Patten & Patten Inc. TN Sells 5,853 Shares of JPMorgan Chase & Co. $JPM

Key Points

• Patten & Patten Inc. TN reduced its JPMorgan Chase stake by 4.7% in the fourth quarter, selling 5,853 shares and ending with 119,676 shares worth about $38.6 million.
• JPMorgan continues to attract positive operating headlines, including preferred stock dividend declarations, progress in early-stage tech investment banking, and Chase’s expansion with 18 new branches opened in May.
• The bank reported strong quarterly results, with EPS of $5.94 beating estimates and revenue of $50.54 billion; analysts currently rate the stock a Moderate Buy with a consensus target price of $338.12.

Patten & Patten Inc. TN cut its holdings in shares of JPMorgan Chase & Co. (NYSE:JPM - Free Report) by 4.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 119,676 shares of the financial services provider's stock after selling 5,853 shares during the period. JPMorgan Chase & Co. comprises approximately 2.3% of Patten & Patten Inc. TN's portfolio, making the stock its 6th largest position. Patten & Patten Inc. TN's holdings in JPMorgan Chase & Co. were worth $38,562,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Brighton Jones LLC grew its position in shares of JPMorgan Chase & Co. by 11.0% in the 4th quarter. Brighton Jones LLC now owns 48,732 shares of the financial services provider's stock valued at $11,682,000 after buying an additional 4,841 shares during the last quarter. Acorns Advisers LLC grew its position in shares of JPMorgan Chase & Co. by 6.9% in the 1st quarter. Acorns Advisers LLC now owns 1,547 shares of the financial services provider's stock valued at $379,000 after buying an additional 100 shares during the last quarter. Ignite Planners LLC grew its position in shares of JPMorgan Chase & Co. by 0.7% in the 2nd quarter. Ignite Planners LLC now owns 10,934 shares of the financial services provider's stock valued at $3,185,000 after buying an additional 78 shares during the last quarter. Jump Financial LLC bought a new stake in shares of JPMorgan Chase & Co. in the 2nd quarter valued at about $1,475,000. Finally, Betterment LLC grew its position in shares of JPMorgan Chase & Co. by 27.5% in the 2nd quarter. Betterment LLC now owns 1,970 shares of the financial services provider's stock valued at $571,000 after buying an additional 425 shares during the last quarter. 71.55% of the stock is currently owned by institutional investors and hedge funds.

Key Headlines Impacting JPMorgan Chase & Co.

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

• Positive Sentiment: JPMorganChase declared dividends on its Series II, OO and PP preferred stock, signaling continued capital return and financial stability. JPMorganChase Declares Preferred Stock Dividends
• Positive Sentiment: Reuters reported that JPMorgan’s long-running push into early-stage tech banking is paying off, with the firm now leading global technology investment banking and winning business from startup clients early in their growth cycle. JPMorgan's bet on early-stage companies pays off in leading global tech investment banking
• Positive Sentiment: Chase continued expanding its branch network, opening 18 new branches in May as part of a multibillion-dollar expansion, which supports deposit gathering and retail growth over time. Chase Opens 18 Branches in May Amid Multibillion-Dollar Expansion

Insider Activity at JPMorgan Chase & Co.

In related news, COO Jennifer Piepszak sold 9,136 shares of the business's stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $306.56, for a total transaction of $2,800,732.16. Following the transaction, the chief operating officer owned 90,001 shares in the company, valued at $27,590,706.56. The trade was a 9.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Troy L. Rohrbaugh sold 50,000 shares of the business's stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $307.11, for a total transaction of $15,355,500.00. Following the transaction, the chief executive officer owned 111,279 shares in the company, valued at $34,174,893.69. The trade was a 31.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 79,849 shares of company stock worth $24,522,956 over the last ninety days. 0.41% of the stock is owned by corporate insiders.

JPMorgan Chase & Co. Stock Up 0.0%

Shares of NYSE:JPM opened at $297.93 on Monday. The company has a market capitalization of $798.31 billion, a price-to-earnings ratio of 14.27, a P/E/G ratio of 1.45 and a beta of 1.03. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.86 and a quick ratio of 0.86. The business's 50-day moving average is $299.67 and its 200-day moving average is $307.35. JPMorgan Chase & Co. has a 1 year low of $256.00 and a 1 year high of $337.25.

JPMorgan Chase & Co. (NYSE:JPM - Get Free Report) last announced its quarterly earnings data on Tuesday, April 14th. The financial services provider reported $5.94 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.50 by $0.44. JPMorgan Chase & Co. had a return on equity of 17.54% and a net margin of 20.66%.The company had revenue of $50.54 billion for the quarter, compared to the consensus estimate of $48.30 billion. During the same period in the previous year, the business earned $5.07 EPS. The firm's revenue was up 10.0% compared to the same quarter last year. Equities research analysts predict that JPMorgan Chase & Co. will post 22.43 earnings per share for the current year.

JPMorgan Chase & Co. Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 30th. Investors of record on Monday, April 6th were given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date was Monday, April 6th. JPMorgan Chase & Co.'s payout ratio is presently 28.74%.

Wall Street Analysts Forecast Growth

JPM has been the topic of a number of analyst reports. Royal Bank Of Canada reiterated a "buy" rating on shares of JPMorgan Chase & Co. in a research report on Monday, May 4th. Robert W. Baird set a $295.00 price objective on shares of JPMorgan Chase & Co. in a research note on Wednesday, April 15th. Daiwa Securities Group reduced their price objective on shares of JPMorgan Chase & Co. from $340.00 to $328.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 7th. Jefferies Financial Group reaffirmed a "neutral" rating on shares of JPMorgan Chase & Co. in a research note on Monday, May 4th. Finally, Truist Financial upped their price objective on shares of JPMorgan Chase & Co. from $323.00 to $332.00 and gave the company a "hold" rating in a research note on Wednesday, April 15th. Fifteen equities research analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $338.12.

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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