Payden & Rygel Reduces Holdings in JPMorgan Chase & Co. $JPM

Key Points

• Payden & Rygel cut its JPMorgan stake by 6.5% in the fourth quarter, selling 10,600 shares and leaving it with 152,150 shares valued at about $49.0 million. JPMorgan remains its 6th-largest position and about 3.4% of the portfolio.
• JPMorgan posted stronger-than-expected first-quarter results, with EPS of $5.94 versus estimates of $5.50 and revenue of $50.54 billion versus $48.30 billion expected. Revenue rose 10% year over year, and analysts currently rate the stock a Moderate Buy with a consensus target of $339.08.
• The company also returned capital to shareholders by declaring a quarterly dividend of $1.50 per share, payable July 31, for an annualized yield of 2.0%. Insider selling was also noted, including COO Jennifer Piepszak’s sale of 9,136 shares in April.

Payden & Rygel decreased its stake in shares of JPMorgan Chase & Co. (NYSE:JPM - Free Report) by 6.5% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 152,150 shares of the financial services provider's stock after selling 10,600 shares during the quarter. JPMorgan Chase & Co. accounts for about 3.4% of Payden & Rygel's investment portfolio, making the stock its 6th biggest position. Payden & Rygel's holdings in JPMorgan Chase & Co. were worth $49,026,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Gambit Capital Management LLC bought a new position in shares of JPMorgan Chase & Co. during the 4th quarter worth about $1,219,000. Evergreen Wealth Management LLC increased its holdings in shares of JPMorgan Chase & Co. by 2.2% during the 4th quarter. Evergreen Wealth Management LLC now owns 8,136 shares of the financial services provider's stock worth $2,622,000 after purchasing an additional 178 shares during the period. Tanglewood Legacy Advisors LLC increased its holdings in shares of JPMorgan Chase & Co. by 7.4% during the 4th quarter. Tanglewood Legacy Advisors LLC now owns 1,766 shares of the financial services provider's stock worth $569,000 after purchasing an additional 122 shares during the period. Aerodigm Wealth LLC bought a new position in shares of JPMorgan Chase & Co. during the 4th quarter worth about $320,000. Finally, Stronghold Wealth Management L.L.C. bought a new position in shares of JPMorgan Chase & Co. during the 4th quarter worth about $965,000. Institutional investors own 71.55% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on JPM. UBS Group dropped their price objective on shares of JPMorgan Chase & Co. from $380.00 to $375.00 in a report on Wednesday, May 6th. Dbs Bank upgraded shares of JPMorgan Chase & Co. to a "hold" rating in a report on Tuesday, May 12th. Daiwa Securities Group decreased their target price on shares of JPMorgan Chase & Co. from $340.00 to $328.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 7th. Truist Financial lifted their target price on shares of JPMorgan Chase & Co. from $323.00 to $332.00 and gave the company a "hold" rating in a research report on Wednesday, April 15th. Finally, DZ Bank reiterated a "neutral" rating on shares of JPMorgan Chase & Co. in a research report 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 stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $339.08.

Insider Activity

In other JPMorgan Chase & Co. news, COO Jennifer Piepszak sold 9,136 shares of the business's stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $306.56, for a total value of $2,800,732.16. Following the transaction, the chief operating officer directly owned 90,001 shares in the company, valued at $27,590,706.56. The trade was a 9.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Robin Leopold sold 433 shares of the business's stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $295.06, for a total transaction of $127,760.98. Following the completion of the transaction, the insider owned 64,920 shares in the company, valued at approximately $19,155,295.20. This trade represents a 0.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 28,589 shares of company stock valued at $8,747,496 in the last ninety days. 0.41% of the stock is currently owned by corporate insiders.

JPMorgan Chase & Co. Price Performance

Shares of JPMorgan Chase & Co. stock opened at $299.04 on Thursday. The firm has a market cap of $801.27 billion, a P/E ratio of 14.32, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. JPMorgan Chase & Co. has a twelve month low of $260.31 and a twelve month high of $337.25. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.86 and a current ratio of 0.86. The firm's 50-day simple moving average is $302.05 and its 200-day simple moving average is $306.96.

JPMorgan Chase & Co. (NYSE:JPM - Get Free Report) last released its quarterly earnings results on Tuesday, April 14th. The financial services provider reported $5.94 EPS for the quarter, beating analysts' consensus estimates of $5.50 by $0.44. The firm had revenue of $50.54 billion for the quarter, compared to analyst estimates of $48.30 billion. JPMorgan Chase & Co. had a net margin of 20.66% and a return on equity of 17.54%. The company's revenue for the quarter was up 10.0% compared to the same quarter last year. During the same period in the previous year, the business earned $5.07 earnings per share. As a group, research analysts expect that JPMorgan Chase & Co. will post 22.4 EPS for the current fiscal year.

JPMorgan Chase & Co. Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Monday, July 6th will be given a $1.50 dividend. The ex-dividend date is Monday, July 6th. This represents a $6.00 dividend on an annualized basis and a yield of 2.0%. JPMorgan Chase & Co.'s payout ratio is 28.74%.

JPMorgan Chase & Co. News Summary

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

• Negative Sentiment: JPMorgan may spend heavily on acquisitions, which could reduce capital flexibility and pressure returns if deals are expensive or hard to integrate. Jamie Dimon says JPMorgan Chase could spend $20 billion on acquisition: 'We are on the lookout'
• Negative Sentiment: Dimon said earnings may not stay at current levels and that costs are likely to rise, which raises concerns about margin pressure. JPMorgan Chase Stock Is Falling: What's Happening Today?
• Neutral Sentiment: The bank also announced it will redeem $2.0 billion of Series KK preferred stock, a routine capital-management move that is not likely to change the investment thesis on its own. JPMorgan Chase to Redeem Series KK Preferred Stock
• Positive Sentiment: Dimon’s willingness to consider large acquisitions also reflects confidence in JPMorgan’s excess capital and long-term growth options, which could support the stock over time if management finds attractive targets. Jamie Dimon says JPMorgan could spend up to $20bn on a new acquisition

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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