Maryland State Retirement & Pension System Sells 20,139 Shares of JPMorgan Chase & Co. (NYSE:JPM)

Key Points

• The Maryland State Retirement & Pension System reduced its stake in JPMorgan Chase & Co. by 13.3%, selling 20,139 shares in Q1, which brought their total holdings to 131,637 shares valued at approximately $32.3 million.
• Insider selling has been notable, with General Counsel Stacey Friedman and COO Jennifer Piepszak selling significant amounts of stock, reflecting decreases in their ownership positions by 3.94% and 8.94%, respectively.
• JPMorgan recently reported earnings of $4.96 per share for the last quarter, outperforming estimates and revealing revenues of $44.91 billion, despite a 10.5% decline year-over-year.

Maryland State Retirement & Pension System reduced its stake in shares of JPMorgan Chase & Co. (NYSE:JPM - Free Report) by 13.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 131,637 shares of the financial services provider's stock after selling 20,139 shares during the quarter. JPMorgan Chase & Co. comprises about 0.8% of Maryland State Retirement & Pension System's investment portfolio, making the stock its 27th biggest position. Maryland State Retirement & Pension System's holdings in JPMorgan Chase & Co. were worth $32,291,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently added to or reduced their stakes in the company. Florida Financial Advisors LLC boosted 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 purchasing an additional 3,792 shares during the period. Fourth Dimension Wealth LLC purchased a new stake in shares of JPMorgan Chase & Co. in the fourth quarter valued at approximately $471,000. Crown Wealth Group LLC raised its stake in 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 worth $1,060,000 after buying an additional 222 shares in the last quarter. Morse Asset Management Inc raised its stake in 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 worth $630,000 after buying an additional 420 shares in the last quarter. Finally, Hidden Cove Wealth Management LLC raised its stake in 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 worth $677,000 after buying an additional 112 shares in the last quarter. 71.55% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Truist Financial upped their target price on JPMorgan Chase & Co. from $280.00 to $290.00 and gave the company a "hold" rating in a research report on Wednesday, July 9th. Morgan Stanley upped their price target on shares of JPMorgan Chase & Co. from $296.00 to $298.00 and gave the company an "equal weight" rating in a report on Wednesday, July 16th. Wells Fargo & Company upped their price target on shares of JPMorgan Chase & Co. from $320.00 to $325.00 and gave the company an "overweight" rating in a report on Wednesday, July 16th. TD Cowen began coverage on shares of JPMorgan Chase & Co. in a report on Thursday, May 15th. They issued a "buy" rating and a $305.00 price target on the stock. Finally, TD Securities reaffirmed a "buy" rating on shares of JPMorgan Chase & Co. in a report on Wednesday, June 4th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, JPMorgan Chase & Co. currently has a consensus rating of "Moderate Buy" and an average price target of $288.68.

JPMorgan Chase & Co. Stock Performance

JPM stock traded up $3.50 on Thursday, reaching $294.03. 4,452,366 shares of the company were exchanged, compared to its average volume of 9,937,850. JPMorgan Chase & Co. has a 12 month low of $200.61 and a 12 month high of $301.29. The stock's fifty day moving average price is $285.29 and its 200 day moving average price is $263.25. The firm has a market capitalization of $808.52 billion, a PE ratio of 15.09, a PEG ratio of 1.95 and a beta of 1.11. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.88 and a quick ratio of 0.88.

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

JPMorgan Chase & Co. Dividend Announcement

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

Insider Activity

In other JPMorgan Chase & Co. 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 completion of the transaction, the general counsel owned 68,757 shares of the company's stock, valued at $18,269,422.47. This represents a 3.94% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Jennifer Piepszak sold 6,128 shares of the company's stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $262.47, for a total value of $1,608,416.16. Following the transaction, the chief operating officer directly owned 62,455 shares of the company's stock, 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. Insiders have sold a total of 15,557 shares of company stock valued at $4,113,796 over the last three months. Company insiders own 0.47% of the company's stock.

JPMorgan Chase & Co. 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.