JPMorgan Chase & Co. (NYSE:JPM) Trading Up 4.5% After Earnings Beat

Shares of JPMorgan Chase & Co. (NYSE:JPM) were up 4.5% during mid-day trading on Friday following a better than expected earnings announcement. The stock traded as high as $223.87 and last traded at $222.40. Approximately 6,867,133 shares changed hands during mid-day trading, a decline of 24% from the average daily volume of 9,091,286 shares. The stock had previously closed at $212.84.

The financial services provider reported $4.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.06 by $0.31. The firm had revenue of $43.32 billion for the quarter, compared to the consensus estimate of $41.43 billion. JPMorgan Chase & Co. had a net margin of 20.32% and a return on equity of 17.26%. The company’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same period in the prior year, the firm posted $4.33 earnings per share.

JPMorgan Chase & Co. Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, October 4th will be issued a $1.25 dividend. The ex-dividend date of this dividend is Friday, October 4th. This represents a $5.00 annualized dividend and a dividend yield of 2.24%. This is a boost from JPMorgan Chase & Co.’s previous quarterly dividend of $1.15. JPMorgan Chase & Co.’s dividend payout ratio is presently 27.89%.

Analyst Ratings Changes

A number of brokerages have weighed in on JPM. Wells Fargo & Company upped their target price on JPMorgan Chase & Co. from $220.00 to $225.00 and gave the stock an “overweight” rating in a research note on Monday, July 15th. Jefferies Financial Group boosted their price target on shares of JPMorgan Chase & Co. from $230.00 to $239.00 and gave the stock a “buy” rating in a research note on Wednesday, July 3rd. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $235.00 price objective on shares of JPMorgan Chase & Co. in a research report on Tuesday, September 3rd. BMO Capital Markets increased their target price on JPMorgan Chase & Co. from $195.00 to $205.00 and gave the company a “market perform” rating in a research note on Thursday, July 11th. Finally, Piper Sandler lifted their price target on JPMorgan Chase & Co. from $220.00 to $230.00 and gave the stock an “overweight” rating in a research note on Monday, July 15th. Nine equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, JPMorgan Chase & Co. currently has a consensus rating of “Moderate Buy” and a consensus price target of $213.47.

Institutional Investors Weigh In On JPMorgan Chase & Co.

A number of large investors have recently made changes to their positions in JPM. Wellington Wealth Strategies LLC. purchased a new position in JPMorgan Chase & Co. during the 4th quarter valued at $1,145,000. Cooper Financial Group raised its stake in JPMorgan Chase & Co. by 12.8% in the first quarter. Cooper Financial Group now owns 8,693 shares of the financial services provider’s stock worth $1,741,000 after buying an additional 984 shares in the last quarter. Spartan Planning & Wealth Management lifted its holdings in JPMorgan Chase & Co. by 257.3% in the fourth quarter. Spartan Planning & Wealth Management now owns 3,780 shares of the financial services provider’s stock worth $643,000 after buying an additional 2,722 shares during the period. jvl associates llc boosted its position in JPMorgan Chase & Co. by 59.8% during the 1st quarter. jvl associates llc now owns 1,911 shares of the financial services provider’s stock valued at $383,000 after acquiring an additional 715 shares in the last quarter. Finally, Rowlandmiller & PARTNERS.ADV boosted its position in JPMorgan Chase & Co. by 1.3% during the 1st quarter. Rowlandmiller & PARTNERS.ADV now owns 25,963 shares of the financial services provider’s stock valued at $5,201,000 after acquiring an additional 330 shares in the last quarter. 71.55% of the stock is currently owned by institutional investors.

JPMorgan Chase & Co. Price Performance

The stock has a market cap of $636.09 billion, a PE ratio of 12.40, a P/E/G ratio of 3.28 and a beta of 1.11. The business has a fifty day simple moving average of $211.32 and a two-hundred day simple moving average of $203.46. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 1.24.

About JPMorgan Chase & Co.

JPMorgan Chase & Co operates as a financial services company worldwide. It operates through four segments: Consumer & Community Banking (CCB), Corporate & Investment Bank (CIB), Commercial Banking (CB), and Asset & Wealth Management (AWM). The CCB segment offers deposit, investment and lending products, cash management, and payments and services; mortgage origination and servicing activities; residential mortgages and home equity loans; and credit cards, auto loans, leases, and travel services to consumers and small businesses through bank branches, ATMs, and digital and telephone banking.