Providence First Trust Co Lowers Position in JPMorgan Chase & Co. $JPM

Key Points

• Providence First Trust Co reduced its JPMorgan Chase stake by 38.5% in the fourth quarter, selling 4,360 shares and leaving it with 6,977 shares worth about $2.25 million.
• JPMorgan’s recent business updates were largely positive, including preferred stock dividend declarations, strength in early-stage tech investment banking, and Chase’s continued branch expansion with 18 new locations opened in May.
• The bank reported strong quarterly results, beating estimates with $5.94 EPS and $50.54 billion in revenue, while analysts maintain a Moderate Buy consensus and a price target of $338.12.

Providence First Trust Co cut its stake in shares of JPMorgan Chase & Co. (NYSE:JPM - Free Report) by 38.5% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,977 shares of the financial services provider's stock after selling 4,360 shares during the period. JPMorgan Chase & Co. comprises about 0.8% of Providence First Trust Co's investment portfolio, making the stock its 29th biggest position. Providence First Trust Co's holdings in JPMorgan Chase & Co. were worth $2,248,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Roxbury Financial LLC lifted its position in JPMorgan Chase & Co. by 0.4% during the fourth quarter. Roxbury Financial LLC now owns 8,011 shares of the financial services provider's stock valued at $2,581,000 after purchasing an additional 31 shares in the last quarter. Collective Family Office LLC lifted its position in shares of JPMorgan Chase & Co. by 1.0% in the fourth quarter. Collective Family Office LLC now owns 3,339 shares of the financial services provider's stock valued at $1,076,000 after acquiring an additional 32 shares in the last quarter. Rialto Wealth Management LLC lifted its position in shares of JPMorgan Chase & Co. by 3.6% in the third quarter. Rialto Wealth Management LLC now owns 962 shares of the financial services provider's stock valued at $304,000 after acquiring an additional 33 shares in the last quarter. Essential Planning LLC. lifted its position in shares of JPMorgan Chase & Co. by 2.4% in the fourth quarter. Essential Planning LLC. now owns 1,399 shares of the financial services provider's stock valued at $451,000 after acquiring an additional 33 shares in the last quarter. Finally, Granite Group Advisors LLC lifted its position in shares of JPMorgan Chase & Co. by 0.3% in the third quarter. Granite Group Advisors LLC now owns 10,313 shares of the financial services provider's stock valued at $3,253,000 after acquiring an additional 34 shares in the last quarter. 71.55% of the stock is currently owned by hedge funds and other institutional investors.

Key JPMorgan Chase & Co. News

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

Analyst Ratings Changes

Several equities analysts have recently commented on the company. HSBC boosted their price objective on JPMorgan Chase & Co. from $288.00 to $312.00 and gave the company a "hold" rating in a research report on Monday, May 4th. Autonomous Res lowered their price objective on JPMorgan Chase & Co. from $360.00 to $324.00 and set a "neutral" rating on the stock in a research report on Monday, April 6th. The Goldman Sachs Group set a $361.00 price objective on JPMorgan Chase & Co. in a research report on Tuesday, April 14th. Robert W. Baird set a $295.00 price objective on JPMorgan Chase & Co. in a research report on Wednesday, April 15th. Finally, Royal Bank Of Canada restated a "buy" rating on shares of JPMorgan Chase & Co. in a research report on Monday, May 4th. Fifteen equities research analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the stock. Based on data from MarketBeat.com, JPMorgan Chase & Co. has a consensus rating of "Moderate Buy" and a consensus price target of $338.12.

JPMorgan Chase & Co. Trading Down 0.7%

Shares of NYSE JPM opened at $297.93 on Friday. The business's 50 day moving average is $299.67 and its two-hundred day moving average is $307.32. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.86 and a quick ratio of 0.86. JPMorgan Chase & Co. has a 1-year low of $256.00 and a 1-year high of $337.25. The stock has a market capitalization of $798.31 billion, a P/E ratio of 14.27, a PEG ratio of 1.46 and a beta of 1.03.

JPMorgan Chase & Co. (NYSE:JPM - Get Free Report) last released its 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 analysts' expectations of $48.30 billion. JPMorgan Chase & Co. had a return on equity of 17.54% and a net margin of 20.66%.The company's quarterly revenue was up 10.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $5.07 earnings per share. As a group, research analysts expect that JPMorgan Chase & Co. will post 22.42 EPS for the current year.

JPMorgan Chase & Co. Dividend Announcement

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

Insider Transactions at JPMorgan Chase & Co.

In other JPMorgan Chase & Co. news, CFO Jeremy Barnum sold 3,022 shares of the company's stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $309.41, for a total transaction of $935,037.02. Following the completion of the sale, the chief financial officer owned 32,438 shares in the company, valued at $10,036,641.58. This represents a 8.52% decrease in their ownership of the stock. The transaction was disclosed in a 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 company's stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $307.11, for a total value of $15,355,500.00. Following the sale, the chief executive officer owned 111,279 shares of the company's stock, valued at approximately $34,174,893.69. This represents a 31.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 79,849 shares of company stock valued at $24,522,956 in the last ninety days. Corporate insiders own 0.41% of the company's stock.

JPMorgan Chase & Co. Company Profile

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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