The Goldman Sachs Group Cuts JPMorgan Chase & Co. (NYSE:JPM) Price Target to $354.00

JPMorgan Chase & Co. (NYSE:JPM) had its price objective trimmed by The Goldman Sachs Group from $355.00 to $354.00 in a research report sent to investors on Friday morning,MarketScreener reports. The firm currently has a buy rating on the financial services provider’s stock.

JPM has been the topic of several other reports. Dbs Bank raised JPMorgan Chase & Co. to a “hold” rating in a report on Tuesday, October 21st. Loop Capital set a $310.00 price objective on JPMorgan Chase & Co. in a research report on Thursday, October 23rd. Citigroup raised their target price on JPMorgan Chase & Co. from $275.00 to $325.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 24th. Barclays upped their price target on shares of JPMorgan Chase & Co. from $330.00 to $342.00 and gave the company an “overweight” rating in a research report on Wednesday, October 15th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of JPMorgan Chase & Co. from $330.00 to $354.00 and gave the stock an “outperform” rating in a research note on Friday, October 10th. Fifteen equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, JPMorgan Chase & Co. presently has an average rating of “Hold” and an average price target of $325.81.

JPMorgan Chase & Co. Stock Performance

Shares of JPM stock opened at $315.20 on Friday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 1.26. The company has a 50 day moving average price of $306.73 and a 200-day moving average price of $295.09. JPMorgan Chase & Co. has a 52 week low of $202.16 and a 52 week high of $322.25. The firm has a market capitalization of $858.06 billion, a PE ratio of 15.61, a P/E/G ratio of 1.63 and a beta of 1.08.

JPMorgan Chase & Co. (NYSE:JPM) last issued its quarterly earnings data on Tuesday, October 14th. The financial services provider reported $5.07 earnings per share for the quarter, beating analysts’ consensus estimates of $4.83 by $0.24. JPMorgan Chase & Co. had a net margin of 20.90% and a return on equity of 17.18%. The company had revenue of $47.12 billion for the quarter, compared to the consensus estimate of $44.42 billion. During the same quarter in the prior year, the firm earned $4.37 earnings per share. The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year. As a group, equities research analysts expect that JPMorgan Chase & Co. will post 18.1 earnings per share for the current year.

JPMorgan Chase & Co. Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 31st. Investors of record on Monday, October 6th were issued a $1.50 dividend. The ex-dividend date of this dividend was Monday, October 6th. This represents a $6.00 annualized dividend and a yield of 1.9%. This is a positive change from JPMorgan Chase & Co.’s previous quarterly dividend of $1.40. JPMorgan Chase & Co.’s payout ratio is currently 29.72%.

Insider Buying and Selling

In other JPMorgan Chase & Co. news, insider Robin Leopold sold 966 shares of JPMorgan Chase & Co. stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $311.92, for a total transaction of $301,314.72. Following the transaction, the insider owned 58,479 shares of the company’s stock, valued at $18,240,769.68. The trade was a 1.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.47% of the company’s stock.

Hedge Funds Weigh In On JPMorgan Chase & Co.

A number of hedge funds and other institutional investors have recently modified their holdings of JPM. Kingstone Capital Partners Texas LLC grew its holdings in JPMorgan Chase & Co. by 609,867.5% during the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 72,897,211 shares of the financial services provider’s stock valued at $21,133,630,000 after buying an additional 72,885,260 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of JPMorgan Chase & Co. by 0.5% during the 2nd quarter. Geode Capital Management LLC now owns 61,129,271 shares of the financial services provider’s stock valued at $17,646,506,000 after acquiring an additional 300,160 shares during the last quarter. Norges Bank purchased a new position in shares of JPMorgan Chase & Co. in the second quarter valued at $10,295,209,000. Goldman Sachs Group Inc. grew its holdings in shares of JPMorgan Chase & Co. by 2.7% in the first quarter. Goldman Sachs Group Inc. now owns 20,548,182 shares of the financial services provider’s stock valued at $5,040,469,000 after purchasing an additional 548,853 shares in the last quarter. Finally, Legal & General Group Plc increased its position in JPMorgan Chase & Co. by 3.3% in the third quarter. Legal & General Group Plc now owns 18,908,978 shares of the financial services provider’s stock worth $5,964,459,000 after purchasing an additional 607,025 shares during the last quarter. Institutional investors own 71.55% of the company’s stock.

About JPMorgan Chase & Co.

JPMorgan Chase & Co is a financial holding company, which engages in the provision of financial and investment banking services. It focuses on investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. It operates through the following segments: Consumer and Community Banking (CCB), Commercial and Investment Bank (CIB), Asset and Wealth Management (AWM), and Corporate.