Oppenheimer Asset Management Inc. Reduces Holdings in JPMorgan Chase & Co. (NYSE:JPM)

Oppenheimer Asset Management Inc. cut its position in JPMorgan Chase & Co. (NYSE:JPM) by 21.7% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 467,513 shares of the financial services provider's stock after selling 129,431 shares during the quarter. JPMorgan Chase & Co. makes up approximately 1.4% of Oppenheimer Asset Management Inc.'s investment portfolio, making the stock its 7th largest holding. Oppenheimer Asset Management Inc.'s holdings in JPMorgan Chase & Co. were worth $114,681,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Redwood Park Advisors LLC acquired a new stake in shares of JPMorgan Chase & Co. in the 4th quarter worth $29,000. Curat Global LLC purchased a new stake in JPMorgan Chase & Co. in the first quarter valued at about $33,000. Sellwood Investment Partners LLC purchased a new stake in JPMorgan Chase & Co. in the fourth quarter valued at about $34,000. Investment Counsel Co. of Nevada acquired a new stake in JPMorgan Chase & Co. in the fourth quarter worth about $37,000. Finally, Prudent Man Investment Management Inc. purchased a new stake in shares of JPMorgan Chase & Co. during the fourth quarter worth about $43,000. 71.55% of the stock is owned by hedge funds and other institutional investors.

JPMorgan Chase & Co. Trading Up 1.7%

JPMorgan Chase & Co. stock opened at $288.88 on Friday. The firm has a market cap of $802.81 billion, a PE ratio of 14.18, a P/E/G ratio of 2.64 and a beta of 1.08. JPMorgan Chase & Co. has a 12 month low of $190.90 and a 12 month high of $289.41. The stock's 50 day simple moving average is $260.44 and its two-hundred day simple moving average is $252.45. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 1.23.

JPMorgan Chase & Co. (NYSE:JPM - Get Free Report) last announced its quarterly earnings results on Friday, April 11th. The financial services provider reported $5.07 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.63 by $0.44. The firm had revenue of $45.30 billion for the quarter, compared to the consensus estimate of $43.62 billion. JPMorgan Chase & Co. had a net margin of 21.21% and a return on equity of 16.88%. The firm's quarterly revenue was up 8.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.44 earnings per share. Analysts anticipate that JPMorgan Chase & Co. will post 18.1 earnings per share for the current year.

JPMorgan Chase & Co. Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Thursday, July 3rd will be given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date is Thursday, July 3rd. JPMorgan Chase & Co.'s dividend payout ratio (DPR) is presently 27.49%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Evercore ISI cut their price objective on shares of JPMorgan Chase & Co. from $273.00 to $265.00 and set an "outperform" rating on the stock in a report on Tuesday, April 1st. Robert W. Baird upped their price target on shares of JPMorgan Chase & Co. from $220.00 to $235.00 and gave the company a "neutral" rating in a research note on Tuesday, May 20th. KGI Securities initiated coverage on shares of JPMorgan Chase & Co. in a research note on Sunday, April 13th. They set a "hold" rating for the company. Piper Sandler reissued a "hold" rating on shares of JPMorgan Chase & Co. in a report on Monday, June 2nd. Finally, Truist Financial upped their target price on JPMorgan Chase & Co. from $270.00 to $280.00 and gave the company a "hold" rating in a research report on Monday, June 2nd. Thirteen investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $273.15.

Insider Activity

In other 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 now directly owns 68,757 shares of the company's stock, valued at $18,269,422.47. This represents a 3.94% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, COO Jennifer Piepszak sold 6,128 shares of JPMorgan Chase & Co. stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $262.47, for a total transaction of $1,608,416.16. Following the completion of the sale, the chief operating officer now directly owns 62,455 shares in the company, valued at $16,392,563.85. This represents a 8.94% decrease in their position. 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 ninety days. 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.

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