Pinnacle Associates Ltd. Has $108.67 Million Holdings in JPMorgan Chase & Co. (NYSE:JPM)

Key Points

• Pinnacle Associates Ltd. reduced its stake in JPMorgan Chase & Co. by 0.8%, holding 443,024 shares, which now represent 1.6% of its total portfolio.
• Analysts have set a consensus target price of $288.68 for JPMorgan Chase & Co., with a majority rating the stock as a "Moderate Buy."
• The company announced a quarterly dividend of $1.40 per share, reflecting an annualized yield of 1.89% and a payout ratio of 28.73%.

Pinnacle Associates Ltd. reduced its position in JPMorgan Chase & Co. (NYSE:JPM - Free Report) by 0.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 443,024 shares of the financial services provider's stock after selling 3,553 shares during the quarter. JPMorgan Chase & Co. comprises about 1.6% of Pinnacle Associates Ltd.'s portfolio, making the stock its 5th largest position. Pinnacle Associates Ltd.'s holdings in JPMorgan Chase & Co. were worth $108,674,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Brighton Jones LLC boosted its position in JPMorgan Chase & Co. by 11.0% during the 4th quarter. Brighton Jones LLC now owns 48,732 shares of the financial services provider's stock worth $11,682,000 after buying an additional 4,841 shares during the period. Bank Pictet & Cie Europe AG lifted its holdings in shares of JPMorgan Chase & Co. by 0.6% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 192,182 shares of the financial services provider's stock worth $46,068,000 after purchasing an additional 1,229 shares during the period. Highview Capital Management LLC DE lifted its holdings in shares of JPMorgan Chase & Co. by 16.1% during the fourth quarter. Highview Capital Management LLC DE now owns 13,623 shares of the financial services provider's stock worth $3,266,000 after purchasing an additional 1,893 shares during the period. KKM Financial LLC lifted its holdings in shares of JPMorgan Chase & Co. by 3.9% during the fourth quarter. KKM Financial LLC now owns 16,854 shares of the financial services provider's stock worth $4,040,000 after purchasing an additional 640 shares during the period. Finally, Core Wealth Partners LLC lifted its holdings in shares of JPMorgan Chase & Co. by 6.9% during the fourth quarter. Core Wealth Partners LLC now owns 8,359 shares of the financial services provider's stock worth $2,004,000 after purchasing an additional 540 shares during the period. 71.55% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently commented on JPM shares. TD Cowen began coverage on shares of JPMorgan Chase & Co. in a report on Thursday, May 15th. They set a "buy" rating and a $305.00 price target on the stock. KGI Securities began coverage on shares of JPMorgan Chase & Co. in a research report on Sunday, April 13th. They issued a "hold" rating on the stock. Wall Street Zen upgraded shares of JPMorgan Chase & Co. from a "sell" rating to a "hold" rating in a research report on Wednesday, May 14th. Piper Sandler restated an "overweight" rating on shares of JPMorgan Chase & Co. in a research report on Tuesday, July 15th. Finally, Phillip Securities downgraded shares of JPMorgan Chase & Co. from a "moderate buy" rating to a "hold" rating in a research report on Wednesday, July 16th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $288.68.

Insider Buying and Selling at JPMorgan Chase & Co.

In other JPMorgan Chase & Co. news, COO Jennifer Piepszak sold 6,128 shares of the company's stock in a transaction dated 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 sale, the chief operating officer directly owned 62,455 shares of the company's stock, valued at $16,392,563.85. This represents a 8.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Linda Bammann sold 9,500 shares of the company's stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $250.00, for a total transaction of $2,375,000.00. Following the sale, the director directly owned 91,539 shares in the company, valued at approximately $22,884,750. This trade represents a 9.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 71,200 shares of company stock valued at $18,060,015 in the last three months. 0.47% of the stock is owned by company insiders.

JPMorgan Chase & Co. Stock Down 2.4%

Shares of NYSE JPM traded down $7.03 during trading on Friday, hitting $289.21. The stock had a trading volume of 12,005,470 shares, compared to its average volume of 10,131,769. JPMorgan Chase & Co. has a 12 month low of $190.90 and a 12 month high of $301.29. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.88 and a quick ratio of 0.89. The company has a market capitalization of $803.74 billion, a PE ratio of 14.84, a PEG ratio of 2.02 and a beta of 1.10. The firm has a fifty day moving average of $280.47 and a two-hundred day moving average of $261.28.

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

JPMorgan Chase & Co. Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Thursday, July 3rd were issued a dividend of $1.40 per share. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a $5.60 annualized dividend and a yield of 1.9%. JPMorgan Chase & Co.'s dividend payout ratio is 28.73%.

JPMorgan Chase & Co. 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.