JPMorgan Chase & Co. (NYSE:JPM) Trading Up 2.4% Following Analyst Upgrade

Key Points

• JPMorgan Chase & Co. saw its stock rise by 2.4% after an analyst upgrade from Daiwa Capital Markets, increasing their price target from $330.00 to $332.00.
• The company also announced a quarterly dividend increase to $1.50 per share, reflecting a 1.9% yield, with the dividend payout ratio currently at 30.79%.
• Despite recent upgrades, analysts maintain a consensus rating of "Hold" for the stock, with a consensus price target of $316.00.

JPMorgan Chase & Co. (NYSE:JPM)'s stock price shot up 2.4% during mid-day trading on Monday after Daiwa Capital Markets raised their price target on the stock from $330.00 to $332.00. Daiwa Capital Markets currently has an outperform rating on the stock. JPMorgan Chase & Co. traded as high as $309.46 and last traded at $308.08. 10,320,971 shares changed hands during trading, an increase of 8% from the average session volume of 9,535,854 shares. The stock had previously closed at $300.89.

Other research analysts have also recently issued research reports about the company. Zacks Research cut JPMorgan Chase & Co. from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 8th. TD Cowen increased their price objective on JPMorgan Chase & Co. from $350.00 to $370.00 and gave the company a "buy" rating in a report on Friday, October 3rd. Wells Fargo & Company lifted their price objective on JPMorgan Chase & Co. from $325.00 to $345.00 and gave the company an "overweight" rating in a research note on Tuesday, September 16th. Baird R W lowered shares of JPMorgan Chase & Co. from a "hold" rating to a "strong sell" rating in a research report on Friday, June 27th. Finally, Keefe, Bruyette & Woods lifted their price objective on JPMorgan Chase & Co. from $330.00 to $354.00 and gave the stock an "outperform" rating in a research report on Friday. Fifteen investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $316.00.

Insiders Place Their Bets

In other JPMorgan Chase & Co. 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 transaction of $2,830,430.00. Following the sale, the director owned 82,207 shares of the company's stock, valued at approximately $24,492,753.58. This trade represents a 10.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.47% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On JPMorgan Chase & Co.

Several institutional investors have recently made changes to their positions in JPM. Kingstone Capital Partners Texas LLC increased its stake 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 acquiring an additional 72,885,260 shares during the last quarter. Geode Capital Management LLC lifted its stake in JPMorgan Chase & Co. by 0.5% during the second quarter. Geode Capital Management LLC now owns 61,129,271 shares of the financial services provider's stock worth $17,646,506,000 after purchasing an additional 300,160 shares during the last quarter. Norges Bank acquired a new stake in JPMorgan Chase & Co. in the second quarter worth $10,295,209,000. Bank of New York Mellon Corp grew its stake in shares of 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 worth $6,083,723,000 after purchasing an additional 454,226 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake 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 valued at $5,040,469,000 after buying an additional 548,853 shares in the last quarter. 71.55% of the stock is currently owned by hedge funds and other institutional investors.

JPMorgan Chase & Co. Price Performance

The firm has a market cap of $847.15 billion, a price-to-earnings ratio of 15.81, a price-to-earnings-growth ratio of 1.94 and a beta of 1.13. 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 stock has a 50-day moving average of $301.61 and a two-hundred day moving average of $276.98.

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

JPMorgan Chase & Co. Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Monday, October 6th will be given a $1.50 dividend. The ex-dividend date is Monday, October 6th. This represents a $6.00 annualized dividend and a dividend yield of 1.9%. This is an increase from JPMorgan Chase & Co.'s previous quarterly dividend of $1.40. JPMorgan Chase & Co.'s dividend payout ratio is 30.79%.

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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