Mackenzie Financial Corp Lowers Stock Holdings in JPMorgan Chase & Co. (NYSE:JPM)

Key Points

• Mackenzie Financial Corp holds a $637.94 million stake in JPMorgan Chase & Co., representing 0.9% of its investment portfolio after a 1.7% reduction in shares during Q1.
• Recent analyst reports show varying perspectives, with a consensus target price of $288.68 for JPMorgan Chase & Co. and ratings ranging from "strong sell" to "strong buy."
• The company's recent quarterly earnings reported an EPS of $4.96, exceeding estimates, while also declaring a $1.40 quarterly dividend, indicating a 1.9% yield.

Mackenzie Financial Corp cut its stake in JPMorgan Chase & Co. (NYSE:JPM - Free Report) by 1.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,600,651 shares of the financial services provider's stock after selling 46,312 shares during the quarter. JPMorgan Chase & Co. makes up approximately 0.9% of Mackenzie Financial Corp's investment portfolio, making the stock its 23rd largest position. Mackenzie Financial Corp owned approximately 0.09% of JPMorgan Chase & Co. worth $637,940,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of JPM. Florida Financial Advisors LLC raised its stake in shares of JPMorgan Chase & Co. by 62.5% during the 1st quarter. Florida Financial Advisors LLC now owns 9,863 shares of the financial services provider's stock worth $2,416,000 after buying an additional 3,792 shares during the period. Fourth Dimension Wealth LLC acquired a new position in shares of JPMorgan Chase & Co. during the 4th quarter worth approximately $471,000. Crown Wealth Group LLC raised its stake in shares of JPMorgan Chase & Co. by 5.4% during the 1st quarter. Crown Wealth Group LLC now owns 4,320 shares of the financial services provider's stock worth $1,060,000 after buying an additional 222 shares during the period. Morse Asset Management Inc raised its stake in shares of JPMorgan Chase & Co. by 19.5% during the 1st quarter. Morse Asset Management Inc now owns 2,569 shares of the financial services provider's stock worth $630,000 after buying an additional 420 shares during the period. Finally, Hidden Cove Wealth Management LLC raised its stake in shares of JPMorgan Chase & Co. by 4.2% during the 1st quarter. Hidden Cove Wealth Management LLC now owns 2,758 shares of the financial services provider's stock worth $677,000 after buying an additional 112 shares during the period. 71.55% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Linda Bammann sold 9,500 shares of the stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $250.00, for a total transaction of $2,375,000.00. Following the completion of the transaction, the director directly owned 91,539 shares in the company, valued at approximately $22,884,750. This represents a 9.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Jeremy Barnum sold 40,014 shares of the stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $250.77, for a total value of $10,034,310.78. Following the transaction, the chief financial officer owned 18,017 shares of the company's stock, valued at approximately $4,518,123.09. This represents a 68.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 71,200 shares of company stock valued at $18,060,015. 0.47% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on JPM. Piper Sandler reaffirmed an "overweight" rating on shares of JPMorgan Chase & Co. in a research note on Tuesday, July 15th. Royal Bank Of Canada set a $305.00 target price on JPMorgan Chase & Co. and gave the stock an "outperform" rating in a research note on Monday, June 30th. Hsbc Global Res downgraded JPMorgan Chase & Co. from a "hold" rating to a "moderate sell" rating in a research note on Tuesday, July 8th. KGI Securities assumed coverage on JPMorgan Chase & Co. in a research note on Sunday, April 13th. They issued a "hold" rating for the company. Finally, Phillip Securities downgraded JPMorgan Chase & Co. from a "moderate buy" rating to a "hold" rating in a research note on Wednesday, July 16th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, JPMorgan Chase & Co. presently has a consensus rating of "Moderate Buy" and an average target price of $288.68.

JPMorgan Chase & Co. Trading Down 2.4%

Shares of NYSE JPM traded down $7.03 during mid-day trading on Friday, reaching $289.21. 12,005,470 shares of the company's stock were exchanged, compared to its average volume of 9,328,257. The firm has a market capitalization of $803.74 billion, a price-to-earnings ratio of 14.84, a PEG ratio of 1.94 and a beta of 1.11. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.89 and a current ratio of 0.88. JPMorgan Chase & Co. has a 52-week low of $190.90 and a 52-week high of $301.29. The company's 50-day moving average is $281.04 and its 200-day moving average is $261.64.

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

JPMorgan Chase & Co. Dividend Announcement

The firm 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 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%.

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.