Oppenheimer Asset Management Inc. Buys 5,808 Shares of JPMorgan Chase & Co. $JPM

Key Points

• Oppenheimer Asset Management increased its JPMorgan stake by 1.3%, buying 5,808 shares to own 440,848 shares valued at approximately $144.3 million. JPM represents 1.5% of the fund’s portfolio and is its eighth-largest holding.
• JPMorgan reported strong quarterly results, with EPS of $6.14 beating estimates of $5.59 and revenue of $58.02 billion, up 27.7% year over year. The stock recently traded near its 52-week high, with a market capitalization of about $952 billion.
• Analyst sentiment remains favorable, with a consensus rating of “Moderate Buy” and an average price target of $359.96. However, insider stock sales, legal exposure and uncertainty over future interest rates remain potential risks.

Oppenheimer Asset Management Inc. raised its stake in shares of JPMorgan Chase & Co. (NYSE:JPM) by 1.3% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 440,848 shares of the financial services provider's stock after acquiring an additional 5,808 shares during the period. JPMorgan Chase & Co. makes up 1.5% of Oppenheimer Asset Management Inc.'s investment portfolio, making the stock its 8th biggest holding. Oppenheimer Asset Management Inc.'s holdings in JPMorgan Chase & Co. were worth $144,303,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in JPM. Timmons Wealth Management LLC purchased a new stake in shares of JPMorgan Chase & Co. during the fourth quarter worth approximately $27,000. MBM Wealth Consultants LLC acquired a new stake in shares of JPMorgan Chase & Co. during the first quarter worth $29,000. Caitong International Asset Management Co. Ltd purchased a new position in JPMorgan Chase & Co. in the 4th quarter valued at $32,000. Aventus Investment Advisors Inc. purchased a new position in JPMorgan Chase & Co. in the 2nd quarter valued at $33,000. Finally, Osbon Capital Management LLC acquired a new position in JPMorgan Chase & Co. in the 4th quarter valued at $35,000. 71.55% of the stock is owned by institutional investors and hedge funds.

More JPMorgan Chase & Co. News

Here are the key news stories impacting JPMorgan Chase & Co. this week:

• Positive Sentiment: Hiring strengthens JPMorgan’s healthcare investment-banking franchise. The bank reportedly hired senior healthcare banker David Blais from Guggenheim Securities, adding industry expertise and potentially supporting advisory and capital-markets revenue. JPMorgan hires healthcare banker David Blais from Guggenheim
• Positive Sentiment: Persistent inflation could keep interest rates elevated. JPMorgan and BNP Paribas now expect another European Central Bank rate increase in December. Higher rates can support net interest income, although they may also weigh on loan demand and markets activity. JPMorgan and BNP Paribas expect ECB rate hike
• Neutral Sentiment: JPMorgan’s rate outlook conflicts with market pricing. A senior JPMorgan strategist expects no U.S. rate increase for the remainder of the year, while futures markets reportedly assign meaningful odds to a hike. The disagreement increases uncertainty around bank valuations, bond trading and interest income. No increase in interest rates anytime this year
• Neutral Sentiment: A strong labor market is a mixed development. Reports of 162,000 new jobs may support loan demand and interest income, but they also raise the possibility of higher-for-longer rates, increased credit costs and valuation pressure for financial stocks. JPMorgan falls even as 162,000 jobs revive higher rates
• Negative Sentiment: Reduced financing for Jane Street highlights competitive pressure. JPMorgan reportedly scaled back financing to the quantitative trading firm as Jane Street expands in U.S. Treasury market-making, underscoring competition from nonbank firms in fixed-income markets. JPMorgan scales back Jane Street financing
• Negative Sentiment: Legal exposure remains an overhang. JPMorgan is seeking to stay a $20 million fee order related to the Javice litigation, keeping attention on litigation costs and reputational risk. JPMorgan seeks stay of $20M Javice, Amar fee order

Analyst Ratings Changes

A number of brokerages have commented on JPM. Zacks Research upgraded shares of JPMorgan Chase & Co. from a "hold" rating to a "strong-buy" rating in a research report on Thursday, July 16th. Wells Fargo & Company lifted their target price on shares of JPMorgan Chase & Co. from $375.00 to $390.00 and gave the company an "overweight" rating in a report on Friday, August 14th. Barclays boosted their price target on shares of JPMorgan Chase & Co. from $391.00 to $420.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 15th. Dbs Bank raised shares of JPMorgan Chase & Co. to a "hold" rating in a report on Tuesday, May 12th. Finally, The Goldman Sachs Group restated a "buy" rating and issued a $418.00 price objective on shares of JPMorgan Chase & Co. in a research report on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and eleven have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $359.96.

Insider Activity

In other JPMorgan Chase & Co. news, insider Robin Leopold sold 2,500 shares of the stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $361.41, for a total value of $903,525.00. Following the completion of the transaction, the insider directly owned 73,547 shares of the company's stock, valued at approximately $26,580,621.27. This trade represents a 3.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Stacey Friedman sold 5,467 shares of JPMorgan Chase & Co. stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $330.73, for a total transaction of $1,808,100.91. Following the sale, the general counsel owned 40,961 shares of the company's stock, valued at approximately $13,547,031.53. The trade was a 11.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.41% of the stock is owned by company insiders.

JPMorgan Chase & Co. Price Performance

JPMorgan Chase & Co. stock opened at $358.21 on Friday. JPMorgan Chase & Co. has a one year low of $279.10 and a one year high of $366.50. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.85 and a current ratio of 0.85. The business has a fifty day moving average of $349.89 and a two-hundred day moving average of $320.44. The company has a market cap of $952.19 billion, a P/E ratio of 15.35, a price-to-earnings-growth ratio of 1.49 and a beta of 0.98.

JPMorgan Chase & Co. (NYSE:JPM - Get Free Report) last issued its earnings results on Tuesday, July 14th. The financial services provider reported $6.14 EPS for the quarter, topping the consensus estimate of $5.59 by $0.55. JPMorgan Chase & Co. had a net margin of 21.86% and a return on equity of 18.23%. The company had revenue of $58.02 billion for the quarter, compared to analyst estimates of $50.72 billion. During the same period in the previous year, the firm earned $4.96 EPS. The business's revenue was up 27.7% on a year-over-year basis. As a group, analysts predict that JPMorgan Chase & Co. will post 24.28 earnings per share for the current fiscal year.

About JPMorgan Chase & Co.

JPMorgan Chase & Co NYSE: JPM is a diversified global financial services firm headquartered in New York City. The company provides a wide range of banking and financial products and services to consumers, small businesses, corporations, governments and institutional investors worldwide. Its operations span retail banking, commercial lending, investment banking, asset management, payments and card services, and treasury and securities services.

The firm's principal business activities are organized across several core lines: Consumer & Community Banking, which offers deposit accounts, mortgages, auto loans, credit cards and branch and digital banking under the Chase brand; Corporate & Investment Banking, which provides capital markets, advisory, underwriting, trading and risk management services; Commercial Banking, delivering lending, treasury and capital solutions to middle-market and corporate clients; and Asset & Wealth Management, which offers investment management, private banking and retirement services to institutions and high-net-worth individuals.

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