Covington Investment Advisors Inc. Cuts Holdings in JPMorgan Chase & Co. (NYSE:JPM)

Covington Investment Advisors Inc. decreased its position in JPMorgan Chase & Co. (NYSE:JPM) by 1.8% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 45,680 shares of the financial services provider’s stock after selling 845 shares during the period. JPMorgan Chase & Co. comprises 1.6% of Covington Investment Advisors Inc.’s investment portfolio, making the stock its 22nd biggest position. Covington Investment Advisors Inc.’s holdings in JPMorgan Chase & Co. were worth $9,150,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in JPM. Blackston Financial Advisory Group LLC acquired a new position in JPMorgan Chase & Co. during the fourth quarter worth about $401,000. PFG Investments LLC raised its stake in JPMorgan Chase & Co. by 1.8% during the fourth quarter. PFG Investments LLC now owns 24,562 shares of the financial services provider’s stock worth $4,178,000 after purchasing an additional 436 shares during the period. jvl associates llc purchased a new position in JPMorgan Chase & Co. during the fourth quarter worth about $203,000. Waterway Wealth Management LLC purchased a new position in JPMorgan Chase & Co. during the fourth quarter worth about $510,000. Finally, Gemmer Asset Management LLC raised its stake in JPMorgan Chase & Co. by 3.2% during the fourth quarter. Gemmer Asset Management LLC now owns 3,086 shares of the financial services provider’s stock worth $525,000 after purchasing an additional 96 shares during the period. Hedge funds and other institutional investors own 71.55% of the company’s stock.

JPMorgan Chase & Co. Stock Performance

Shares of JPM stock traded up $3.57 during mid-day trading on Friday, hitting $212.24. The stock had a trading volume of 8,027,787 shares, compared to its average volume of 9,013,996. JPMorgan Chase & Co. has a fifty-two week low of $135.19 and a fifty-two week high of $217.56. The firm has a market cap of $609.48 billion, a PE ratio of 11.84, a PEG ratio of 2.45 and a beta of 1.12. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.91 and a quick ratio of 0.92. The company’s 50-day simple moving average is $202.39 and its 200-day simple moving average is $191.60.

JPMorgan Chase & Co. (NYSE:JPM) last released its earnings results on Friday, July 12th. The financial services provider reported $6.12 EPS for the quarter, topping the consensus estimate of $4.19 by $1.93. The company had revenue of $50.80 billion during the quarter, compared to analysts’ expectations of $42.23 billion. JPMorgan Chase & Co. had a net margin of 20.32% and a return on equity of 17.26%. During the same quarter last year, the business earned $4.37 EPS. Sell-side analysts anticipate that JPMorgan Chase & Co. will post 16.67 earnings per share for the current year.

JPMorgan Chase & Co. Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Friday, July 5th will be issued a dividend of $1.15 per share. The ex-dividend date is Friday, July 5th. This represents a $4.60 dividend on an annualized basis and a dividend yield of 2.17%. JPMorgan Chase & Co.’s dividend payout ratio (DPR) is presently 25.66%.

Insider Transactions at JPMorgan Chase & Co.

In other news, insider Ashley Bacon sold 5,086 shares of JPMorgan Chase & Co. stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $193.64, for a total transaction of $984,853.04. Following the completion of the sale, the insider now directly owns 217,351 shares in the company, valued at $42,087,847.64. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, General Counsel Stacey Friedman sold 4,415 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $200.65, for a total value of $885,869.75. Following the completion of the sale, the general counsel now directly owns 42,124 shares in the company, valued at $8,452,180.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Ashley Bacon sold 5,086 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $193.64, for a total transaction of $984,853.04. Following the completion of the sale, the insider now owns 217,351 shares of the company’s stock, valued at $42,087,847.64. The disclosure for this sale can be found here. Insiders sold a total of 72,343 shares of company stock worth $14,137,789 over the last ninety days. 0.79% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on JPM shares. Robert W. Baird boosted their price target on shares of JPMorgan Chase & Co. from $175.00 to $185.00 and gave the company a “neutral” rating in a research note on Tuesday, May 21st. Royal Bank of Canada reiterated an “outperform” rating and set a $211.00 target price on shares of JPMorgan Chase & Co. in a report on Tuesday, May 21st. BMO Capital Markets raised their price objective on shares of JPMorgan Chase & Co. from $195.00 to $205.00 and gave the company a “market perform” rating in a report on Thursday, July 11th. Keefe, Bruyette & Woods raised their price objective on shares of JPMorgan Chase & Co. from $209.00 to $211.00 and gave the company a “market perform” rating in a report on Tuesday, July 9th. Finally, Piper Sandler increased their target price on shares of JPMorgan Chase & Co. from $220.00 to $230.00 and gave the company an “overweight” rating in a research report on Monday, July 15th. Nine investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $202.89.

JPMorgan Chase & Co. Company Profile

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.