Parnassus Investments LLC Makes New $91.70 Million Investment in JPMorgan Chase & Co. $JPM

Key Points

• Parnassus Investments LLC has made a new investment of approximately $91.70 million in JPMorgan Chase & Co. by acquiring 373,822 shares during the first quarter.
• Several institutional investors and hedge funds have increased their stakes in JPMorgan, contributing to the fact that they now own 71.55% of the company's stock.
• Equities analysts are mixed on JPMorgan's stock, with an average price target of $288.68 and ratings spanning from "Strong Buy" to "Moderate Sell."

Parnassus Investments LLC bought a new position in shares of JPMorgan Chase & Co. (NYSE:JPM - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 373,822 shares of the financial services provider's stock, valued at approximately $91,699,000.

A number of other hedge funds also recently modified their holdings of JPM. MJT & Associates Financial Advisory Group Inc. acquired a new position in shares of JPMorgan Chase & Co. during the first quarter worth $28,000. University of Illinois Foundation acquired a new position in JPMorgan Chase & Co. in the first quarter valued at $30,000. Curat Global LLC acquired a new position in JPMorgan Chase & Co. in the first quarter valued at $33,000. Measured Risk Portfolios Inc. acquired a new position in shares of JPMorgan Chase & Co. during the fourth quarter valued at about $44,000. Finally, Minot DeBlois Advisors LLC acquired a new position in shares of JPMorgan Chase & Co. during the fourth quarter valued at about $54,000. Institutional investors and hedge funds own 71.55% of the company's stock.

Insider Activity at JPMorgan Chase & Co.

In related news, COO Jennifer Piepszak sold 6,128 shares of the 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 transaction, the chief operating officer owned 62,455 shares of the company's stock, valued at approximately $16,392,563.85. This trade represents a 8.94% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.47% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Piper Sandler reiterated an "overweight" rating on shares of JPMorgan Chase & Co. in a report on Tuesday, July 15th. Wells Fargo & Company upped their price objective on shares of JPMorgan Chase & Co. from $320.00 to $325.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. Hsbc Global Res downgraded shares of JPMorgan Chase & Co. from a "hold" rating to a "moderate sell" rating in a research report on Tuesday, July 8th. Morgan Stanley increased their target price on shares of JPMorgan Chase & Co. from $296.00 to $298.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 16th. Finally, Citigroup set a $275.00 target price on shares of JPMorgan Chase & Co. and gave the company 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 issued a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $288.68.

JPMorgan Chase & Co. Stock Performance

JPMorgan Chase & Co. stock opened at $300.81 on Friday. The firm's fifty day moving average price is $291.05 and its 200-day moving average price is $265.15. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.88 and a current ratio of 0.88. The stock has a market cap of $827.15 billion, a P/E ratio of 15.43, a price-to-earnings-growth ratio of 1.99 and a beta of 1.11. JPMorgan Chase & Co. has a fifty-two week low of $200.61 and a fifty-two week high of $301.29.

JPMorgan Chase & Co. (NYSE:JPM - Get Free Report) last released 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. JPMorgan Chase & Co. had a net margin of 20.52% and a return on equity of 16.93%. The company had revenue of $44.91 billion for the quarter, compared to analyst estimates of $43.76 billion. During the same quarter last year, the firm earned $6.12 EPS. The firm's quarterly revenue was down 10.5% compared to the same quarter last year. On average, equities research analysts expect that JPMorgan Chase & Co. will post 18.1 earnings per share for the current fiscal year.

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.

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