Panagora Asset Management Inc. Purchases 67,898 Shares of JPMorgan Chase & Co. $JPM

Key Points

• Panagora Asset Management Inc. has increased its stake in JPMorgan Chase & Co. by 8.6%, acquiring an additional 67,898 shares, bringing its total holdings to 854,972 shares valued at approximately $209.7 million.
• JPMorgan Chase & Co. recently reported quarterly earnings of $4.96 per share, surpassing analyst expectations, though revenue declined by 10.5% year-over-year to $44.91 billion.
• There have been varying ratings from analysts, with one downgrade to "underperform" and mixed target prices ranging from $235 to $305, indicating differing outlooks on the stock's performance.

Panagora Asset Management Inc. increased its holdings in JPMorgan Chase & Co. (NYSE:JPM - Free Report) by 8.6% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 854,972 shares of the financial services provider's stock after buying an additional 67,898 shares during the quarter. JPMorgan Chase & Co. comprises approximately 1.0% of Panagora Asset Management Inc.'s portfolio, making the stock its 14th biggest position. Panagora Asset Management Inc.'s holdings in JPMorgan Chase & Co. were worth $209,725,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of JPM. MJT & Associates Financial Advisory Group Inc. purchased a new position in JPMorgan Chase & Co. in the first quarter worth about $28,000. University of Illinois Foundation purchased a new position in JPMorgan Chase & Co. in the first quarter worth about $30,000. Curat Global LLC purchased a new position in JPMorgan Chase & Co. in the first quarter worth about $33,000. Measured Risk Portfolios Inc. purchased a new position in JPMorgan Chase & Co. in the fourth quarter worth about $44,000. Finally, Minot DeBlois Advisors LLC purchased a new position in shares of JPMorgan Chase & Co. during the 4th quarter valued at about $54,000. 71.55% of the stock is owned by hedge funds and other institutional investors.

JPMorgan Chase & Co. Price Performance

JPM stock traded up $0.39 during midday trading on Friday, hitting $301.46. The company's stock had a trading volume of 6,790,292 shares, compared to its average volume of 6,841,159. JPMorgan Chase & Co. has a 12 month low of $200.61 and a 12 month high of $302.95. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.25. The firm has a market capitalization of $828.94 billion, a price-to-earnings ratio of 15.47, a price-to-earnings-growth ratio of 2.00 and a beta of 1.13. The company has a 50 day moving average of $291.59 and a two-hundred day moving average of $265.18.

JPMorgan Chase & Co. (NYSE:JPM - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $4.96 earnings per share for the quarter, topping the consensus estimate of $4.48 by $0.48. JPMorgan Chase & Co. had a return on equity of 16.93% and a net margin of 20.52%.The business had revenue of $44.91 billion during the quarter, compared to the consensus estimate of $43.76 billion. During the same period in the prior year, the company posted $6.12 EPS. The firm's revenue for the quarter was down 10.5% compared to the same quarter last year. On average, analysts expect that JPMorgan Chase & Co. will post 18.1 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Bank of America boosted their price objective on JPMorgan Chase & Co. from $330.00 to $340.00 and gave the company a "buy" rating in a research note on Wednesday, July 16th. Wall Street Zen upgraded JPMorgan Chase & Co. from a "sell" rating to a "hold" rating in a research note on Wednesday, May 14th. Evercore ISI set a $298.00 price objective on JPMorgan Chase & Co. and gave the company an "outperform" rating in a research note on Monday, July 7th. Robert W. Baird downgraded JPMorgan Chase & Co. from a "neutral" rating to an "underperform" rating and set a $235.00 price objective for the company. in a research note on Friday, June 27th. Finally, Piper Sandler reissued an "overweight" rating on shares of JPMorgan Chase & Co. in a report on Tuesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, six have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, JPMorgan Chase & Co. presently has a consensus rating of "Moderate Buy" and a consensus price target of $288.68.

Insider Activity at JPMorgan Chase & Co.

In other news, COO Jennifer Piepszak sold 6,128 shares of the stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $262.47, for a total transaction of $1,608,416.16. Following the completion of the transaction, the chief operating officer directly owned 62,455 shares in the company, valued at approximately $16,392,563.85. This represents a 8.94% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate 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.