Legacy Capital Group California Inc. Has $1.99 Million Position in JPMorgan Chase & Co. $JPM

Key Points

• Legacy Capital Group California Inc. cut its JPMorgan Chase stake by 50.5% in the first quarter, selling 6,919 shares and ending with 6,771 shares worth about $1.99 million.
• Wall Street remains constructive on JPMorgan, with several analysts raising price targets and the consensus rating sitting at “Moderate Buy” with an average target of $354.92.
• The bank also showed strong fundamentals, including a share price near its 52-week high, a quarterly dividend of $1.50 per share, and recent insider selling by top executives under pre-arranged trading plans.

Legacy Capital Group California Inc. cut its position in JPMorgan Chase & Co. (NYSE:JPM - Free Report) by 50.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,771 shares of the financial services provider's stock after selling 6,919 shares during the quarter. JPMorgan Chase & Co. comprises about 0.8% of Legacy Capital Group California Inc.'s portfolio, making the stock its 18th biggest holding. Legacy Capital Group California Inc.'s holdings in JPMorgan Chase & Co. were worth $1,992,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Timmons Wealth Management LLC bought a new stake in shares of JPMorgan Chase & Co. in the fourth quarter valued at about $27,000. MBM Wealth Consultants LLC acquired a new stake in JPMorgan Chase & Co. in the 1st quarter worth about $29,000. Caitong International Asset Management Co. Ltd acquired a new stake in JPMorgan Chase & Co. in the 4th quarter worth about $32,000. Osbon Capital Management LLC bought a new stake in JPMorgan Chase & Co. in the 4th quarter valued at about $35,000. Finally, Turning Point Benefit Group Inc. acquired a new position in shares of JPMorgan Chase & Co. during the 3rd quarter worth approximately $35,000. 71.55% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. Keefe, Bruyette & Woods raised their target price on shares of JPMorgan Chase & Co. from $370.00 to $384.00 and gave the stock an "outperform" rating in a report on Wednesday. Royal Bank Of Canada increased their price target on JPMorgan Chase & Co. from $330.00 to $370.00 and gave the stock an "outperform" rating in a research report on Wednesday. Argus raised their price objective on JPMorgan Chase & Co. from $340.00 to $355.00 and gave the stock a "buy" rating in a research note on Wednesday, April 15th. DZ Bank reiterated a "neutral" rating on shares of JPMorgan Chase & Co. in a research report on Wednesday, April 15th. Finally, The Goldman Sachs Group reissued a "buy" rating and set a $418.00 target price on shares of JPMorgan Chase & Co. in a report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $354.92.

JPMorgan Chase & Co. Stock Performance

Shares of JPMorgan Chase & Co. stock opened at $341.60 on Friday. The company has a current ratio of 0.85, a quick ratio of 0.86 and a debt-to-equity ratio of 1.30. The company has a market cap of $915.33 billion, a PE ratio of 14.64, a price-to-earnings-growth ratio of 1.53 and a beta of 0.99. The company has a 50 day moving average of $319.11 and a 200-day moving average of $310.31. JPMorgan Chase & Co. has a 1-year low of $279.10 and a 1-year high of $351.24.

JPMorgan Chase & Co. Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Monday, July 6th will be paid a dividend of $1.50 per share. The ex-dividend date is Monday, July 6th. This represents a $6.00 annualized dividend and a yield of 1.8%. JPMorgan Chase & Co.'s dividend payout ratio is presently 25.71%.

Insider Buying and Selling at JPMorgan Chase & Co.

In other news, General Counsel Stacey Friedman sold 5,467 shares of the business's stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $330.73, for a total transaction of $1,808,100.91. Following the completion of the transaction, the general counsel owned 40,961 shares of the company's stock, valued at approximately $13,547,031.53. The trade was a 11.78% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jeremy Barnum sold 3,022 shares of the company's stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $309.41, for a total value of $935,037.02. Following the sale, the chief financial officer owned 32,438 shares of the company's stock, valued at approximately $10,036,641.58. This represents a 8.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 18,876 shares of company stock valued at $5,907,051. 0.41% of the stock is currently owned by corporate insiders.

JPMorgan Chase & Co. News Summary

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

• Positive Sentiment: JPMorgan’s blowout Q2 earnings are driving bullish sentiment, with the bank reporting record profits, 41% higher net income, strong trading and investment banking activity, and higher full-year net interest income guidance. JPMorgan Just Reported $21.2 Billion in Q2 Net Income -- Up 41% -- and CEO Jamie Dimon Said the Economy Is "Close to as Good as It Gets."
• Positive Sentiment: Analysts have been raising expectations after the results, including multiple higher price targets and upgraded earnings forecasts, signaling confidence that JPMorgan can continue to outperform. JPMorgan Price Target Raised to $380 on Strong Q2 Results, Upgraded Outlook and Capital Strength
• Positive Sentiment: The stock is also benefiting from expectations that JPMorgan may raise its quarterly dividend by 10% after passing the Federal Reserve stress test, reinforcing the bank’s capital strength and shareholder-return story. JPM Stock Just Staged a Record Bull Run. 1 Analyst Thinks It Can Still Soar to $420.
• Neutral Sentiment: JPMorgan was added to several “Strong Buy” and momentum/income stock lists, which adds to positive sentiment but is less directly impactful than earnings or guidance. New Strong Buy Stocks for July 17th
• Neutral Sentiment: JPMorgan also drew attention for major financing activity and a $24 million Philadelphia shipbuilding investment, highlighting ongoing business expansion and capital deployment. JPMorgan Chase (JPM) Puts $24 Million Into Philadelphia Shipbuilding And Defense
• Negative Sentiment: Late-day sector weakness in financial stocks may be limiting JPMorgan’s upside even as company-specific fundamentals remain strong. Sector Update: Financial Stocks Decline Friday Afternoon

JPMorgan Chase & Co. Profile

JPMorgan Chase & Co NYSE: JPM is a diversified global financial services firm headquartered in New York City. The company provides a wide range of banking and financial products and services to consumers, small businesses, corporations, governments and institutional investors worldwide. Its operations span retail banking, commercial lending, investment banking, asset management, payments and card services, and treasury and securities services.

The firm's principal business activities are organized across several core lines: Consumer & Community Banking, which offers deposit accounts, mortgages, auto loans, credit cards and branch and digital banking under the Chase brand; Corporate & Investment Banking, which provides capital markets, advisory, underwriting, trading and risk management services; Commercial Banking, delivering lending, treasury and capital solutions to middle-market and corporate clients; and Asset & Wealth Management, which offers investment management, private banking and retirement services to institutions and high-net-worth individuals.

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