Rockland Trust Co. Trims Stake in JPMorgan Chase & Co. $JPM

Key Points

• Rockland Trust Co. reduced its stake in JPMorgan Chase & Co. by 17.8%, holding 113,510 shares valued at approximately $32.9 million.
• Analysts are divided on the stock, with one Strong Buy, 13 Buy, 6 Hold, and 3 Sell ratings, while the company's average price target is <$strong>292.78.
• JPMorgan Chase & Co. announced a quarterly dividend increase to $1.50 per share, with an ex-dividend date of October 6th.

Rockland Trust Co. cut its holdings in JPMorgan Chase & Co. (NYSE:JPM - Free Report) by 17.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 113,510 shares of the financial services provider's stock after selling 24,661 shares during the period. JPMorgan Chase & Co. accounts for 1.6% of Rockland Trust Co.'s investment portfolio, making the stock its 17th biggest position. Rockland Trust Co.'s holdings in JPMorgan Chase & Co. were worth $32,908,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of JPM. MJT & Associates Financial Advisory Group Inc. purchased a new stake in JPMorgan Chase & Co. during the 1st quarter worth about $28,000. University of Illinois Foundation bought a new stake in shares of JPMorgan Chase & Co. during the first quarter valued at about $30,000. Curat Global LLC bought a new stake in shares of JPMorgan Chase & Co. during the first quarter valued at about $33,000. Christopher J. Hasenberg Inc boosted its position in shares of JPMorgan Chase & Co. by 212.0% in the second quarter. Christopher J. Hasenberg Inc now owns 156 shares of the financial services provider's stock valued at $45,000 after acquiring an additional 106 shares during the period. Finally, Capital A Wealth Management LLC purchased a new position in JPMorgan Chase & Co. during the fourth quarter valued at approximately $64,000. Institutional investors own 71.55% of the company's stock.

JPMorgan Chase & Co. Trading Up 0.7%

Shares of JPMorgan Chase & Co. stock traded up $2.08 during midday trading on Tuesday, reaching $314.52. 1,728,079 shares of the company's stock traded hands, compared to its average volume of 9,621,125. The stock has a 50 day moving average of $296.91 and a 200-day moving average of $269.93. The company has a market cap of $864.85 billion, a PE ratio of 16.16, a price-to-earnings-growth ratio of 2.09 and a beta of 1.13. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.88 and a current ratio of 0.88. JPMorgan Chase & Co. has a 12 month low of $202.16 and a 12 month high of $316.31.

JPMorgan Chase & Co. (NYSE:JPM - Get Free Report) last released its earnings results on Tuesday, July 15th. The financial services provider reported $4.96 EPS for the quarter, beating analysts' consensus estimates 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 company had revenue of $44.91 billion during the quarter, compared to analysts' expectations of $43.76 billion. During the same quarter last year, the business posted $6.12 EPS. The firm's revenue for the quarter was down 10.5% compared to the same quarter last year. As a group, equities analysts expect that JPMorgan Chase & Co. will post 18.1 EPS for the current fiscal 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 given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 1.9%. This is a positive change from JPMorgan Chase & Co.'s previous quarterly dividend of $1.40. The ex-dividend date is Monday, October 6th. JPMorgan Chase & Co.'s payout ratio is currently 28.73%.

Insiders Place Their Bets

In related news, Director Linda Bammann sold 9,500 shares of the firm's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $297.94, for a total value 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.47% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on JPM. Bank of America boosted their target price on JPMorgan Chase & Co. from $330.00 to $340.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. Cowen reiterated a "buy" rating on shares of JPMorgan Chase & Co. in a research report on Wednesday, July 16th. Phillip Securities cut shares of JPMorgan Chase & Co. from a "moderate buy" rating to a "hold" rating in a research note on Wednesday, July 16th. Baird R W cut shares of JPMorgan Chase & Co. from a "hold" rating to a "strong sell" rating in a research report on Friday, June 27th. Finally, HSBC reiterated a "reduce" rating and issued a $259.00 target price on shares of JPMorgan Chase & Co. in a research report on Tuesday, July 8th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $292.78.

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.