated an "overweight" rating on shares of JPMorgan Chase & Co. in a research report on Tuesday, July 15th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $322.27.

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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