JPMorgan Chase & Co. $JPM Stock: Sax Wealth Advisors LLC Raises Position

Key Points

• Sax Wealth Advisors LLC nearly doubled its JPMorgan stake during the third quarter, increasing its holdings by 94% to 48,905 shares valued at approximately $16.2 million. Institutional investors collectively own 71.55% of the company.
• JPMorgan reported third-quarter revenue of $50.17 billion and EPS of $5.75, both below analyst expectations, although revenue rose 8.1% year over year and net income increased 6% to $15.3 billion.
• The bank raised its quarterly dividend to $1.65 per share, equivalent to a 2.0% yield, while analysts maintained a generally positive outlook with a “Moderate Buy” consensus rating and a $362.88 average price target.

Sax Wealth Advisors LLC increased its stake in shares of JPMorgan Chase & Co. (NYSE:JPM) by 94.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,905 shares of the financial services provider's stock after acquiring an additional 23,691 shares during the quarter. Sax Wealth Advisors LLC's holdings in JPMorgan Chase & Co. were worth $16,179,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the stock. State Street Corp raised its holdings in shares of JPMorgan Chase & Co. by 0.8% in the second quarter. State Street Corp now owns 125,209,293 shares of the financial services provider's stock valued at $40,984,758,000 after buying an additional 932,632 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of JPMorgan Chase & Co. by 6.1% in the second quarter. Bank of America Corp DE now owns 69,666,753 shares of the financial services provider's stock valued at $22,804,018,000 after purchasing an additional 4,006,293 shares during the period. Bank of New York Mellon Corp raised its position in JPMorgan Chase & Co. by 2.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 21,642,804 shares of the financial services provider's stock worth $7,084,339,000 after buying an additional 540,362 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of JPMorgan Chase & Co. by 0.7% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 18,833,413 shares of the financial services provider's stock worth $6,164,741,000 after acquiring an additional 134,634 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in JPMorgan Chase & Co. by 3.3% during the first quarter. Dimensional Fund Advisors LP now owns 18,968,884 shares of the financial services provider's stock worth $5,578,788,000 after purchasing an additional 607,288 shares in the last quarter. Institutional investors and hedge funds own 71.55% of the company's stock.

Insider Transactions at JPMorgan Chase & Co.

In other JPMorgan Chase & Co. news, insider Robin Leopold sold 2,500 shares of the firm's stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $352.81, for a total transaction of $882,025.00. Following the transaction, the insider owned 71,047 shares of the company's stock, valued at approximately $25,066,092.07. This trade represents a 3.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.41% of the stock is owned by company insiders.

JPMorgan Chase & Co. Trading Up 0.3%

JPMorgan Chase & Co. stock traded up $0.90 during midday trading on Tuesday, reaching $335.20. The stock had a trading volume of 7,769,439 shares, compared to its average volume of 9,182,284. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.85 and a current ratio of 0.85. JPMorgan Chase & Co. has a twelve month low of $279.10 and a twelve month high of $366.50. The stock has a market capitalization of $891.02 billion, a PE ratio of 14.36, a price-to-earnings-growth ratio of 1.37 and a beta of 1.02. The stock's 50-day simple moving average is $350.00 and its 200 day simple moving average is $329.24.

JPMorgan Chase & Co. (NYSE:JPM - Get Free Report) last issued its quarterly earnings data on Tuesday, October 13th. The financial services provider reported $5.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.94 by ($0.19). JPMorgan Chase & Co. had a net margin of 21.86% and a return on equity of 18.23%. The firm had revenue of $50.17 billion during the quarter, compared to analyst estimates of $51.23 billion. During the same period last year, the business earned $5.07 EPS. The firm's revenue was up 8.1% compared to the same quarter last year. Analysts expect that JPMorgan Chase & Co. will post 24.16 EPS for the current year.

JPMorgan Chase & Co. Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Saturday, October 31st. Stockholders of record on Tuesday, October 6th will be issued a dividend of $1.65 per share. This represents a $6.60 annualized dividend and a dividend yield of 2.0%. This is a positive change from JPMorgan Chase & Co.'s previous quarterly dividend of $1.50. The ex-dividend date of this dividend is Tuesday, October 6th. JPMorgan Chase & Co.'s dividend payout ratio is presently 28.28%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on JPM. Barclays reaffirmed an "overweight" rating on shares of JPMorgan Chase & Co. in a report on Tuesday, October 6th. Weiss Ratings raised JPMorgan Chase & Co. from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Friday. Royal Bank Of Canada raised their price objective on JPMorgan Chase & Co. from $330.00 to $370.00 and gave the company an "outperform" rating in a research note on Wednesday, July 15th. UBS Group cut their price target on JPMorgan Chase & Co. from $400.00 to $395.00 and set a "buy" rating for the company in a research note on Monday, October 5th. Finally, The Goldman Sachs Group restated a "buy" rating and set a $418.00 target price on shares of JPMorgan Chase & Co. in a research report on Tuesday, July 14th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and thirteen have assigned a Hold rating to the company's stock. According to MarketBeat, JPMorgan Chase & Co. has an average rating of "Moderate Buy" and a consensus price target of $362.88.

Key Stories Impacting JPMorgan Chase & Co.

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

• Positive Sentiment: Third-quarter revenue rose approximately 8% year over year to $50.2 billion, while net income increased 6% to $15.3 billion. Consumer & Community Banking, Commercial & Investment Banking, and Asset & Wealth Management all delivered double-digit net-income growth. JPMorgan Chase Reports Third-Quarter Net Income
• Positive Sentiment: Broad-based loan and deposit growth, an 18.23% return on equity, and continued earnings growth support the view that JPMorgan’s underlying franchise remains resilient despite a challenging market backdrop. JPMorgan Earnings Miss Estimates But Reveal Broad-Based Strength
• Positive Sentiment: Technical sentiment improved after JPMorgan broke its recent downtrend and found support near $325, suggesting some investors view the pullback as a potential buying opportunity. Is JPMorgan About to Trend Higher?

About JPMorgan Chase & Co.

JPMorgan Chase & Co is a global financial services company headquartered in New York City. Through its businesses, the company provides banking, investment banking, asset management, private banking, commercial banking, consumer lending and payment services to individuals, businesses, institutions and governments.

The company operates through major business areas that include Consumer & Community Banking, Commercial & Investment Banking, and Asset & Wealth Management. Its products and services include deposit accounts, credit cards, mortgages, auto loans, business financing, investment and advisory services, securities trading and custody, payment processing, and wealth-management solutions.

JPMorgan Chase serves customers in the United States and maintains operations and client relationships across international markets.

Want to see what other hedge funds are holding JPM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for JPMorgan Chase & Co. (NYSE:JPM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.