Salem Investment Counselors Inc. lowered its position in JPMorgan Chase & Co. (NYSE:JPM) by 2.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 160,078 shares of the financial services provider’s stock after selling 3,340 shares during the quarter. JPMorgan Chase & Co. accounts for approximately 1.8% of Salem Investment Counselors Inc.’s holdings, making the stock its 13th biggest holding. Salem Investment Counselors Inc.’s holdings in JPMorgan Chase & Co. were worth $15,443,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in the company. Private Vista LLC acquired a new stake in shares of JPMorgan Chase & Co. during the second quarter valued at $102,000. Kohmann Bosshard Financial Services LLC acquired a new stake in shares of JPMorgan Chase & Co. during the third quarter valued at $102,000. Welch Investments LLC acquired a new stake in shares of JPMorgan Chase & Co. during the third quarter valued at $103,000. Legacy Advisors LLC acquired a new stake in shares of JPMorgan Chase & Co. during the third quarter valued at $106,000. Finally, Atlantic Trust LLC acquired a new stake in JPMorgan Chase & Co. in the 2nd quarter worth about $136,000. Institutional investors and hedge funds own 74.59% of the company’s stock.
JPM has been the topic of a number of research analyst reports. Wells Fargo & Co set a $120.00 price target on JPMorgan Chase & Co. and gave the stock a “buy” rating in a research note on Wednesday, December 20th. Morgan Stanley raised their price target on JPMorgan Chase & Co. from $128.00 to $133.00 and gave the stock an “overweight” rating in a research note on Friday, February 2nd. Royal Bank of Canada reissued a “buy” rating on shares of JPMorgan Chase & Co. in a research note on Friday, December 8th. Barclays raised their price target on JPMorgan Chase & Co. from $105.00 to $132.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. Finally, Societe Generale lowered JPMorgan Chase & Co. from a “buy” rating to a “hold” rating in a research note on Tuesday, January 9th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. JPMorgan Chase & Co. currently has an average rating of “Hold” and a consensus price target of $110.82.
JPMorgan Chase & Co. (NYSE:JPM) last announced its earnings results on Friday, January 12th. The financial services provider reported $1.76 EPS for the quarter, beating the consensus estimate of $1.69 by $0.07. The business had revenue of $24.15 billion for the quarter, compared to the consensus estimate of $24.87 billion. JPMorgan Chase & Co. had a return on equity of 11.63% and a net margin of 21.46%. The company’s revenue was up 3.3% on a year-over-year basis. During the same period last year, the business posted $1.71 EPS. sell-side analysts anticipate that JPMorgan Chase & Co. will post 8.9 earnings per share for the current fiscal year.
In related news, General Counsel Stacey Friedman sold 17,729 shares of the firm’s stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $112.33, for a total transaction of $1,991,498.57. Following the sale, the general counsel now directly owns 21,260 shares in the company, valued at approximately $2,388,135.80. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Ashley Bacon sold 16,434 shares of the firm’s stock in a transaction dated Tuesday, January 16th. The shares were sold at an average price of $112.22, for a total value of $1,844,223.48. Following the sale, the insider now owns 98,811 shares in the company, valued at $11,088,570.42. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 152,047 shares of company stock worth $17,098,115. Company insiders own 0.88% of the company’s stock.
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JPMorgan Chase & Co. Profile
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 offers services to consumers and businesses through bank branches, automatic teller machines (ATMs), online, mobile and telephone banking.
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