Meritage Portfolio Management Sells 1,053 Shares of JPMorgan Chase & Co. $JPM

Key Points

• Meritage Portfolio Management decreased its stake in JPMorgan Chase & Co. by 1.8%, selling 1,053 shares and retaining 58,953 shares, valued at $17.09 million.
• JPMorgan Chase & Co. reported $5.07 EPS for its latest quarter, exceeding analyst expectations, with a revenue of $46.43 billion, up 8.8% year-over-year.
• The company announced an increase in its quarterly dividend from $1.40 to $1.50 per share, resulting in an annualized payout of $6.00 and a yield of 2.0%.

Meritage Portfolio Management cut its holdings in shares of JPMorgan Chase & Co. (NYSE:JPM - Free Report) by 1.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 58,953 shares of the financial services provider's stock after selling 1,053 shares during the period. JPMorgan Chase & Co. makes up 1.1% of Meritage Portfolio Management's holdings, making the stock its 16th biggest holding. Meritage Portfolio Management's holdings in JPMorgan Chase & Co. were worth $17,091,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. JFS Wealth Advisors LLC boosted its holdings in JPMorgan Chase & Co. by 0.4% during the second quarter. JFS Wealth Advisors LLC now owns 7,897 shares of the financial services provider's stock worth $2,290,000 after purchasing an additional 35 shares during the last quarter. LCM Capital Management Inc boosted its holdings in JPMorgan Chase & Co. by 0.9% during the second quarter. LCM Capital Management Inc now owns 3,847 shares of the financial services provider's stock worth $1,115,000 after purchasing an additional 36 shares during the last quarter. jvl associates llc boosted its holdings in JPMorgan Chase & Co. by 1.7% during the second quarter. jvl associates llc now owns 2,094 shares of the financial services provider's stock worth $607,000 after purchasing an additional 36 shares during the last quarter. Lakeshore Financial Planning Inc. boosted its holdings in JPMorgan Chase & Co. by 0.4% during the second quarter. Lakeshore Financial Planning Inc. now owns 8,417 shares of the financial services provider's stock worth $2,441,000 after purchasing an additional 37 shares during the last quarter. Finally, Western Financial Corp CA boosted its holdings in JPMorgan Chase & Co. by 1.5% during the second quarter. Western Financial Corp CA now owns 2,642 shares of the financial services provider's stock worth $766,000 after purchasing an additional 38 shares during the last quarter. 71.55% of the stock is owned by institutional investors.

JPMorgan Chase & Co. Stock Performance

Shares of JPM stock opened at $297.09 on Wednesday. The stock has a market capitalization of $816.92 billion, a P/E ratio of 14.71, a PEG ratio of 1.83 and a beta of 1.13. The company has a current ratio of 0.86, a quick ratio of 0.88 and a debt-to-equity ratio of 1.26. The firm's 50 day moving average is $303.16 and its 200 day moving average is $279.88. JPMorgan Chase & Co. has a 12 month low of $202.16 and a 12 month high of $318.01.

JPMorgan Chase & Co. (NYSE:JPM - Get Free Report) last announced its quarterly earnings results on Tuesday, October 14th. The financial services provider reported $5.07 EPS for the quarter, beating analysts' consensus estimates of $4.83 by $0.24. The company had revenue of $46.43 billion for the quarter, compared to analysts' expectations of $44.42 billion. JPMorgan Chase & Co. had a net margin of 20.90% and a return on equity of 17.18%. JPMorgan Chase & Co.'s revenue was up 8.8% compared to the same quarter last year. During the same period in the prior year, the company posted $4.37 EPS. On average, sell-side analysts anticipate that JPMorgan Chase & Co. will post 18.1 earnings per share for the current year.

JPMorgan Chase & Co. Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Monday, October 6th will be issued a dividend of $1.50 per share. This is a boost from JPMorgan Chase & Co.'s previous quarterly dividend of $1.40. The ex-dividend date of this dividend is Monday, October 6th. This represents a $6.00 dividend on an annualized basis and a yield of 2.0%. JPMorgan Chase & Co.'s payout ratio is currently 29.72%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on JPM. Truist Financial boosted their target price on shares of JPMorgan Chase & Co. from $290.00 to $319.00 and gave the company a "hold" rating in a research note on Tuesday, September 23rd. Piper Sandler reiterated an "overweight" rating on shares of JPMorgan Chase & Co. in a research note on Tuesday, July 15th. KGI Securities boosted their target price on shares of JPMorgan Chase & Co. from $300.00 to $315.00 and gave the company a "hold" rating in a research note on Wednesday, October 15th. Phillip Securities cut shares of JPMorgan Chase & Co. from a "moderate buy" rating to a "hold" rating in a research note on Wednesday, July 16th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of JPMorgan Chase & Co. from $300.00 to $320.00 and gave the company a "hold" rating in a research note on Tuesday, September 30th. Fifteen analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $322.86.

Insiders Place Their Bets

In related news, Director Linda Bammann sold 9,500 shares of the company'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 sale, the director owned 82,207 shares of the company's stock, valued at approximately $24,492,753.58. This represents a 10.36% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company 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.

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