Lifelong Wealth Advisors Inc. Buys New Position in JPMorgan Chase & Co. $JPM

Key Points

• Lifelong Wealth Advisors Inc. acquired 837 shares of JPMorgan Chase & Co. for approximately $243,000 in the 2nd quarter, marking its first investment in the company.
• JPMorgan Chase & Co. increased its quarterly dividend to $1.50 per share, up from the previous $1.40, with a yield of 1.9%.
• Wall Street analysts have mixed ratings for JPMorgan, with an average rating of "Moderate Buy" and a price target of $292.78.

Lifelong Wealth Advisors Inc. bought a new position in shares of JPMorgan Chase & Co. (NYSE:JPM - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 837 shares of the financial services provider's stock, valued at approximately $243,000.

Several other hedge funds and other institutional investors have also modified their holdings of JPM. GAMMA Investing LLC lifted its stake in shares of JPMorgan Chase & Co. by 25,861.9% in the 1st quarter. GAMMA Investing LLC now owns 23,556,011 shares of the financial services provider's stock valued at $5,778,289,000 after purchasing an additional 23,465,278 shares in the last quarter. Nuveen LLC purchased a new stake in shares of JPMorgan Chase & Co. during the 1st quarter valued at about $3,972,807,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of JPMorgan Chase & Co. during the 4th quarter valued at about $454,042,000. National Bank of Canada FI raised its holdings in shares of JPMorgan Chase & Co. by 44.4% during the 1st quarter. National Bank of Canada FI now owns 4,518,740 shares of the financial services provider's stock valued at $1,108,415,000 after buying an additional 1,388,992 shares during the period. Finally, Strs Ohio purchased a new stake in shares of JPMorgan Chase & Co. during the 1st quarter valued at about $279,389,000. 71.55% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Wells Fargo & Company raised their target price on JPMorgan Chase & Co. from $325.00 to $345.00 and gave the company an "overweight" rating in a report on Tuesday, September 16th. Truist Financial raised their target price on JPMorgan Chase & Co. from $280.00 to $290.00 and gave the company a "hold" rating in a report on Wednesday, July 9th. Citigroup set a $275.00 price objective on JPMorgan Chase & Co. and gave the stock a "buy" rating in a report on Monday, July 7th. Bank of America lifted their price objective on JPMorgan Chase & Co. from $330.00 to $340.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Finally, Baird R W downgraded JPMorgan Chase & Co. from a "hold" rating to a "strong sell" rating in a report on Friday, June 27th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, six have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $292.78.

JPMorgan Chase & Co. Stock Up 0.3%

NYSE:JPM traded up $1.02 during trading hours on Friday, hitting $314.25. 23,513,937 shares of the company's stock traded hands, compared to its average volume of 7,166,939. The firm has a market cap of $864.11 billion, a P/E ratio of 16.12, a P/E/G ratio of 2.09 and a beta of 1.13. JPMorgan Chase & Co. has a twelve month low of $202.16 and a twelve month high of $315.80. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.88 and a current ratio of 0.88. The stock's fifty day moving average price is $296.43 and its two-hundred day moving average price is $269.27.

JPMorgan Chase & Co. (NYSE:JPM - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $4.96 earnings per share for the quarter, beating the consensus estimate of $4.48 by $0.48. The firm had revenue of $44.91 billion for 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%.JPMorgan Chase & Co.'s quarterly revenue was down 10.5% on a year-over-year basis. During the same period in the previous year, the firm earned $6.12 earnings per share. On average, research analysts expect that JPMorgan Chase & Co. will post 18.1 earnings per share for the current fiscal year.

JPMorgan Chase & Co. Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Monday, October 6th will be given a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Monday, October 6th. This is an increase from JPMorgan Chase & Co.'s previous quarterly dividend of $1.40. JPMorgan Chase & Co.'s payout ratio is currently 28.73%.

Insider Buying and Selling

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 transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.47% of the company's stock.

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.