Procyon Advisors LLC Sells 33,745 Shares of JPMorgan Chase & Co. $JPM

Key Points

• Procyon Advisors LLC reduced its stake in JPMorgan Chase & Co. by 37.3% in the second quarter, selling 33,745 shares and now owns about 56,752 shares of the company.
• JPMorgan Chase & Co. announced a quarterly dividend increase to $1.50 per share, up from $1.40, with a yield of 1.9%.
• Despite a revenue decline of 10.5% year-over-year, JPMorgan reported $4.96 EPS for the last quarter, surpassing analysts' expectations of $4.48.

Procyon Advisors LLC reduced its position in JPMorgan Chase & Co. (NYSE:JPM - Free Report) by 37.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 56,752 shares of the financial services provider's stock after selling 33,745 shares during the quarter. JPMorgan Chase & Co. makes up 1.5% of Procyon Advisors LLC's portfolio, making the stock its 12th largest holding. Procyon Advisors LLC's holdings in JPMorgan Chase & Co. were worth $16,453,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. MJT & Associates Financial Advisory Group Inc. bought a new position in JPMorgan Chase & Co. in the first quarter worth $28,000. University of Illinois Foundation bought a new position in JPMorgan Chase & Co. in the first quarter worth $30,000. Curat Global LLC acquired a new position in JPMorgan Chase & Co. during the first quarter worth $33,000. Christopher J. Hasenberg Inc raised its stake in JPMorgan Chase & Co. by 212.0% during the second quarter. Christopher J. Hasenberg Inc now owns 156 shares of the financial services provider's stock worth $45,000 after acquiring an additional 106 shares in the last quarter. Finally, Capital A Wealth Management LLC acquired a new position in JPMorgan Chase & Co. during the fourth quarter worth $64,000. 71.55% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have issued reports on JPM. Cowen reiterated a "buy" rating on shares of JPMorgan Chase & Co. in a research note on Wednesday, July 16th. Wells Fargo & Company increased their price objective on JPMorgan Chase & Co. from $325.00 to $345.00 and gave the stock an "overweight" rating in a research note on Tuesday. Citigroup set a $275.00 price objective on JPMorgan Chase & Co. and gave the stock a "buy" rating in a research note on Monday, July 7th. HSBC restated a "reduce" rating and issued a $259.00 target price on shares of JPMorgan Chase & Co. in a research note on Tuesday, July 8th. Finally, Evercore ISI set a $298.00 target price on JPMorgan Chase & Co. and gave the company an "outperform" rating in a research note 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. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $292.78.

Insider Transactions at JPMorgan Chase & Co.

In other news, Director Linda Bammann sold 9,500 shares of the business's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $297.94, for a total transaction of $2,830,430.00. Following the completion of the transaction, the director directly owned 82,207 shares in the company, valued at approximately $24,492,753.58. The trade was a 10.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.47% of the company's stock.

JPMorgan Chase & Co. Trading Up 0.3%

JPMorgan Chase & Co. stock traded up $1.02 during mid-day trading on Friday, hitting $314.25. The stock had a trading volume of 23,513,937 shares, compared to its average volume of 7,166,939. The stock has a 50-day simple moving average of $296.43 and a two-hundred day simple moving average of $269.15. The stock has a market capitalization of $864.11 billion, a PE ratio of 16.12, a P/E/G ratio of 2.08 and a beta of 1.13. JPMorgan Chase & Co. has a 12 month low of $202.16 and a 12 month high of $315.80. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.25.

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

JPMorgan Chase & Co. Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Monday, October 6th will be issued a $1.50 dividend. This is a positive change from JPMorgan Chase & Co.'s previous quarterly dividend of $1.40. This represents a $6.00 annualized dividend and a yield of 1.9%. The ex-dividend date is Monday, October 6th. JPMorgan Chase & Co.'s dividend payout ratio (DPR) is 28.73%.

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.