Sawgrass Asset Management LLC Lowers Holdings in JPMorgan Chase & Co. (JPM)

Sawgrass Asset Management LLC trimmed its position in JPMorgan Chase & Co. (NYSE:JPM) by 3.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 37,850 shares of the financial services provider’s stock after selling 1,485 shares during the quarter. Sawgrass Asset Management LLC’s holdings in JPMorgan Chase & Co. were worth $4,271,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the business. Coe Capital Management LLC lifted its stake in shares of JPMorgan Chase & Co. by 7.7% during the 3rd quarter. Coe Capital Management LLC now owns 28,496 shares of the financial services provider’s stock worth $3,215,000 after purchasing an additional 2,045 shares during the last quarter. Griffin Asset Management Inc. lifted its stake in shares of JPMorgan Chase & Co. by 6.7% during the 3rd quarter. Griffin Asset Management Inc. now owns 68,413 shares of the financial services provider’s stock worth $7,720,000 after purchasing an additional 4,289 shares during the last quarter. B. Riley Wealth Management Inc. purchased a new stake in shares of JPMorgan Chase & Co. during the 3rd quarter worth $1,450,000. Kentucky Retirement Systems purchased a new stake in shares of JPMorgan Chase & Co. during the 3rd quarter worth $18,150,000. Finally, Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp lifted its stake in shares of JPMorgan Chase & Co. by 748.3% during the 3rd quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 456,400 shares of the financial services provider’s stock worth $51,500,000 after purchasing an additional 402,600 shares during the last quarter. Institutional investors and hedge funds own 69.08% of the company’s stock.

Shares of NYSE:JPM opened at $106.55 on Friday. JPMorgan Chase & Co. has a 1 year low of $91.11 and a 1 year high of $119.24. The stock has a market cap of $365.68 billion, a P/E ratio of 11.84, a price-to-earnings-growth ratio of 1.60 and a beta of 1.12. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.22.

JPMorgan Chase & Co. (NYSE:JPM) last announced its earnings results on Tuesday, January 15th. The financial services provider reported $1.98 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.20 by ($0.22). The business had revenue of $26.10 billion for the quarter, compared to analyst estimates of $26.69 billion. JPMorgan Chase & Co. had a net margin of 24.71% and a return on equity of 14.07%. The company’s quarterly revenue was up 8.1% on a year-over-year basis. During the same period in the prior year, the company earned $1.76 earnings per share. Research analysts expect that JPMorgan Chase & Co. will post 9.73 EPS for the current fiscal year.

A number of brokerages recently weighed in on JPM. Zacks Investment Research cut JPMorgan Chase & Co. from a “buy” rating to a “hold” rating in a research note on Wednesday, November 21st. ValuEngine cut JPMorgan Chase & Co. from a “hold” rating to a “sell” rating in a research note on Thursday, December 6th. Barclays restated a “buy” rating and set a $140.00 price objective on shares of JPMorgan Chase & Co. in a research note on Thursday, February 21st. BMO Capital Markets decreased their price objective on JPMorgan Chase & Co. from $123.00 to $116.00 and set a “market perform” rating for the company in a research note on Thursday, February 28th. Finally, Credit Suisse Group decreased their price objective on JPMorgan Chase & Co. from $130.00 to $128.00 and set an “outperform” rating for the company in a research note on Friday, December 7th. Eleven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $122.87.

In other news, insider Peter Scher sold 18,679 shares of the stock in a transaction dated Tuesday, January 29th. The stock was sold at an average price of $105.00, for a total value of $1,961,295.00. Following the transaction, the insider now directly owns 23,471 shares of the company’s stock, valued at $2,464,455. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Douglas B. Petno sold 11,659 shares of the stock in a transaction dated Tuesday, January 29th. The shares were sold at an average price of $105.00, for a total value of $1,224,195.00. The disclosure for this sale can be found here. Insiders sold 39,191 shares of company stock worth $4,102,110 over the last three months. Corporate insiders own 0.73% of the company’s stock.

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JPMorgan Chase & Co. Company Profile

JPMorgan Chase & Co operates as a financial services company worldwide. It operates through four segments: Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking, and Asset & Wealth Management. The Consumer & Community Banking segment offers deposit and investment products and services to consumers; lending, deposit, and cash management and payment solutions to small businesses; residential mortgages and home equity loans; and credit cards, payment processing services, auto loans and leases.

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Institutional Ownership by Quarter for JPMorgan Chase & Co. (NYSE:JPM)

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