Triangle Securities Wealth Management Sells 3,709 Shares of JPMorgan Chase & Co. $JPM

Key Points

• Triangle Securities Wealth Management decreased its stake in JPMorgan Chase & Co. by 14.1% in Q2, now holding 22,631 shares valued at $6.56 million, making it the fund's 15th largest position.
• JPMorgan Chase recently increased its quarterly dividend from $1.40 to $1.50 per share, reflecting a 1.9% yield, with the payout being scheduled for October 31st.
• Despite a 10.5% year-over-year decline in revenue for the last quarter, JPMorgan reported better-than-expected earnings of $4.96 per share, surpassing analysts' estimates.

Triangle Securities Wealth Management reduced its stake in JPMorgan Chase & Co. (NYSE:JPM - Free Report) by 14.1% during the second quarter, according to its most recent filing with the SEC. The fund owned 22,631 shares of the financial services provider's stock after selling 3,709 shares during the quarter. JPMorgan Chase & Co. accounts for approximately 1.6% of Triangle Securities Wealth Management's portfolio, making the stock its 15th largest holding. Triangle Securities Wealth Management's holdings in JPMorgan Chase & Co. were worth $6,561,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in JPM. Bank of New York Mellon Corp boosted 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 worth $6,083,723,000 after purchasing an additional 454,226 shares during the period. GAMMA Investing LLC boosted 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 worth $5,778,289,000 after purchasing an additional 23,465,278 shares during the period. Goldman Sachs Group Inc. boosted its position in JPMorgan Chase & Co. by 2.7% during the first quarter. Goldman Sachs Group Inc. now owns 20,548,182 shares of the financial services provider's stock worth $5,040,469,000 after purchasing an additional 548,853 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in JPMorgan Chase & Co. by 5.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 18,441,044 shares of the financial services provider's stock worth $4,523,588,000 after purchasing an additional 890,553 shares during the period. Finally, Nuveen LLC bought a new position in JPMorgan Chase & Co. during the first quarter worth about $3,972,807,000. 71.55% of the stock is owned by hedge funds and other institutional investors.

JPMorgan Chase & Co. Trading Down 0.3%

Shares of JPMorgan Chase & Co. stock traded down $1.03 on Tuesday, hitting $311.41. The stock had a trading volume of 3,269,955 shares, compared to its average volume of 9,629,966. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.25. JPMorgan Chase & Co. has a one year low of $202.16 and a one year high of $316.31. The stock has a market cap of $856.30 billion, a price-to-earnings ratio of 15.97, a PEG ratio of 2.09 and a beta of 1.13. The stock's 50-day simple moving average is $296.91 and its two-hundred day simple moving average is $269.93.

JPMorgan Chase & Co. (NYSE:JPM - Get Free Report) last issued its earnings results on Tuesday, July 15th. The financial services provider reported $4.96 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $44.91 billion for the quarter, compared to analysts' expectations of $43.76 billion. During the same quarter last year, the business earned $6.12 earnings per share. The business's revenue was down 10.5% on a year-over-year basis. As a group, sell-side analysts predict that JPMorgan Chase & Co. will post 18.1 EPS for the current year.

JPMorgan Chase & Co. Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Stockholders 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 dividend yield of 1.9%. The ex-dividend date is Monday, October 6th. JPMorgan Chase & Co.'s dividend payout ratio (DPR) is 28.73%.

Insider Activity

In other news, Director Linda Bammann sold 9,500 shares of the firm's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $297.94, for a total value of $2,830,430.00. Following the transaction, the director owned 82,207 shares in the company, valued at approximately $24,492,753.58. This trade represents a 10.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.47% of the company's stock.

Wall Street Analyst Weigh In

JPM has been the subject of a number of research reports. Piper Sandler reiterated an "overweight" rating on shares of JPMorgan Chase & Co. in a research report on Tuesday, July 15th. Hsbc Global Res lowered shares of JPMorgan Chase & Co. from a "hold" rating to a "moderate sell" rating in a research report on Tuesday, July 8th. Zacks Research lowered shares of JPMorgan Chase & Co. from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 8th. Citigroup set a $275.00 target price on shares of JPMorgan Chase & Co. and gave the stock a "buy" rating in a research report on Monday, July 7th. Finally, Royal Bank Of Canada restated a "buy" rating on shares of JPMorgan Chase & Co. in a research report on Thursday, September 11th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, JPMorgan Chase & Co. presently has a consensus rating of "Moderate Buy" and an average target price of $292.78.

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.