State of Michigan Retirement System Has $224.56 Million Stock Holdings in JPMorgan Chase & Co. $JPM

Key Points

• State of Michigan Retirement System reduced its JPMorgan Chase position by 2.6% in the second quarter, selling 18,300 shares and retaining 686,031 shares valued at $224.56 million.
• JPMorgan reported quarterly EPS of $6.14, beating the $5.59 consensus estimate, while revenue rose 27.7% year over year to $58.02 billion. Analysts maintain a “Moderate Buy” consensus with an average price target of $359.96.
• Institutional investors own 71.55% of JPMorgan’s stock, while insiders recently reported sales under pre-arranged trading plans. The stock opened at $356.05, near its 52-week high of $366.50.

State of Michigan Retirement System decreased its position in JPMorgan Chase & Co. (NYSE:JPM) by 2.6% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 686,031 shares of the financial services provider's stock after selling 18,300 shares during the period. JPMorgan Chase & Co. comprises approximately 1.0% of State of Michigan Retirement System's holdings, making the stock its 15th largest holding. State of Michigan Retirement System's holdings in JPMorgan Chase & Co. were worth $224,559,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of JPM. Brighton Jones LLC lifted its position in JPMorgan Chase & Co. by 11.0% in the fourth quarter. Brighton Jones LLC now owns 48,732 shares of the financial services provider's stock worth $11,682,000 after purchasing an additional 4,841 shares during the period. Acorns Advisers LLC increased its holdings in JPMorgan Chase & Co. by 6.9% in the 1st quarter. Acorns Advisers LLC now owns 1,547 shares of the financial services provider's stock valued at $379,000 after buying an additional 100 shares during the period. Ignite Planners LLC raised its stake in shares of JPMorgan Chase & Co. by 0.7% in the 2nd quarter. Ignite Planners LLC now owns 10,934 shares of the financial services provider's stock valued at $3,185,000 after buying an additional 78 shares in the last quarter. Jump Financial LLC acquired a new position in shares of JPMorgan Chase & Co. in the 2nd quarter valued at $1,475,000. Finally, Betterment LLC lifted its holdings in shares of JPMorgan Chase & Co. by 27.5% during the 2nd quarter. Betterment LLC now owns 1,970 shares of the financial services provider's stock worth $571,000 after acquiring an additional 425 shares during the period. Institutional investors own 71.55% of the company's stock.

Insiders Place Their Bets

In related 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 value of $1,808,100.91. Following the completion of the transaction, the general counsel directly owned 40,961 shares of the company's stock, valued at $13,547,031.53. The trade was a 11.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Robin Leopold sold 2,500 shares of the company's stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $361.41, for a total transaction of $903,525.00. Following the transaction, the insider owned 73,547 shares in the company, valued at approximately $26,580,621.27. This trade represents a 3.29% 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. 0.41% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on JPM. Deutsche Bank Aktiengesellschaft upgraded shares of JPMorgan Chase & Co. from a "hold" rating to a "buy" rating and set a $375.00 target price on the stock in a research report on Wednesday, July 22nd. Jefferies Financial Group set a $350.00 price target on JPMorgan Chase & Co. in a research note on Tuesday, July 14th. Weiss Ratings lowered JPMorgan Chase & Co. from a "buy (b+)" rating to a "buy (b)" rating in a research note on Wednesday, August 19th. Barclays lifted their price objective on JPMorgan Chase & Co. from $391.00 to $420.00 and gave the company an "overweight" rating in a report on Wednesday, July 15th. Finally, Evercore restated an "outperform" rating and issued a $360.00 target price on shares of JPMorgan Chase & Co. in a research note on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eleven have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $359.96.

JPMorgan Chase & Co. Stock Down 0.4%

Shares of JPM opened at $356.05 on Tuesday. The company has a market capitalization of $946.45 billion, a P/E ratio of 15.25, a PEG ratio of 1.47 and a beta of 0.99. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.85 and a quick ratio of 0.85. JPMorgan Chase & Co. has a one year low of $279.10 and a one year high of $366.50. The business's 50 day simple moving average is $347.92 and its 200-day simple moving average is $319.07.

JPMorgan Chase & Co. (NYSE:JPM - Get Free Report) last released its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $6.14 earnings per share for the quarter, beating analysts' consensus estimates of $5.59 by $0.55. JPMorgan Chase & Co. had a return on equity of 18.23% and a net margin of 21.86%.The firm had revenue of $58.02 billion during the quarter, compared to analysts' expectations of $50.72 billion. During the same period last year, the firm posted $4.96 EPS. The business's revenue was up 27.7% on a year-over-year basis. As a group, sell-side analysts predict that JPMorgan Chase & Co. will post 24.28 EPS for the current fiscal year.

JPMorgan Chase & Co. News Summary

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

• Positive Sentiment: JPMorgan has increased its planned capital returns, including a larger share-repurchase authorization and higher payouts. Strong investment-banking and trading activity, loan and deposit growth, and a resilient balance sheet have also supported the stock’s recent rally. JPM Stock Gains 20.6% in 3 Months: Key Factors to Watch Before Buying
• Positive Sentiment: The bank is expanding its physical branch network, including a flagship location in Chicago, which could strengthen its consumer and wealth-management presence. Its $750 billion housing commitment also highlights a long-term growth opportunity in a strategically important market. How Investors May Respond To JPMorgan Chase Bond Issuance, Branch Expansion and Higher Payouts
• Neutral Sentiment: JPMorgan recently issued callable, unsecured medium-term notes spanning maturities from 2031 to 2056. The financing supports expansion and capital-management flexibility, although it also increases the bank’s funding obligations. JPMorgan Bond Issuance, Branch Expansion and Higher Payouts
• Neutral Sentiment: JPMorgan hired Ward Jones from Deutsche Bank to lead mid-cap basic-materials investment banking, a modest signal of continued confidence in deal-making and advisory demand. JPMorgan Taps Deutsche Bank’s Jones for Mid-Cap Basic Materials Role
• Negative Sentiment: JPMorgan’s trading desk shifted from a bullish view to “tactically cautious” on U.S. equities after hawkish comments from Federal Reserve Chair Kevin Warsh. Concerns include interest-rate uncertainty and a possible unwinding of crowded artificial-intelligence trades, weighing on broader financial-sector sentiment. JPMorgan Turns Tactically Cautious Following Warsh’s Jackson Hole Speech
• Negative Sentiment: Expectations for another rate increase are mixed for JPMorgan: higher rates could lift net interest income, but they may increase stress among revolving-credit borrowers and pressure credit quality. JPMorgan Slips as 60% Hike Odds Cut Both Ways

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.

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