South Dakota Investment Council Lowers Stock Holdings in JPMorgan Chase & Co. (NYSE:JPM)

Key Points

• The South Dakota Investment Council reduced its holdings in JPMorgan Chase & Co. by 0.9%, owning 107,993 shares valued at approximately $26.49 million, making it the 28th largest position in its portfolio.
• Despite the reduction, institutional interest in JPMorgan remains strong, with several firms increasing their stakes in the company, leading to approximately 71.55% of the stock being held by hedge funds and other institutional investors.
• JPMorgan recently reported earnings of $4.96 per share, exceeding estimates, but showed a 10.5% decline in quarterly revenue compared to the previous year, indicating potential concerns about future growth.

South Dakota Investment Council lowered its position in JPMorgan Chase & Co. (NYSE:JPM - Free Report) by 0.9% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 107,993 shares of the financial services provider's stock after selling 935 shares during the period. JPMorgan Chase & Co. accounts for about 0.5% of South Dakota Investment Council's investment portfolio, making the stock its 28th largest holding. South Dakota Investment Council's holdings in JPMorgan Chase & Co. were worth $26,491,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. Geode Capital Management LLC lifted its position in JPMorgan Chase & Co. by 1.5% during the fourth quarter. Geode Capital Management LLC now owns 59,220,603 shares of the financial services provider's stock valued at $14,161,171,000 after purchasing an additional 876,417 shares during the period. Norges Bank bought a new position in JPMorgan Chase & Co. during the fourth quarter valued at approximately $8,310,884,000. Northern Trust Corp lifted its position in JPMorgan Chase & Co. by 15.4% during the fourth quarter. Northern Trust Corp now owns 33,845,676 shares of the financial services provider's stock valued at $8,113,147,000 after purchasing an additional 4,515,147 shares during the period. Bank of New York Mellon Corp lifted its position in JPMorgan Chase & Co. by 1.9% during the first quarter. Bank of New York Mellon Corp now owns 24,801,153 shares of the financial services provider's stock valued at $6,083,723,000 after purchasing an additional 454,226 shares during the period. Finally, GAMMA Investing LLC lifted its position in JPMorgan Chase & Co. by 25,861.9% during the first quarter. GAMMA Investing LLC now owns 23,556,011 shares of the financial services provider's stock valued at $5,778,289,000 after purchasing an additional 23,465,278 shares during the period. Institutional investors own 71.55% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on JPM. UBS Group increased their price objective on shares of JPMorgan Chase & Co. from $277.00 to $305.00 and gave the company a "buy" rating in a research report on Thursday, April 17th. 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. Cowen reiterated a "buy" rating on shares of JPMorgan Chase & Co. in a research report on Wednesday, July 16th. HSBC reaffirmed a "reduce" rating and issued a $259.00 target price on shares of JPMorgan Chase & Co. in a report on Tuesday, July 8th. Finally, Baird R W cut JPMorgan Chase & Co. from a "hold" rating to a "strong sell" rating in a report on Friday, June 27th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, JPMorgan Chase & Co. presently has an average rating of "Moderate Buy" and a consensus price target of $288.68.

JPMorgan Chase & Co. Price Performance

Shares of JPM stock traded down $0.31 during trading hours on Tuesday, hitting $297.97. The stock had a trading volume of 2,079,815 shares, compared to its average volume of 10,060,245. JPMorgan Chase & Co. has a one year low of $190.90 and a one year 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 stock's 50-day moving average price is $278.35 and its two-hundred day moving average price is $260.40. The stock has a market capitalization of $828.09 billion, a price-to-earnings ratio of 15.29, a PEG ratio of 2.01 and a beta of 1.10.

JPMorgan Chase & Co. (NYSE:JPM - Get Free Report) last issued its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $4.96 EPS for the quarter, topping analysts' consensus estimates of $4.48 by $0.48. JPMorgan Chase & Co. had a net margin of 20.52% and a return on equity of 16.93%. The business had revenue of $44.91 billion during the quarter, compared to analysts' expectations of $43.76 billion. During the same period last year, the company posted $6.12 EPS. The business's revenue was down 10.5% on a year-over-year basis. Equities analysts forecast that JPMorgan Chase & Co. will post 18.1 EPS for the current year.

JPMorgan Chase & Co. Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Thursday, July 3rd will be paid a dividend of $1.40 per share. The ex-dividend date is Thursday, July 3rd. This represents a $5.60 dividend on an annualized basis and a dividend yield of 1.88%. JPMorgan Chase & Co.'s dividend payout ratio is presently 28.73%.

Insider Activity

In other JPMorgan Chase & Co. news, COO Jennifer Piepszak sold 6,129 shares of the business's stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $250.76, for a total transaction of $1,536,908.04. Following the completion of the transaction, the chief operating officer owned 68,583 shares in the company, valued at $17,197,873.08. The trade was a 8.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Jeremy Barnum sold 40,014 shares of the business's stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $250.77, for a total value of $10,034,310.78. Following the transaction, the chief financial officer owned 18,017 shares of the company's stock, valued at $4,518,123.09. This trade represents a 68.95% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 71,200 shares of company stock valued at $18,060,015 in the last quarter. 0.47% of the stock is currently owned by company insiders.

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.