Primecap Management Co. CA Has $1.11 Billion Stock Position in JPMorgan Chase & Co. $JPM

Key Points

• Primecap Management reduced its JPMorgan Chase stake by 0.6% in the second quarter, selling 20,900 shares. It still held 3.38 million shares valued at approximately $1.11 billion.
• JPMorgan reported quarterly earnings of $6.14 per share and revenue of $58.02 billion, exceeding analyst expectations. Institutional investors own 71.55% of the company, while analysts maintain a “Moderate Buy” consensus with an average price target of $359.96.
• The bank raised its quarterly dividend from $1.50 to $1.65 per share, equivalent to a 1.9% annual yield. Shares recently traded at $348.92, within a 52-week range of $279.10 to $366.50.

Primecap Management Co. CA decreased its stake in shares of JPMorgan Chase & Co. (NYSE:JPM - Free Report) by 0.6% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,382,627 shares of the financial services provider's stock after selling 20,900 shares during the quarter. Primecap Management Co. CA owned about 0.13% of JPMorgan Chase & Co. worth $1,107,235,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of JPM. PDT Partners LLC acquired a new stake in JPMorgan Chase & Co. in the second quarter worth $949,000. Canada Pension Plan Investment Board raised its holdings in shares of JPMorgan Chase & Co. by 22.9% during the second quarter. Canada Pension Plan Investment Board now owns 8,020,990 shares of the financial services provider's stock valued at $2,625,511,000 after purchasing an additional 1,496,676 shares during the period. Kinloch Capital LLC boosted its position in shares of JPMorgan Chase & Co. by 10.0% during the 2nd quarter. Kinloch Capital LLC now owns 1,829 shares of the financial services provider's stock worth $599,000 after purchasing an additional 167 shares in the last quarter. Royal Capital Wealth Management LLC grew its stake in shares of JPMorgan Chase & Co. by 0.3% in the 2nd quarter. Royal Capital Wealth Management LLC now owns 22,671 shares of the financial services provider's stock valued at $7,421,000 after buying an additional 59 shares during the period. Finally, Jones Financial Companies Lllp increased its position in JPMorgan Chase & Co. by 10.9% in the 2nd quarter. Jones Financial Companies Lllp now owns 2,180,764 shares of the financial services provider's stock valued at $717,374,000 after buying an additional 214,405 shares in the last quarter. Institutional investors own 71.55% of the company's stock.

Analysts Set New Price Targets

Several brokerages have issued reports on JPM. Evercore reiterated an "outperform" rating and issued a $360.00 price target on shares of JPMorgan Chase & Co. in a report on Monday, July 6th. The Goldman Sachs Group reiterated a "buy" rating and issued a $418.00 target price on shares of JPMorgan Chase & Co. in a report on Tuesday, July 14th. Zacks Research downgraded shares of JPMorgan Chase & Co. from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 14th. Truist Financial boosted their price target on shares of JPMorgan Chase & Co. from $344.00 to $352.00 and gave the company a "hold" rating in a research note on Wednesday, July 15th. Finally, Jefferies Financial Group set a $350.00 price objective on shares of JPMorgan Chase & Co. in a report on Tuesday, July 14th. Sixteen equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat.com, JPMorgan Chase & Co. currently has an average rating of "Moderate Buy" and an average target price of $359.96.

JPMorgan Chase & Co. Price Performance

Shares of NYSE JPM opened at $348.92 on Monday. The firm has a market cap of $927.49 billion, a price-to-earnings ratio of 14.95, a price-to-earnings-growth ratio of 1.44 and a beta of 0.98. The stock has a fifty day simple moving average of $353.73 and a two-hundred day simple moving average of $324.03. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.30. JPMorgan Chase & Co. has a 1-year low of $279.10 and a 1-year high of $366.50.

JPMorgan Chase & Co. (NYSE:JPM - Get Free Report) last posted its earnings results on Tuesday, July 14th. The financial services provider reported $6.14 earnings per share for the quarter, topping the consensus estimate of $5.59 by $0.55. JPMorgan Chase & Co. had a net margin of 21.86% and a return on equity of 18.23%. The firm had revenue of $58.02 billion during the quarter, compared to the consensus estimate of $50.72 billion. During the same quarter last year, the company earned $4.96 earnings per share. The company's revenue was up 27.7% on a year-over-year basis. Analysts anticipate that JPMorgan Chase & Co. will post 24.3 earnings per share for the current year.

JPMorgan Chase & Co. Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, October 31st. Investors of record on Tuesday, October 6th will be given a $1.65 dividend. This represents a $6.60 dividend on an annualized basis and a dividend yield of 1.9%. This is a boost from JPMorgan Chase & Co.'s previous quarterly dividend of $1.50. The ex-dividend date is Tuesday, October 6th. JPMorgan Chase & Co.'s dividend payout ratio (DPR) is 25.71%.

Insider Activity

In other JPMorgan Chase & Co. news, insider Robin Leopold sold 2,500 shares of the company's stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $352.81, for a total value of $882,025.00. Following the transaction, the insider directly owned 71,047 shares in the company, valued at $25,066,092.07. This represents a 3.40% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.41% of the company's stock.

Key Headlines Impacting JPMorgan Chase & Co.

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

• Positive Sentiment: Strong third-quarter revenue outlook: JPMorgan expects investment-banking fees and Markets revenue to increase in the mid-to-high teens year over year. A robust deal pipeline and trading activity suggest continued strength in fee income and support expectations for another strong quarter. JPMorgan Sees Investment Banking and Trading Powering Q3 Growth
• Positive Sentiment: Higher rates may support lending revenue: Following the Federal Reserve’s rate increase, JPMorgan and other major banks raised prime lending rates to 7%. This could improve asset yields and net interest income, although deposit costs and borrower demand remain important offsets. U.S. Banks Raise Prime Interest Rates Following Fed Hike
• Positive Sentiment: Shareholder-return and franchise catalysts: Analysts highlighted JPMorgan’s planned quarterly dividend increase to $1.65, while new mandates—including financing Drax’s solar acquisition and Canada airport concessions—could add to advisory and underwriting revenue. JPMorgan Dividend and Long-Term Outlook
• Neutral Sentiment: Continued strategic visibility: JPMorgan will report third-quarter results on October 13. The bank is also hosting its India conference and pursuing a large, multiyear U.S. housing initiative, developments that reinforce its global reach but are unlikely to materially affect near-term earnings. JPMorgan Third-Quarter Earnings Call Announcement
• Negative Sentiment: Inflation and oil risks remain overhangs: CEO Jamie Dimon said inflation has not clearly been defeated. Separately, JPMorgan’s commodities team abandoned a firm oil-price forecast as the prolonged Iran conflict pushed Brent above $100 per barrel. Persistent inflation could delay rate cuts, raise credit risks and increase market volatility. Jamie Dimon on Inflation

About JPMorgan Chase & Co.

JPMorgan Chase & Co is a global financial services company headquartered in New York City. Through its businesses, the company provides banking, lending, payments, investment banking, asset management and wealth management services to consumers, businesses, institutional clients and governments.

The company operates through four primary business areas: Consumer & Community Banking; Commercial & Investment Banking; Asset & Wealth Management; and Corporate. Its offerings include deposit accounts, credit cards, mortgages, auto loans, business banking, commercial lending, treasury services, investment banking, securities trading, investment management and private banking.

JPMorgan Chase serves customers in the United States and maintains operations and client relationships across numerous international markets.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.