RKL Wealth Management LLC Acquires 24,815 Shares of JPMorgan Chase & Co. $JPM

Key Points

• RKL Wealth Management nearly doubled its JPMorgan stake in the first quarter, buying 24,815 additional shares to bring its total to 49,904 shares worth about $14.68 million.
• Institutional ownership remains heavy, with 71.55% of JPMorgan shares held by hedge funds and other institutional investors, and several other firms also adding to positions.
• JPMorgan’s latest results were strong, as it beat earnings and revenue estimates, and the company also declared a $1.50 quarterly dividend payable July 31.

RKL Wealth Management LLC boosted its stake in shares of JPMorgan Chase & Co. (NYSE:JPM - Free Report) by 98.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 49,904 shares of the financial services provider's stock after buying an additional 24,815 shares during the period. JPMorgan Chase & Co. accounts for about 1.3% of RKL Wealth Management LLC's investment portfolio, making the stock its 20th biggest holding. RKL Wealth Management LLC's holdings in JPMorgan Chase & Co. were worth $14,680,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Brighton Jones LLC boosted its position in JPMorgan Chase & Co. by 11.0% during the fourth quarter. Brighton Jones LLC now owns 48,732 shares of the financial services provider's stock valued at $11,682,000 after purchasing an additional 4,841 shares in the last quarter. Acorns Advisers LLC raised its holdings in JPMorgan Chase & Co. by 6.9% in the first quarter. Acorns Advisers LLC now owns 1,547 shares of the financial services provider's stock worth $379,000 after purchasing an additional 100 shares in the last quarter. Ignite Planners LLC raised its holdings in JPMorgan Chase & Co. by 0.7% in the second quarter. Ignite Planners LLC now owns 10,934 shares of the financial services provider's stock worth $3,185,000 after purchasing an additional 78 shares in the last quarter. Jump Financial LLC purchased a new stake in shares of JPMorgan Chase & Co. during the second quarter valued at about $1,475,000. Finally, Betterment LLC lifted its position in shares of JPMorgan Chase & Co. by 27.5% during the second quarter. Betterment LLC now owns 1,970 shares of the financial services provider's stock valued at $571,000 after buying an additional 425 shares during the last quarter. 71.55% of the stock is currently owned by hedge funds and other institutional investors.

JPMorgan Chase & Co. News Roundup

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

• Positive Sentiment: Wall Street commentary remains supportive, with analysts reworking revenue assumptions and nudging fair-value estimates higher for JPMorgan ahead of earnings. JPMorgan Chase (JPM) Stock Gets Fair Value Bump As Analysts Rework Revenue Outlook
• Positive Sentiment: Investors are also looking ahead to JPMorgan’s July 14 earnings report, with revisions trends for bank stocks still positive and expectations for the June-quarter cycle trending up. Q2 Earnings Season Nears Kickoff: Bank Earnings in Focus
• Positive Sentiment: JPMorgan’s brand and consumer franchise also got a boost from coverage of the Chase credit-card lounge wars, highlighting its push to win affluent customers and deepen loyalty. American Express and Chase move luxury lounge wars beyond the airport
• Neutral Sentiment: The bank disclosed a larger stake in Umicore SA, showing ongoing investing activity but not a clear direct catalyst for JPM shares. How JPMorgan’s Higher Umicore SA (UMICY) Stake Keeps Focus on Its Circular Battery Materials Platform
• Neutral Sentiment: JPMorgan also remained in the headlines for its broader market views, including warnings on crypto-market risks and support for clearer US crypto rules; these are more thematic than stock-moving in the near term. JPMorgan Says Saylor’s Strategy Adds New Risk to Bitcoin Market
• Negative Sentiment: Governance-related headlines may be weighing on sentiment, including the end of Marianne Lake’s CEO succession bid and her reported $50 million in unvested stock after Dimon chose other successors. JPMorgan CEO contender walks away with $50M in unvested stock after losing Jamie Dimon succession race
• Negative Sentiment: There was also another adverse legal headline, as a judge rejected JPMorgan’s challenge to a disputed $74 million legal-fee bill tied to the Charlie Javice fraud case. JPMorgan Loses Javice Legal Fee Fight
• Negative Sentiment: Separately, JPMorgan must keep paying Charlie Javice’s legal fees, adding to the expense and reputational overhang from the long-running fraud case. JPMorgan has to keep paying Charlie Javice's legal fees, judge rules

Analyst Upgrades and Downgrades

JPM has been the topic of a number of analyst reports. Autonomous Res cut their price objective on shares of 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. Daiwa Securities Group decreased their target price on shares of JPMorgan Chase & Co. from $340.00 to $328.00 and set an "outperform" rating for the company in a research report on Tuesday, April 7th. HSBC raised their target price on shares of JPMorgan Chase & Co. from $288.00 to $312.00 and gave the company a "hold" rating in a research note on Monday, May 4th. Evercore upped their price target on JPMorgan Chase & Co. from $320.00 to $340.00 and gave the stock an "outperform" rating in a research report on Friday, April 17th. Finally, Truist Financial increased their price objective on JPMorgan Chase & Co. from $332.00 to $344.00 and gave the company a "hold" rating in a report on Friday, June 26th. Fourteen investment analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $340.88.

Insider Activity

In other JPMorgan Chase & Co. news, General Counsel Stacey Friedman sold 5,467 shares of JPMorgan Chase & Co. stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $330.73, for a total transaction of $1,808,100.91. Following the completion of the sale, the general counsel owned 40,961 shares of the company's stock, valued at approximately $13,547,031.53. The trade was a 11.78% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer Piepszak sold 4,919 shares of the business's stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $309.42, for a total value of $1,522,036.98. Following the sale, the chief operating officer owned 85,082 shares in the company, valued at approximately $26,326,072.44. The trade was a 5.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 33,623 shares of company stock valued at $10,427,835 over the last ninety days. 0.41% of the stock is currently owned by insiders.

JPMorgan Chase & Co. Stock Performance

JPM opened at $333.91 on Monday. JPMorgan Chase & Co. has a 52-week low of $279.10 and a 52-week high of $343.45. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 1.30. The company has a market cap of $894.72 billion, a P/E ratio of 15.99, a price-to-earnings-growth ratio of 1.53 and a beta of 0.99. The firm's 50-day moving average price is $313.35 and its 200-day moving average price is $309.02.

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, topping analysts' consensus estimates of $5.50 by $0.44. The company had revenue of $50.54 billion during the quarter, compared to analysts' expectations of $48.30 billion. JPMorgan Chase & Co. had a net margin of 20.66% and a return on equity of 17.54%. JPMorgan Chase & Co.'s revenue for the quarter was up 10.0% on a year-over-year basis. During the same period last year, the business earned $5.07 EPS. As a group, equities analysts anticipate that JPMorgan Chase & Co. will post 22.76 EPS for the current fiscal year.

JPMorgan Chase & Co. Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Monday, July 6th will be paid a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Monday, July 6th. JPMorgan Chase & Co.'s payout ratio is presently 28.74%.

JPMorgan Chase & Co. 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.

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.