JPMorgan Chase & Co. (NYSE:JPM) Lowered to “Hold” Rating by Zacks Research

Zacks Research cut shares of JPMorgan Chase & Co. (NYSE:JPM) from a strong-buy rating to a hold rating in a report published on Monday,Zacks reports.

A number of other brokerages have also recently issued reports on JPM. Deutsche Bank Aktiengesellschaft raised JPMorgan Chase & Co. from a “hold” rating to a “buy” rating and set a $375.00 target price for the company in a research report on Wednesday, July 22nd. UBS Group increased their target price on shares of JPMorgan Chase & Co. from $384.00 to $400.00 and gave the company a “buy” rating in a report on Monday, August 3rd. Robert W. Baird lifted their price target on JPMorgan Chase & Co. from $295.00 to $305.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 15th. Citigroup upped their price objective on JPMorgan Chase & Co. from $325.00 to $360.00 and gave the company a “neutral” rating in a research report on Monday, July 20th. Finally, Bank of America increased their target price on JPMorgan Chase & Co. from $408.00 to $420.00 and gave the stock a “buy” rating in a research report on Thursday, July 16th. Sixteen equities research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. Based on data from MarketBeat, JPMorgan Chase & Co. currently has a consensus rating of “Moderate Buy” and an average price target of $359.96.

JPMorgan Chase & Co. Stock Up 1.1%

JPMorgan Chase & Co. stock opened at $354.10 on Monday. The stock has a market capitalization of $941.27 billion, a PE ratio of 15.17, a price-to-earnings-growth ratio of 1.44 and a beta of 0.98. The business has a 50 day simple moving average of $352.81 and a 200-day simple moving average of $323.02. JPMorgan Chase & Co. has a 12 month low of $279.10 and a 12 month high of $366.50. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.85 and a quick ratio of 0.85.

JPMorgan Chase & Co. (NYSE:JPM) last released its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $6.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.59 by $0.55. The firm had revenue of $58.02 billion during the quarter, compared to analysts’ expectations of $50.72 billion. JPMorgan Chase & Co. had a net margin of 21.86% and a return on equity of 18.23%. JPMorgan Chase & Co.’s revenue was up 27.7% compared to the same quarter last year. During the same period last year, the business earned $4.96 earnings per share. On average, analysts anticipate that JPMorgan Chase & Co. will post 24.3 EPS for the current fiscal year.

JPMorgan Chase & Co. Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Saturday, October 31st. Stockholders of record on Tuesday, October 6th will be paid a $1.65 dividend. This represents a $6.60 dividend on an annualized basis and a dividend yield of 1.9%. This is an increase from JPMorgan Chase & Co.’s previous quarterly dividend of $1.50. The ex-dividend date is Tuesday, October 6th. JPMorgan Chase & Co.’s payout ratio is 25.71%.

Insider Activity

In other news, insider Robin Leopold sold 2,500 shares of JPMorgan Chase & Co. stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $352.81, for a total transaction of $882,025.00. Following the sale, the insider owned 71,047 shares in the company, valued at $25,066,092.07. This trade represents a 3.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at 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 company’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $330.73, for a total transaction of $1,808,100.91. Following the completion of the transaction, the general counsel owned 40,961 shares of the company’s stock, valued at $13,547,031.53. This trade represents a 11.78% 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 10,467 shares of company stock worth $3,593,651. Company insiders own 0.41% of the company’s stock.

Institutional Trading of JPMorgan Chase & Co.

Large investors have recently modified their holdings of the business. Bank of America Corp DE boosted its stake in JPMorgan Chase & Co. by 6.1% during the 2nd quarter. Bank of America Corp DE now owns 69,666,753 shares of the financial services provider’s stock valued at $22,804,018,000 after acquiring an additional 4,006,293 shares during the last quarter. Norges Bank bought a new stake in shares of JPMorgan Chase & Co. in the 4th quarter worth about $11,396,496,000. Bank of New York Mellon Corp raised its stake in shares of JPMorgan Chase & Co. by 2.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 21,642,804 shares of the financial services provider’s stock valued at $7,084,339,000 after purchasing an additional 540,362 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of JPMorgan Chase & Co. by 0.7% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 18,833,413 shares of the financial services provider’s stock valued at $6,164,741,000 after purchasing an additional 134,634 shares in the last quarter. Finally, Legal & General Group Plc lifted its position in shares of JPMorgan Chase & Co. by 0.6% during the fourth quarter. Legal & General Group Plc now owns 19,019,564 shares of the financial services provider’s stock worth $6,128,484,000 after purchasing an additional 110,586 shares during the last quarter. 71.55% of the stock is currently owned by institutional investors and hedge funds.

JPMorgan Chase & Co. News Roundup

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

• Positive Sentiment: JPMorgan said third-quarter investment-banking fees and trading revenue are expected to show strong growth. Co-President Doug Petno also indicated that overall revenue is tracking ahead of expectations, helping reverse earlier weakness in the shares. JPMorgan expects investment banking, trading to shine in third quarter
• Positive Sentiment: The revenue outlook suggests continued momentum in JPMorgan’s capital-markets operations, including stronger deal activity and market-trading fees. The update provides a near-term catalyst following the bank’s recent earnings beat and robust year-over-year revenue growth. JPMorgan Chase stock rises after upbeat revenue outlook
• Neutral Sentiment: JPMorgan declared its regular quarterly dividend on common stock and dividends on Series CC preferred stock. The announcements reinforce shareholder distributions but appear routine rather than a new change in capital-return policy. JPMorganChase Declares Common Stock Dividend JPMorganChase Declares Preferred Stock Dividends
• Negative Sentiment: Investors continue to monitor signs that earnings growth may be slowing despite the benefit of higher interest rates. Jamie Dimon’s ongoing warnings about economic and structural pressures, along with elevated oil prices and potential effects on borrowers, remain longer-term risks for the bank. JPM Benefits from Higher Rates, but Earnings Growth Is Slowing

About JPMorgan Chase & Co.

JPMorgan Chase & Co is a global financial services company headquartered in New York City. Through its businesses, the company provides banking, lending, payments, investment banking, asset management and wealth management services to consumers, businesses, institutional clients and governments.

The company operates through four primary business areas: Consumer & Community Banking; Commercial & Investment Banking; Asset & Wealth Management; and Corporate. Its offerings include deposit accounts, credit cards, mortgages, auto loans, business banking, commercial lending, treasury services, investment banking, securities trading, investment management and private banking.

JPMorgan Chase serves customers in the United States and maintains operations and client relationships across numerous international markets.