Mount Lucas Management LP Reduces Position in JPMorgan Chase & Co. (NYSE:JPM)

Key Points

• Mount Lucas Management LP has reduced its holdings in JPMorgan Chase & Co. by 52.9% in the first quarter, now owning 6,560 shares valued at approximately $1.6 million.
• Insiders have recently sold a significant amount of shares, with Director Linda Bammann and CFO Jeremy Barnum reducing their stakes by 9.40% and 68.95% respectively.
• JPMorgan Chase & Co. reported an earnings per share of $4.96 for the last quarter, surpassing analyst estimates, though revenue has declined by 10.5% year-over-year.

Mount Lucas Management LP decreased its holdings in JPMorgan Chase & Co. (NYSE:JPM - Free Report) by 52.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 6,560 shares of the financial services provider's stock after selling 7,377 shares during the period. Mount Lucas Management LP's holdings in JPMorgan Chase & Co. were worth $1,609,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Advisors Preferred LLC purchased a new position in shares of JPMorgan Chase & Co. during the 1st quarter worth $3,046,000. Close Asset Management Ltd lifted its stake in shares of JPMorgan Chase & Co. by 13.1% in the 1st quarter. Close Asset Management Ltd now owns 65,715 shares of the financial services provider's stock valued at $16,118,000 after purchasing an additional 7,599 shares during the last quarter. Forbes J M & Co. LLP grew its holdings in shares of JPMorgan Chase & Co. by 2.6% during the 1st quarter. Forbes J M & Co. LLP now owns 96,994 shares of the financial services provider's stock worth $23,793,000 after purchasing an additional 2,459 shares during the period. Vestor Capital LLC increased its position in shares of JPMorgan Chase & Co. by 0.3% during the 1st quarter. Vestor Capital LLC now owns 151,769 shares of the financial services provider's stock worth $37,229,000 after purchasing an additional 475 shares during the last quarter. Finally, Venturi Wealth Management LLC increased its position in shares of JPMorgan Chase & Co. by 281.0% during the 1st quarter. Venturi Wealth Management LLC now owns 68,332 shares of the financial services provider's stock worth $16,762,000 after purchasing an additional 50,398 shares during the last quarter. 71.55% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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

Analysts Set New Price Targets

Several brokerages have weighed in on JPM. Cowen reaffirmed a "buy" rating on shares of JPMorgan Chase & Co. in a research note on Wednesday, July 16th. Truist Financial upped their price target on JPMorgan Chase & Co. from $280.00 to $290.00 and gave the stock a "hold" rating in a research note on Wednesday, July 9th. Evercore ISI set a $298.00 price target on JPMorgan Chase & Co. and gave the stock an "outperform" rating in a research report on Monday, July 7th. Citigroup set a $275.00 price objective on JPMorgan Chase & Co. and gave the company a "buy" rating in a research note on Monday, July 7th. Finally, HSBC restated a "reduce" rating and set a $259.00 target price on shares of JPMorgan Chase & Co. in a report on Tuesday, July 8th. Three investment 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's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $288.68.

JPMorgan Chase & Co. Price Performance

Shares of JPM opened at $298.22 on Tuesday. JPMorgan Chase & Co. has a twelve month low of $190.90 and a twelve month high of $299.59. The firm's fifty day simple moving average is $278.35 and its 200-day simple moving average is $260.40. The firm has a market capitalization of $828.78 billion, a price-to-earnings ratio of 15.30, a PEG ratio of 2.01 and a beta of 1.10. The company has a current ratio of 0.88, a quick ratio of 0.89 and a debt-to-equity ratio of 1.25.

JPMorgan Chase & Co. (NYSE:JPM - Get Free Report) last posted its earnings results on Tuesday, July 15th. The financial services provider reported $4.96 EPS 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 revenue for the quarter was down 10.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $6.12 earnings per share. Equities analysts forecast that JPMorgan Chase & Co. will post 18.1 EPS for the current fiscal year.

JPMorgan Chase & Co. Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Thursday, July 3rd will be paid a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 1.88%. The ex-dividend date is Thursday, July 3rd. JPMorgan Chase & Co.'s payout ratio is 28.73%.

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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