JPMorgan Chase & Co. (NYSE:JPM) Stock Price Down 1.5% - Here's What Happened

Key Points

• JPMorgan Chase & Co. shares fell by 1.5% during trading, with the stock last trading at $310.82, down from a previous close of $315.43.
• While thirteen analysts rated the stock as a Buy, the company also saw mixed ratings with some analysts downgrading their position, resulting in an average price target of $303.45.
• JPMorgan announced a quarterly dividend increase to $1.50, representing an annualized dividend of $6.00 with a dividend yield of 1.9%.

JPMorgan Chase & Co. (NYSE:JPM) shares were down 1.5% during trading on Wednesday . The company traded as low as $307.41 and last traded at $310.82. Approximately 9,209,270 shares changed hands during trading, a decline of 4% from the average daily volume of 9,590,091 shares. The stock had previously closed at $315.43.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on JPM shares. Evercore ISI upped their price target on JPMorgan Chase & Co. from $309.00 to $330.00 and gave the company an "outperform" rating in a research report on Tuesday. Baird R W lowered JPMorgan Chase & Co. from a "hold" rating to a "strong sell" rating in a research report on Friday, June 27th. Hsbc Global Res lowered JPMorgan Chase & Co. from a "hold" rating to a "moderate sell" rating in a research report on Tuesday, July 8th. Bank of America upped their target price on JPMorgan Chase & Co. from $330.00 to $340.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Finally, TD Securities reiterated a "buy" rating on shares of JPMorgan Chase & Co. in a report on Wednesday, June 4th. Thirteen analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, JPMorgan Chase & Co. has an average rating of "Hold" and a consensus price target of $303.45.

JPMorgan Chase & Co. Price Performance

The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.25. The company has a market cap of $854.68 billion, a PE ratio of 15.95, a P/E/G ratio of 2.08 and a beta of 1.13. The firm has a 50 day moving average of $299.93 and a two-hundred day moving average of $273.19.

JPMorgan Chase & Co. (NYSE:JPM - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $4.96 earnings per share for the quarter, topping the consensus estimate of $4.48 by $0.48. The company had revenue of $44.91 billion for the quarter, compared to the consensus estimate of $43.76 billion. JPMorgan Chase & Co. had a return on equity of 16.93% and a net margin of 20.52%.The firm's quarterly revenue was down 10.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $6.12 EPS. Research analysts predict that JPMorgan Chase & Co. will post 18.1 earnings per share for the current fiscal year.

JPMorgan Chase & Co. Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Monday, October 6th will be issued a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 1.9%. 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. JPMorgan Chase & Co.'s dividend payout ratio is 30.79%.

Insider Activity at JPMorgan Chase & Co.

In other JPMorgan Chase & Co. news, Director Linda Bammann sold 9,500 shares of the company's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $297.94, for a total transaction 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 represents a 10.36% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.47% of the company's stock.

Hedge Funds Weigh In On JPMorgan Chase & Co.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Kingstone Capital Partners Texas LLC lifted its holdings in shares of JPMorgan Chase & Co. by 609,867.5% during the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 72,897,211 shares of the financial services provider's stock valued at $21,133,630,000 after buying an additional 72,885,260 shares during the period. Norges Bank bought a new position in shares of JPMorgan Chase & Co. during the 2nd quarter valued at $10,295,209,000. Laurel Wealth Advisors LLC lifted its holdings in shares of JPMorgan Chase & Co. by 28,813.7% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 16,785,584 shares of the financial services provider's stock valued at $4,866,309,000 after buying an additional 16,727,530 shares during the period. Nuveen LLC bought a new position in shares of JPMorgan Chase & Co. during the 1st quarter valued at $3,972,807,000. Finally, Viking Global Investors LP lifted its holdings in shares of JPMorgan Chase & Co. by 86.1% during the 2nd quarter. Viking Global Investors LP now owns 4,042,034 shares of the financial services provider's stock valued at $1,171,826,000 after buying an additional 1,870,386 shares during the period. Institutional investors own 71.55% of the company's stock.

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.

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