JPMorgan Chase & Co. $JPM Stake Increased by Covea Finance

Key Points

• Covea Finance increased its stake in JPMorgan Chase & Co. by 50.1% during the second quarter, owning a total of 92,600 shares worth approximately $26.8 million at the end of the reporting period.
• Several hedge funds significantly boosted their holdings in JPMorgan Chase, with Kingstone Capital Partners Texas LLC increasing its stake by an astonishing 609,867.5%, now owning over 72.8 million shares valued at $21.1 billion.
• JPMorgan recently announced an increase in its quarterly dividend from $1.40 to $1.50, representing a 1.9% yield and indicating a sustainable payout ratio of 28.73%.

Covea Finance boosted its stake in JPMorgan Chase & Co. (NYSE:JPM - Free Report) by 50.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 92,600 shares of the financial services provider's stock after acquiring an additional 30,900 shares during the period. Covea Finance's holdings in JPMorgan Chase & Co. were worth $26,846,000 at the end of the most recent reporting period.

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% in the 2nd 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 acquiring an additional 72,885,260 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in JPMorgan Chase & Co. by 1.9% during the first 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 during the last quarter. GAMMA Investing LLC boosted its holdings in JPMorgan Chase & Co. by 25,861.9% in the first quarter. GAMMA Investing LLC now owns 23,556,011 shares of the financial services provider's stock worth $5,778,289,000 after purchasing an additional 23,465,278 shares during the period. Goldman Sachs Group Inc. increased its stake in JPMorgan Chase & Co. by 2.7% during the first quarter. Goldman Sachs Group Inc. now owns 20,548,182 shares of the financial services provider's stock valued at $5,040,469,000 after purchasing an additional 548,853 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in JPMorgan Chase & Co. by 5.1% during the first 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 valued at $4,523,588,000 after purchasing an additional 890,553 shares during the last quarter. 71.55% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on JPM. Hsbc Global Res downgraded shares of JPMorgan Chase & Co. from a "hold" rating to a "moderate sell" rating in a research report on Tuesday, July 8th. Evercore ISI set a $298.00 price objective on shares of JPMorgan Chase & Co. and gave the stock an "outperform" rating in a research note on Monday, July 7th. Cowen restated a "buy" rating on shares of JPMorgan Chase & Co. in a research note on Wednesday, July 16th. Piper Sandler reaffirmed an "overweight" rating on shares of JPMorgan Chase & Co. in a report on Tuesday, July 15th. Finally, Baird R W cut JPMorgan Chase & Co. from a "hold" rating to a "strong sell" rating in a research report on Friday, June 27th. Thirteen investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $297.17.

Insider Transactions at JPMorgan Chase & Co.

In other JPMorgan Chase & Co. news, Director Linda Bammann sold 9,500 shares of the firm's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $297.94, for a total transaction of $2,830,430.00. Following the transaction, the director owned 82,207 shares of the company's stock, valued at approximately $24,492,753.58. This trade represents a 10.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.47% of the stock is owned by corporate insiders.

JPMorgan Chase & Co. Stock Performance

Shares of JPM stock opened at $313.48 on Friday. JPMorgan Chase & Co. has a 12-month low of $202.16 and a 12-month high of $316.58. 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 firm has a market capitalization of $862.00 billion, a price-to-earnings ratio of 16.08, a price-to-earnings-growth ratio of 2.06 and a beta of 1.13. The business has a 50 day simple moving average of $298.46 and a 200 day simple moving average of $271.08.

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

JPMorgan Chase & Co. Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Monday, October 6th will be issued a $1.50 dividend. The ex-dividend date of this dividend is Monday, October 6th. This is an increase from JPMorgan Chase & Co.'s previous quarterly dividend of $1.40. This represents a $6.00 annualized dividend and a yield of 1.9%. JPMorgan Chase & Co.'s dividend payout ratio is currently 28.73%.

JPMorgan Chase & Co. Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.