JPMorgan Chase & Co. (JPM) Rating Lowered to Sell at Zacks Investment Research
JPMorgan Chase & Co. (NYSE:JPM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.
According to Zacks, “JPMorgan's energy exposure will remain an overhang in the near-term, with management expecting incremental reserve build this year. Moreover, top line growth is likely to remain challenged in the near-term owing to continued pressure on fee income. Also, with the enforcement of new banking regulations, additional pressure on fee income is expected in the near term. However, the company is expected to witness a rise in interest income driven by solid loan growth. Further, synergies from improving retail banking performance and cost-containment efforts will help the company improve its profitability.”
A number of other equities research analysts have also commented on the stock. Oppenheimer Holdings Inc. reiterated a “market perform” rating on shares of JPMorgan Chase & Co. in a report on Tuesday, September 13th. Macquarie lowered shares of JPMorgan Chase & Co. from an “outperform” rating to a “neutral” rating and decreased their price objective for the stock from $72.00 to $70.00 in a report on Friday, September 9th. Nomura decreased their price objective on shares of JPMorgan Chase & Co. from $66.00 to $65.00 and set a “neutral” rating for the company in a report on Wednesday, September 7th. Vetr upgraded shares of JPMorgan Chase & Co. from a “sell” rating to a “hold” rating and set a $68.05 price objective for the company in a report on Tuesday, August 16th. Finally, Sanford C. Bernstein lowered shares of JPMorgan Chase & Co. from an “outperform” rating to a “market perform” rating and upped their price objective for the stock from $65.72 to $67.00 in a report on Tuesday, August 16th. They noted that the move was a valuation call. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-one have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $71.34.
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Shares of JPMorgan Chase & Co. (NYSE:JPM) traded up 0.627% during mid-day trading on Tuesday, hitting $66.605. 5,767,974 shares of the stock were exchanged. JPMorgan Chase & Co. has a 52 week low of $52.50 and a 52 week high of $69.03. The stock has a market capitalization of $240.54 billion, a price-to-earnings ratio of 11.287 and a beta of 1.65. The stock’s 50-day moving average is $66.11 and its 200-day moving average is $63.05.
JPMorgan Chase & Co. (NYSE:JPM) last posted its quarterly earnings results on Thursday, July 14th. The financial services provider reported $1.55 EPS for the quarter, beating the Zacks’ consensus estimate of $1.43 by $0.12. JPMorgan Chase & Co. had a net margin of 24.47% and a return on equity of 10.20%. The company earned $24.40 billion during the quarter, compared to analyst estimates of $23.84 billion. During the same period in the prior year, the business posted $1.54 EPS. The firm’s revenue was up 2.5% compared to the same quarter last year. Analysts forecast that JPMorgan Chase & Co. will post $5.65 earnings per share for the current fiscal year.
In related news, COO Matthew E. Zames sold 3,991 shares of the firm’s stock in a transaction on Friday, July 15th. The shares were sold at an average price of $63.91, for a total value of $255,064.81. Following the completion of the transaction, the chief operating officer now directly owns 282,287 shares of the company’s stock, valued at $18,040,962.17. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Gordon Smith sold 23,735 shares of the firm’s stock in a transaction on Friday, July 15th. The shares were sold at an average price of $64.05, for a total transaction of $1,520,226.75. Following the completion of the transaction, the executive vice president now directly owns 152,462 shares of the company’s stock, valued at $9,765,191.10. The disclosure for this sale can be found here. Company insiders own 0.85% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Thomaspartners Inc. raised its position in JPMorgan Chase & Co. by 2.8% in the first quarter. Thomaspartners Inc. now owns 2,209,051 shares of the financial services provider’s stock worth $130,820,000 after buying an additional 59,821 shares during the period. Royal Bank of Scotland Group PLC raised its position in JPMorgan Chase & Co. by 0.6% in the first quarter. Royal Bank of Scotland Group PLC now owns 533,397 shares of the financial services provider’s stock worth $31,588,000 after buying an additional 3,010 shares during the period. Aviva PLC raised its position in JPMorgan Chase & Co. by 1.4% in the first quarter. Aviva PLC now owns 2,598,743 shares of the financial services provider’s stock worth $153,898,000 after buying an additional 35,131 shares during the period. Marathon Asset Management LLP raised its position in JPMorgan Chase & Co. by 1.9% in the second quarter. Marathon Asset Management LLP now owns 398,477 shares of the financial services provider’s stock worth $24,763,000 after buying an additional 7,247 shares during the period. Finally, Primecap Management Co. CA raised its position in JPMorgan Chase & Co. by 43.5% in the first quarter. Primecap Management Co. CA now owns 20,518,581 shares of the financial services provider’s stock worth $1,215,110,000 after buying an additional 6,218,550 shares during the period. 73.32% of the stock is owned by hedge funds and other institutional investors.
About JPMorgan Chase & Co.
JPMorgan Chase & Co is a financial holding company. The Company is engaged in investment banking, financial services. It operates in four segments, as well as a Corporate segment. Its segments are Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking and Asset Management. The Consumer & Community Banking segment serves consumers and businesses through personal service at bank branches and through automatic teller machines, online, mobile and telephone banking.
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