JPMorgan Chase & Co. (NYSE:JPM) Trading Down 2.6% – Here’s What Happened

JPMorgan Chase & Co. (NYSE:JPM)’s stock price traded down 2.6% during trading on Wednesday . The stock traded as low as $330.13 and last traded at $330.3690. 17,408,581 shares were traded during mid-day trading, an increase of 72% from the average daily volume of 10,136,662 shares. The stock had previously closed at $339.22.

Key JPMorgan Chase & Co. News

Here are the key news stories impacting JPMorgan Chase & Co. this week:

• Positive Sentiment: JPMorgan is expanding its investment-banking push into smaller companies, including a new small-cap unit and a broader mid-cap effort, which could open a new fee-generating revenue stream. JPMorgan’s (JPM) Investment Banking Unit Targets Smaller Companies
• Positive Sentiment: The bank’s planned dividend hike and massive share repurchase program are reinforcing confidence in JPMorgan’s capital strength and shareholder returns. Why JPMorgan’s (JPM) Dividend Hike and $50 Billion Buyback Make It a Strong Capital-Return Tax Case
• Positive Sentiment: Multiple Wall Street firms raised price targets on JPMorgan, suggesting analysts see additional upside heading into earnings. JPMorgan Chase & Co. (NYSE:JPM) Price Target Raised to $384.00 at UBS Group
• Positive Sentiment: Investors are betting that upcoming quarterly results will benefit from strong trading and advisory activity, which could support another earnings beat. Trading surge, helped by SpaceX IPO, seen lifting Wall St banks’ second-quarter earnings
• Neutral Sentiment: Options traders are pricing in a sizable move around earnings, reflecting heightened expectations but not a clear directional catalyst yet. JPMorgan Chase: Here’s One Trade To Consider As Earnings Approach
• Neutral Sentiment: JPMorgan’s CEO is still pushing for tougher stablecoin-yield restrictions, which is a policy battle to watch but not an immediate earnings driver. Jamie Dimon Said JPMorgan Will Fight Stablecoin Yield Rules in the CLARITY Act Before Congress Breaks for Its August Recess.

Analysts Set New Price Targets

Several brokerages have recently weighed in on JPM. Evercore reiterated an “outperform” rating and issued a $360.00 target price on shares of JPMorgan Chase & Co. in a research note on Monday. Jefferies Financial Group reissued a “neutral” rating on shares of JPMorgan Chase & Co. in a research report on Thursday, June 25th. Truist Financial upped their price target on JPMorgan Chase & Co. from $332.00 to $344.00 and gave the stock a “hold” rating in a report on Friday, June 26th. UBS Group increased their price objective on shares of JPMorgan Chase & Co. from $375.00 to $384.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Robert W. Baird set a $295.00 price objective on shares of JPMorgan Chase & Co. in a research note on Wednesday, April 15th. Fourteen analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $345.33.

JPMorgan Chase & Co. Trading Down 2.6%

The company has a market cap of $885.23 billion, a P/E ratio of 15.82, a P/E/G ratio of 1.54 and a beta of 0.99. The business has a fifty day simple moving average of $314.47 and a 200 day simple moving average of $309.35. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.86 and a current ratio of 0.86.

JPMorgan Chase & Co. (NYSE:JPM) last posted its quarterly earnings results on Tuesday, April 14th. The financial services provider reported $5.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.50 by $0.44. JPMorgan Chase & Co. had a return on equity of 17.54% and a net margin of 20.66%.The business had revenue of $50.54 billion for the quarter, compared to analyst estimates of $48.30 billion. During the same period in the prior year, the company posted $5.07 EPS. The business’s revenue was up 10.0% compared to the same quarter last year. Analysts anticipate that JPMorgan Chase & Co. will post 22.76 earnings per share for the current fiscal year.

JPMorgan Chase & Co. Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Monday, July 6th will be issued a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Monday, July 6th. JPMorgan Chase & Co.’s dividend payout ratio is 28.74%.

Insiders Place Their Bets

In related news, CFO Jeremy Barnum sold 3,022 shares of the business’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $309.41, for a total transaction of $935,037.02. Following the completion of the sale, the chief financial officer owned 32,438 shares of the company’s stock, valued at $10,036,641.58. This represents a 8.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Stacey Friedman sold 5,467 shares of the stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $330.73, for a total transaction of $1,808,100.91. Following the sale, the general counsel owned 40,961 shares in the company, valued at approximately $13,547,031.53. This trade represents a 11.78% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 33,623 shares of company stock valued at $10,427,835. Company insiders own 0.41% of the company’s stock.

Hedge Funds Weigh In On JPMorgan Chase & Co.

Several institutional investors have recently made changes to their positions in JPM. Victrix Investment Advisors increased its holdings in shares of JPMorgan Chase & Co. by 9.2% in the 2nd quarter. Victrix Investment Advisors now owns 13,533 shares of the financial services provider’s stock worth $4,430,000 after acquiring an additional 1,145 shares during the period. Puff Wealth Management LLC acquired a new position in JPMorgan Chase & Co. during the 2nd quarter valued at about $1,195,000. Wilsey Asset Management Inc. boosted its stake in JPMorgan Chase & Co. by 2.3% during the 2nd quarter. Wilsey Asset Management Inc. now owns 151,901 shares of the financial services provider’s stock valued at $49,722,000 after purchasing an additional 3,385 shares during the period. LifeGoal Investments LLC grew its position in JPMorgan Chase & Co. by 20.6% in the 2nd quarter. LifeGoal Investments LLC now owns 2,243 shares of the financial services provider’s stock worth $734,000 after purchasing an additional 383 shares during the last quarter. Finally, Meriwether Wealth & Planning LLC grew its position in JPMorgan Chase & Co. by 0.8% in the 2nd quarter. Meriwether Wealth & Planning LLC now owns 12,539 shares of the financial services provider’s stock worth $4,104,000 after purchasing an additional 101 shares during the last quarter. 71.55% of the stock is owned by institutional investors.

About JPMorgan Chase & Co.

JPMorgan Chase & Co (NYSE: JPM) is a diversified global financial services firm headquartered in New York City. The company provides a wide range of banking and financial products and services to consumers, small businesses, corporations, governments and institutional investors worldwide. Its operations span retail banking, commercial lending, investment banking, asset management, payments and card services, and treasury and securities services.

The firm’s principal business activities are organized across several core lines: Consumer & Community Banking, which offers deposit accounts, mortgages, auto loans, credit cards and branch and digital banking under the Chase brand; Corporate & Investment Banking, which provides capital markets, advisory, underwriting, trading and risk management services; Commercial Banking, delivering lending, treasury and capital solutions to middle-market and corporate clients; and Asset & Wealth Management, which offers investment management, private banking and retirement services to institutions and high-net-worth individuals.