Westchester Capital Management Inc. Boosts Stock Position in JPMorgan Chase & Co. (NYSE:JPM)

Key Points

• Westchester Capital Management Inc. increased its stake in JPMorgan Chase & Co. by 2.1%, bringing its total holdings to 88,094 shares, valued at approximately $21.6 million.
• JPMorgan Chase recently reported earnings per share (EPS) of $4.96, exceeding analysts' expectations and representing a 10.5% decline in revenue compared to the previous year.
• Insiders at JPMorgan Chase sold a total of 15,557 shares worth $4.1 million in the last quarter, reducing their ownership to 0.47% of the company's stock.

Westchester Capital Management Inc. raised its stake in shares of JPMorgan Chase & Co. (NYSE:JPM - Free Report) by 2.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 88,094 shares of the financial services provider's stock after acquiring an additional 1,813 shares during the quarter. JPMorgan Chase & Co. makes up 5.4% of Westchester Capital Management Inc.'s portfolio, making the stock its 6th largest holding. Westchester Capital Management Inc.'s holdings in JPMorgan Chase & Co. were worth $21,609,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Florida Financial Advisors LLC raised its holdings in shares of JPMorgan Chase & Co. by 62.5% in the first quarter. Florida Financial Advisors LLC now owns 9,863 shares of the financial services provider's stock valued at $2,416,000 after buying an additional 3,792 shares during the last quarter. Fourth Dimension Wealth LLC bought a new position in shares of JPMorgan Chase & Co. in the fourth quarter valued at about $471,000. Crown Wealth Group LLC raised its holdings in shares of JPMorgan Chase & Co. by 5.4% in the first quarter. Crown Wealth Group LLC now owns 4,320 shares of the financial services provider's stock valued at $1,060,000 after buying an additional 222 shares during the last quarter. Morse Asset Management Inc raised its holdings in shares of JPMorgan Chase & Co. by 19.5% in the first quarter. Morse Asset Management Inc now owns 2,569 shares of the financial services provider's stock valued at $630,000 after buying an additional 420 shares during the last quarter. Finally, Hidden Cove Wealth Management LLC raised its holdings in shares of JPMorgan Chase & Co. by 4.2% in the first quarter. Hidden Cove Wealth Management LLC now owns 2,758 shares of the financial services provider's stock valued at $677,000 after buying an additional 112 shares during the last quarter. 71.55% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, General Counsel Stacey Friedman sold 2,821 shares of the company's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $265.71, for a total transaction of $749,567.91. Following the sale, the general counsel owned 68,757 shares in the company, valued at $18,269,422.47. This represents a 3.94% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, COO Jennifer Piepszak sold 6,128 shares of the stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $262.47, for a total value of $1,608,416.16. Following the completion of the sale, the chief operating officer owned 62,455 shares in the company, valued at approximately $16,392,563.85. This trade represents a 8.94% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 15,557 shares of company stock worth $4,113,796. Company insiders own 0.47% of the company's stock.

JPMorgan Chase & Co. Stock Up 0.6%

Shares of JPMorgan Chase & Co. stock traded up $1.61 on Friday, reaching $288.55. 6,633,369 shares of the company were exchanged, compared to its average volume of 8,541,502. JPMorgan Chase & Co. has a one year low of $200.61 and a one year high of $301.29. The company has a market capitalization of $793.44 billion, a price-to-earnings ratio of 14.81, a PEG ratio of 1.91 and a beta of 1.11. The company has a current ratio of 0.88, a quick ratio of 0.89 and a debt-to-equity ratio of 1.25. The company has a 50-day moving average of $283.74 and a 200 day moving average of $262.70.

JPMorgan Chase & Co. (NYSE:JPM - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $4.96 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analysts' expectations of $43.76 billion. During the same quarter in the prior year, the business posted $6.12 EPS. The business's revenue was down 10.5% compared to the same quarter last year. On average, equities research analysts forecast that JPMorgan Chase & Co. will post 18.1 earnings per share for the current year.

JPMorgan Chase & Co. Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Thursday, July 3rd were paid a dividend of $1.40 per share. The ex-dividend date was Thursday, July 3rd. This represents a $5.60 dividend on an annualized basis and a dividend yield of 1.9%. JPMorgan Chase & Co.'s dividend payout ratio is currently 28.73%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on JPM. Phillip Securities cut JPMorgan Chase & Co. from a "moderate buy" rating to a "hold" rating in a report on Wednesday, July 16th. UBS Group lifted their price objective on JPMorgan Chase & Co. from $277.00 to $305.00 and gave the stock a "buy" rating in a research report on Thursday, April 17th. Evercore ISI set a $298.00 price objective on JPMorgan Chase & Co. and gave the stock an "outperform" rating in a research report on Monday, July 7th. Royal Bank Of Canada set a $305.00 price objective on JPMorgan Chase & Co. and gave the stock an "outperform" rating in a research report on Monday, June 30th. Finally, Truist Financial boosted their target price on JPMorgan Chase & Co. from $280.00 to $290.00 and gave the stock a "hold" rating in a research report on Wednesday, July 9th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $288.68.

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.