JPMorgan Chase & Co. (NYSE:JPM) Shares Sold by Towercrest Capital Management

Key Points

• Towercrest Capital Management reduced its stake in JPMorgan Chase & Co. by 49.5%, leaving it with 4,779 shares worth approximately $1.17 million.
• JPMorgan's recent financial performance showed earnings per share (EPS) of $4.96, exceeding estimates, but its revenue declined by 10.5% year-over-year.
• The company announced a quarterly dividend of $1.40 per share, reflecting a 1.9% dividend yield and a payout ratio of 28.73%.

Towercrest Capital Management lessened its holdings in shares of JPMorgan Chase & Co. (NYSE:JPM - Free Report) by 49.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 4,779 shares of the financial services provider's stock after selling 4,680 shares during the quarter. Towercrest Capital Management's holdings in JPMorgan Chase & Co. were worth $1,172,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. MJT & Associates Financial Advisory Group Inc. purchased a new position in shares of JPMorgan Chase & Co. in the 1st quarter worth about $28,000. Redwood Park Advisors LLC purchased a new position in JPMorgan Chase & Co. in the fourth quarter valued at approximately $29,000. Curat Global LLC acquired a new position in JPMorgan Chase & Co. during the first quarter valued at approximately $33,000. Investment Counsel Co. of Nevada purchased a new stake in JPMorgan Chase & Co. during the fourth quarter worth approximately $37,000. Finally, Measured Risk Portfolios Inc. acquired a new stake in shares of JPMorgan Chase & Co. in the fourth quarter worth $44,000. 71.55% of the stock is currently owned by hedge funds and other institutional investors.

JPMorgan Chase & Co. Stock Performance

Shares of NYSE:JPM traded down $4.32 during trading on Thursday, reaching $287.03. 8,055,914 shares of the company's stock traded hands, compared to its average volume of 8,559,338. The stock has a market capitalization of $797.67 billion, a P/E ratio of 15.17, a price-to-earnings-growth ratio of 1.94 and a beta of 1.11. JPMorgan Chase & Co. has a 12 month low of $200.61 and a 12 month high of $301.29. The company has a 50 day moving average of $282.79 and a 200-day moving average of $262.34. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.88 and a quick ratio of 0.89.

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

JPMorgan Chase & Co. Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Thursday, July 3rd were issued a dividend of $1.40 per share. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a $5.60 annualized dividend and a dividend yield of 2.0%. JPMorgan Chase & Co.'s payout ratio is 28.73%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on JPM. Evercore ISI set a $298.00 target price on shares of JPMorgan Chase & Co. and gave the company an "outperform" rating in a report on Monday, July 7th. KGI Securities began coverage on JPMorgan Chase & Co. in a research report on Sunday, April 13th. They issued a "hold" rating for the company. Bank of America raised their target price on JPMorgan Chase & Co. from $330.00 to $340.00 and gave the company a "buy" rating in a report on Wednesday, July 16th. UBS Group upped their price target on JPMorgan Chase & Co. from $277.00 to $305.00 and gave the stock a "buy" rating in a report on Thursday, April 17th. Finally, Wells Fargo & Company lifted their price objective on shares of JPMorgan Chase & Co. from $320.00 to $325.00 and gave the company an "overweight" rating in a research note on Wednesday, July 16th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $288.68.

Insider Activity

In related news, COO Jennifer Piepszak sold 6,128 shares of JPMorgan Chase & Co. stock in a transaction dated 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 sale, the chief operating officer directly owned 62,455 shares in the company, valued at $16,392,563.85. This trade represents a 8.94% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel Stacey Friedman sold 6,608 shares of the business's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $265.71, for a total transaction of $1,755,811.68. Following the transaction, the general counsel directly owned 36,520 shares of the company's stock, valued at $9,703,729.20. The trade was a 15.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 15,557 shares of company stock valued at $4,113,796 in the last 90 days. Insiders own 0.47% of the company's stock.

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.