Nova Wealth Management Inc. Trims Stock Position in JPMorgan Chase & Co. $JPM

Key Points

• Nova Wealth Management Inc. reduced its stake in JPMorgan Chase & Co. by 18.5% in the 2nd quarter, holding 3,848 shares worth approximately $1.12 million at the quarter’s end.
• Several large investors, including OMNI 360 Wealth Inc. and TruWealth Advisors LLC, increased their holdings in JPMorgan Chase during the same period, indicating continued interest among institutional investors.
• JPMorgan Chase reported $4.96 earnings per share for the last quarter, exceeding analysts' estimates, despite a year-over-year revenue decline of 10.5%.

Nova Wealth Management Inc. lessened its stake in shares of JPMorgan Chase & Co. (NYSE:JPM) by 18.5% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,848 shares of the financial services provider's stock after selling 872 shares during the period. Nova Wealth Management Inc.'s holdings in JPMorgan Chase & Co. were worth $1,116,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. OMNI 360 Wealth Inc. increased its holdings in JPMorgan Chase & Co. by 12.9% during the 2nd quarter. OMNI 360 Wealth Inc. now owns 2,813 shares of the financial services provider's stock worth $815,000 after purchasing an additional 322 shares during the period. TruWealth Advisors LLC grew its position in shares of JPMorgan Chase & Co. by 3.6% during the 2nd quarter. TruWealth Advisors LLC now owns 116,534 shares of the financial services provider's stock worth $33,784,000 after buying an additional 4,017 shares in the last quarter. RB Capital Management LLC increased its stake in shares of JPMorgan Chase & Co. by 2.0% during the second quarter. RB Capital Management LLC now owns 27,396 shares of the financial services provider's stock valued at $7,942,000 after buying an additional 540 shares during the period. RDA Financial Network raised its holdings in shares of JPMorgan Chase & Co. by 2.6% in the second quarter. RDA Financial Network now owns 31,315 shares of the financial services provider's stock valued at $9,079,000 after acquiring an additional 794 shares in the last quarter. Finally, McLean Asset Management Corp lifted its stake in JPMorgan Chase & Co. by 2.3% in the second quarter. McLean Asset Management Corp now owns 7,394 shares of the financial services provider's stock worth $2,159,000 after acquiring an additional 164 shares during the period. Hedge funds and other institutional investors own 71.55% of the company's stock.

Insider Buying and Selling at JPMorgan Chase & Co.

In other news, Director Linda Bammann sold 9,500 shares of the business's stock in a transaction 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 directly owned 82,207 shares of the company's stock, valued at $24,492,753.58. The trade was a 10.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.47% of the stock is owned by company insiders.

JPMorgan Chase & Co. Trading Up 0.4%

Shares of NYSE:JPM opened at $306.88 on Friday. The business's 50-day moving average is $293.94 and its 200 day moving average is $267.38. 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. has a 1 year low of $202.16 and a 1 year high of $307.55. The firm has a market capitalization of $843.84 billion, a P/E ratio of 15.75, a P/E/G ratio of 2.03 and a beta of 1.13.

JPMorgan Chase & Co. (NYSE:JPM - Get Free Report) last issued 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 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%.The company's revenue was down 10.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $6.12 earnings per share. On average, research analysts predict that JPMorgan Chase & Co. will post 18.1 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on JPM shares. Bank of America raised their target price on shares of JPMorgan Chase & Co. from $330.00 to $340.00 and gave the company a "buy" rating in a research report on Wednesday, July 16th. Piper Sandler reissued an "overweight" rating on shares of JPMorgan Chase & Co. in a research note on Tuesday, July 15th. Zacks Research lowered JPMorgan Chase & Co. from a "strong-buy" rating to a "hold" rating in a report on Monday, September 8th. Royal Bank Of Canada set a $305.00 price target on JPMorgan Chase & Co. and gave the company an "outperform" rating in a report on Monday, June 30th. Finally, Citigroup set a $275.00 price target on JPMorgan Chase & Co. and gave the stock a "buy" rating in a research report on Monday, July 7th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat, JPMorgan Chase & Co. presently has an average rating of "Moderate Buy" and a consensus price target of $291.67.

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.

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