Wedge Capital Management L L P NC Lowers Stock Holdings in JPMorgan Chase & Co. $JPM

Key Points

• Wedge Capital Management L L P NC reduced its holdings in JPMorgan Chase & Co. by 38.6%, resulting in ownership of 2,635 shares valued at approximately $764,000.
• The company announced an increase in its quarterly dividend from $1.40 to $1.50, with an annualized dividend yield of 1.9%.
• Analysts have varied price targets for the stock, with the consensus price target set at $292.78, indicating a generally favorable outlook despite some ratings for sell.

Wedge Capital Management L L P NC trimmed its position in JPMorgan Chase & Co. (NYSE:JPM - Free Report) by 38.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,635 shares of the financial services provider's stock after selling 1,657 shares during the quarter. Wedge Capital Management L L P NC's holdings in JPMorgan Chase & Co. were worth $764,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Kingstone Capital Partners Texas LLC lifted its holdings in shares of JPMorgan Chase & Co. by 609,867.5% in the second quarter. Kingstone Capital Partners Texas LLC now owns 72,897,211 shares of the financial services provider's stock worth $21,133,630,000 after buying an additional 72,885,260 shares in the last quarter. Bank of New York Mellon Corp raised its stake in JPMorgan Chase & Co. by 1.9% in 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 in the last quarter. GAMMA Investing LLC raised its stake in JPMorgan Chase & Co. by 25,861.9% in 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 in the last quarter. Goldman Sachs Group Inc. raised its stake in JPMorgan Chase & Co. by 2.7% in the first quarter. Goldman Sachs Group Inc. now owns 20,548,182 shares of the financial services provider's stock valued at $5,040,469,000 after purchasing an additional 548,853 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in JPMorgan Chase & Co. by 5.1% in 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 valued at $4,523,588,000 after purchasing an additional 890,553 shares in the last quarter. 71.55% of the stock is owned by hedge funds and other institutional investors.

JPMorgan Chase & Co. Stock Up 0.0%

Shares of JPMorgan Chase & Co. stock opened at $312.53 on Wednesday. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.88 and a current ratio of 0.88. JPMorgan Chase & Co. has a 52-week low of $202.16 and a 52-week high of $316.31. The company's 50 day moving average price is $297.43 and its 200-day moving average price is $270.22. The stock has a market capitalization of $859.37 billion, a price-to-earnings ratio of 16.04, a P/E/G ratio of 2.07 and a beta of 1.13.

JPMorgan Chase & Co. (NYSE:JPM - Get Free Report) last issued its earnings results on Tuesday, July 15th. The financial services provider reported $4.96 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 company had revenue of $44.91 billion for the quarter, compared to the consensus estimate of $43.76 billion. During the same period in the previous year, the firm earned $6.12 earnings per share. The firm's revenue for the quarter was down 10.5% on a year-over-year basis. Equities research analysts forecast 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. Investors of record on Monday, October 6th will be paid a $1.50 dividend. The ex-dividend date of this dividend is Monday, October 6th. 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%. JPMorgan Chase & Co.'s payout ratio is presently 28.73%.

Insider Activity at JPMorgan Chase & Co.

In related news, Director Linda Bammann sold 9,500 shares of JPMorgan Chase & Co. stock in a transaction 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 directly owned 82,207 shares of the company's stock, valued at $24,492,753.58. The trade was a 10.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.47% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages recently weighed in on JPM. Truist Financial raised their target price on shares of JPMorgan Chase & Co. from $280.00 to $290.00 and gave the company a "hold" rating in a research note on Wednesday, July 9th. Bank of America raised their target price on shares of JPMorgan Chase & Co. from $330.00 to $340.00 and gave the company a "buy" rating in a research note on Wednesday, July 16th. Morgan Stanley raised their target price on shares of JPMorgan Chase & Co. from $296.00 to $298.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 16th. Phillip Securities downgraded shares of JPMorgan Chase & Co. from a "moderate buy" rating to a "hold" rating in a research note on Wednesday, July 16th. Finally, HSBC reiterated a "reduce" rating and set a $259.00 price target on shares of JPMorgan Chase & Co. in a research report on Tuesday, July 8th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, six have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $292.78.

JPMorgan Chase & Co. Company Profile

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.

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