Park Avenue Securities LLC Makes New Investment in JPMorgan Chase & Co. $JPM

Key Points

• Park Avenue Securities LLC has acquired a new position in JPMorgan Chase & Co., buying 157,589 shares valued at approximately $45.7 million during the second quarter of 2023.
• The company plans to pay a quarterly dividend of $1.50 per share on October 31st, an increase from the previous dividend of $1.40.
• Insider activity includes director Linda Bammann selling 9,500 shares, reducing her ownership by 10.36%.

Park Avenue Securities LLC acquired a new position in shares of JPMorgan Chase & Co. (NYSE:JPM) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 157,589 shares of the financial services provider's stock, valued at approximately $45,687,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Border to Coast Pensions Partnership Ltd raised its holdings in JPMorgan Chase & Co. by 6.6% during the second quarter. Border to Coast Pensions Partnership Ltd now owns 398,699 shares of the financial services provider's stock worth $115,587,000 after acquiring an additional 24,835 shares in the last quarter. Palacios Wealth Management LLC grew its stake in JPMorgan Chase & Co. by 224.3% in the second quarter. Palacios Wealth Management LLC now owns 7,556 shares of the financial services provider's stock valued at $2,191,000 after purchasing an additional 5,226 shares in the last quarter. Sowell Financial Services LLC increased its position in shares of JPMorgan Chase & Co. by 0.8% during the 2nd quarter. Sowell Financial Services LLC now owns 74,287 shares of the financial services provider's stock worth $21,537,000 after purchasing an additional 624 shares during the last quarter. Physician Wealth Advisors Inc. raised its stake in shares of JPMorgan Chase & Co. by 17.4% during the 2nd quarter. Physician Wealth Advisors Inc. now owns 1,885 shares of the financial services provider's stock worth $546,000 after purchasing an additional 280 shares in the last quarter. Finally, Westfuller Advisors LLC boosted its holdings in shares of JPMorgan Chase & Co. by 2.9% in the 2nd quarter. Westfuller Advisors LLC now owns 4,588 shares of the financial services provider's stock valued at $1,330,000 after buying an additional 128 shares during the last quarter. Institutional investors and hedge funds own 71.55% of the company's stock.

Insider Activity

In related news, Director Linda Bammann sold 9,500 shares of the company's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $297.94, for a total value of $2,830,430.00. Following the transaction, the director directly owned 82,207 shares in the company, valued at approximately $24,492,753.58. This represents a 10.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.47% of the company's stock.

JPMorgan Chase & Co. Stock Up 0.0%

JPMorgan Chase & Co. stock opened at $312.53 on Wednesday. The company's 50-day moving average price is $297.43 and its two-hundred day moving average price is $270.22. 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 stock has a market cap of $859.37 billion, a P/E ratio of 16.04, a P/E/G ratio of 2.07 and a beta of 1.13. JPMorgan Chase & Co. has a twelve month low of $202.16 and a twelve month high of $316.31.

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 company had revenue of $44.91 billion for the quarter, compared to the consensus estimate of $43.76 billion. JPMorgan Chase & Co. had a return on equity of 16.93% and a net margin of 20.52%.The firm's revenue for the quarter was down 10.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $6.12 earnings per share. As a group, analysts expect that JPMorgan Chase & Co. will post 18.1 EPS for the current year.

JPMorgan Chase & Co. Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Monday, October 6th will be given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 1.9%. The ex-dividend date is Monday, October 6th. This is a positive change from JPMorgan Chase & Co.'s previous quarterly dividend of $1.40. JPMorgan Chase & Co.'s dividend payout ratio (DPR) is 28.73%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on JPM shares. Robert W. Baird downgraded shares of JPMorgan Chase & Co. from a "neutral" rating to an "underperform" rating and set a $235.00 target price on the stock. in a report on Friday, June 27th. TD Securities reaffirmed a "buy" rating on shares of JPMorgan Chase & Co. in a report on Wednesday, June 4th. HSBC reiterated a "reduce" rating and issued a $259.00 target price on shares of JPMorgan Chase & Co. in a research note on Tuesday, July 8th. Baird R W downgraded JPMorgan Chase & Co. from a "hold" rating to a "strong sell" rating in a research report on Friday, June 27th. Finally, 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. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, six have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $292.78.

JPMorgan Chase & Co. Company 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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