State of Michigan Retirement System lessened its holdings in JPMorgan Chase & Co. (NYSE:JPM – Free Report) by 22.8% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 704,331 shares of the financial services provider’s stock after selling 208,400 shares during the period. JPMorgan Chase & Co. makes up approximately 1.1% of State of Michigan Retirement System’s portfolio, making the stock its 13th largest position. State of Michigan Retirement System’s holdings in JPMorgan Chase & Co. were worth $207,186,000 as of its most recent SEC filing.
Other institutional investors have also modified their holdings of the company. TFR Capital LLC. increased its position in shares of JPMorgan Chase & Co. by 94.2% during the first quarter. TFR Capital LLC. now owns 12,965 shares of the financial services provider’s stock worth $3,814,000 after acquiring an additional 6,290 shares during the period. Sfam LLC boosted its holdings in JPMorgan Chase & Co. by 94.9% in the first quarter. Sfam LLC now owns 924 shares of the financial services provider’s stock valued at $272,000 after purchasing an additional 450 shares during the period. Chicago Partners Investment Group LLC boosted its holdings in JPMorgan Chase & Co. by 7.4% in the first quarter. Chicago Partners Investment Group LLC now owns 93,677 shares of the financial services provider’s stock valued at $29,323,000 after purchasing an additional 6,445 shares during the period. Gratus Wealth Advisors LLC grew its stake in JPMorgan Chase & Co. by 21.5% during the 1st quarter. Gratus Wealth Advisors LLC now owns 2,277 shares of the financial services provider’s stock worth $670,000 after purchasing an additional 403 shares in the last quarter. Finally, Kellett Wealth Advisors LLC grew its stake in JPMorgan Chase & Co. by 14.9% during the 1st quarter. Kellett Wealth Advisors LLC now owns 2,875 shares of the financial services provider’s stock worth $846,000 after purchasing an additional 372 shares in the last quarter. Institutional investors and hedge funds own 71.55% of the company’s stock.
Insiders Place Their Bets
In related news, General Counsel Stacey Friedman sold 5,467 shares of the stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $330.73, for a total value of $1,808,100.91. Following the transaction, the general counsel directly owned 40,961 shares of the company’s stock, valued at $13,547,031.53. This trade represents a 11.78% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer Piepszak sold 4,919 shares of JPMorgan Chase & Co. stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $309.42, for a total transaction of $1,522,036.98. Following the sale, the chief operating officer owned 85,082 shares in the company, valued at $26,326,072.44. This represents a 5.47% decrease in their ownership of the stock. 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 quarter, insiders have sold 18,876 shares of company stock valued at $5,907,051. 0.41% of the stock is owned by corporate insiders.
JPMorgan Chase & Co. Stock Down 0.5%
JPMorgan Chase & Co. (NYSE:JPM – Get Free Report) last released its quarterly earnings data on Tuesday, April 14th. The financial services provider reported $5.94 EPS for the quarter, beating analysts’ consensus estimates of $5.50 by $0.44. JPMorgan Chase & Co. had a return on equity of 18.23% and a net margin of 21.86%.The business had revenue of $50.54 billion for the quarter, compared to the consensus estimate of $48.30 billion. During the same quarter in the prior year, the business posted $5.07 EPS. The business’s revenue for the quarter was up 10.0% on a year-over-year basis. On average, analysts forecast that JPMorgan Chase & Co. will post 23.24 earnings per share for the current fiscal year.
JPMorgan Chase & Co. Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Monday, July 6th will be paid a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 1.8%. The ex-dividend date is Monday, July 6th. JPMorgan Chase & Co.’s dividend payout ratio is currently 25.71%.
Wall Street Analyst Weigh In
JPM has been the topic of several recent research reports. Evercore restated an “outperform” rating and set a $360.00 price target on shares of JPMorgan Chase & Co. in a report on Monday, July 6th. Royal Bank Of Canada boosted their price objective on JPMorgan Chase & Co. from $330.00 to $370.00 and gave the stock an “outperform” rating in a research report on Wednesday. Weiss Ratings upgraded shares of JPMorgan Chase & Co. from a “buy (b)” rating to a “buy (b+)” rating in a research note on Monday, July 6th. Argus raised their target price on shares of JPMorgan Chase & Co. from $340.00 to $355.00 and gave the company a “buy” rating in a report on Wednesday, April 15th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of JPMorgan Chase & Co. from $370.00 to $384.00 and gave the stock an “outperform” rating in a research note on Wednesday. Fifteen equities research analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the stock. According to MarketBeat, JPMorgan Chase & Co. has a consensus rating of “Moderate Buy” and an average target price of $354.92.
Read Our Latest Stock Report on JPMorgan Chase & Co.
More JPMorgan Chase & Co. News
Here are the key news stories impacting JPMorgan Chase & Co. this week:
- Positive Sentiment: JPMorgan’s blowout Q2 earnings are driving bullish sentiment, with the bank reporting record profits, 41% higher net income, strong trading and investment banking activity, and higher full-year net interest income guidance. JPMorgan Just Reported $21.2 Billion in Q2 Net Income — Up 41% — and CEO Jamie Dimon Said the Economy Is “Close to as Good as It Gets.”
- Positive Sentiment: Analysts have been raising expectations after the results, including multiple higher price targets and upgraded earnings forecasts, signaling confidence that JPMorgan can continue to outperform. JPMorgan Price Target Raised to $380 on Strong Q2 Results, Upgraded Outlook and Capital Strength
- Positive Sentiment: The stock is also benefiting from expectations that JPMorgan may raise its quarterly dividend by 10% after passing the Federal Reserve stress test, reinforcing the bank’s capital strength and shareholder-return story. JPM Stock Just Staged a Record Bull Run. 1 Analyst Thinks It Can Still Soar to $420.
- Neutral Sentiment: JPMorgan was added to several “Strong Buy” and momentum/income stock lists, which adds to positive sentiment but is less directly impactful than earnings or guidance. New Strong Buy Stocks for July 17th
- Neutral Sentiment: JPMorgan also drew attention for major financing activity and a $24 million Philadelphia shipbuilding investment, highlighting ongoing business expansion and capital deployment. JPMorgan Chase (JPM) Puts $24 Million Into Philadelphia Shipbuilding And Defense
- Negative Sentiment: Late-day sector weakness in financial stocks may be limiting JPMorgan’s upside even as company-specific fundamentals remain strong. Sector Update: Financial Stocks Decline Friday Afternoon
JPMorgan Chase & Co. Profile
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.
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