Absher Wealth Management LLC Trims Holdings in JPMorgan Chase & Co. $JPM

Absher Wealth Management LLC decreased its stake in shares of JPMorgan Chase & Co. (NYSE:JPM) by 3.6% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 103,218 shares of the financial services provider’s stock after selling 3,891 shares during the period. JPMorgan Chase & Co. accounts for 3.6% of Absher Wealth Management LLC’s investment portfolio, making the stock its 13th largest position. Absher Wealth Management LLC’s holdings in JPMorgan Chase & Co. were worth $30,363,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Timmons Wealth Management LLC purchased a new position in JPMorgan Chase & Co. during the 4th quarter valued at about $27,000. MBM Wealth Consultants LLC bought a new position in JPMorgan Chase & Co. during the 1st quarter valued at approximately $29,000. Caitong International Asset Management Co. Ltd purchased a new stake in JPMorgan Chase & Co. in the 4th quarter worth approximately $32,000. Osbon Capital Management LLC purchased a new stake in JPMorgan Chase & Co. in the 4th quarter worth approximately $35,000. Finally, Turning Point Benefit Group Inc. bought a new stake in shares of JPMorgan Chase & Co. in the 3rd quarter worth approximately $35,000. 71.55% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other JPMorgan Chase & Co. news, General Counsel Stacey Friedman sold 5,468 shares of JPMorgan Chase & Co. stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $300.27, for a total value of $1,641,876.36. Following the completion of the transaction, the general counsel directly owned 46,428 shares of the company’s stock, valued at approximately $13,940,935.56. The trade was a 10.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jeremy Barnum sold 3,022 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $309.41, for a total transaction of $935,037.02. Following the completion of the transaction, the chief financial officer owned 32,438 shares in the company, valued at approximately $10,036,641.58. This represents a 8.52% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 18,876 shares of company stock worth $5,907,051 in the last quarter. Corporate insiders own 0.41% of the company’s stock.

Key Stories Impacting JPMorgan Chase & Co.

Here are the key news stories impacting JPMorgan Chase & Co. this week:

• Positive Sentiment: JPMorgan’s blowout Q2 earnings are driving bullish sentiment, with the bank reporting record profits, 41% higher net income, strong trading and investment banking activity, and higher full-year net interest income guidance. JPMorgan Just Reported $21.2 Billion in Q2 Net Income — Up 41% — and CEO Jamie Dimon Said the Economy Is “Close to as Good as It Gets.”
• Positive Sentiment: Analysts have been raising expectations after the results, including multiple higher price targets and upgraded earnings forecasts, signaling confidence that JPMorgan can continue to outperform. JPMorgan Price Target Raised to $380 on Strong Q2 Results, Upgraded Outlook and Capital Strength
• Positive Sentiment: The stock is also benefiting from expectations that JPMorgan may raise its quarterly dividend by 10% after passing the Federal Reserve stress test, reinforcing the bank’s capital strength and shareholder-return story. JPM Stock Just Staged a Record Bull Run. 1 Analyst Thinks It Can Still Soar to $420.
• Neutral Sentiment: JPMorgan was added to several “Strong Buy” and momentum/income stock lists, which adds to positive sentiment but is less directly impactful than earnings or guidance. New Strong Buy Stocks for July 17th
• Neutral Sentiment: JPMorgan also drew attention for major financing activity and a $24 million Philadelphia shipbuilding investment, highlighting ongoing business expansion and capital deployment. JPMorgan Chase (JPM) Puts $24 Million Into Philadelphia Shipbuilding And Defense
• Negative Sentiment: Late-day sector weakness in financial stocks may be limiting JPMorgan’s upside even as company-specific fundamentals remain strong. Sector Update: Financial Stocks Decline Friday Afternoon

JPMorgan Chase & Co. Stock Down 0.5%

JPM stock opened at $341.60 on Friday. The business has a 50 day moving average of $319.11 and a 200 day moving average of $310.31. The firm has a market cap of $915.33 billion, a PE ratio of 14.64, a price-to-earnings-growth ratio of 1.54 and a beta of 0.99. JPMorgan Chase & Co. has a twelve month low of $279.10 and a twelve month high of $351.24. The company has a quick ratio of 0.86, a current ratio of 0.85 and a debt-to-equity ratio of 1.30.

JPMorgan Chase & Co. (NYSE:JPM) last released its earnings results on Tuesday, April 14th. The financial services provider reported $5.94 EPS for the quarter, topping the consensus estimate of $5.50 by $0.44. JPMorgan Chase & Co. had a return on equity of 18.23% and a net margin of 21.86%.The business had revenue of $50.54 billion for the quarter, compared to the consensus estimate of $48.30 billion. During the same period in the previous year, the company posted $5.07 earnings per share. The company’s revenue for the quarter was up 10.0% compared to the same quarter last year. On average, research analysts forecast that JPMorgan Chase & Co. will post 23.24 EPS for the current fiscal year.

JPMorgan Chase & Co. Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Monday, July 6th will be given a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Monday, July 6th. JPMorgan Chase & Co.’s payout ratio is currently 25.71%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Morgan Stanley reissued a “positive” rating and set a $370.00 target price on shares of JPMorgan Chase & Co. in a research note on Wednesday. HSBC lifted their price target on shares of JPMorgan Chase & Co. from $288.00 to $312.00 and gave the company a “hold” rating in a report on Monday, May 4th. Truist Financial boosted their price objective on shares of JPMorgan Chase & Co. from $344.00 to $352.00 and gave the company a “hold” rating in a research report on Wednesday. Keefe, Bruyette & Woods upped their price objective on shares of JPMorgan Chase & Co. from $370.00 to $384.00 and gave the stock an “outperform” rating in a report on Wednesday. Finally, UBS Group raised their target price on shares of JPMorgan Chase & Co. from $375.00 to $384.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. Fifteen analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $354.92.

About JPMorgan Chase & Co.

JPMorgan Chase & Co (NYSE: JPM) is a diversified global financial services firm headquartered in New York City. The company provides a wide range of banking and financial products and services to consumers, small businesses, corporations, governments and institutional investors worldwide. Its operations span retail banking, commercial lending, investment banking, asset management, payments and card services, and treasury and securities services.

The firm’s principal business activities are organized across several core lines: Consumer & Community Banking, which offers deposit accounts, mortgages, auto loans, credit cards and branch and digital banking under the Chase brand; Corporate & Investment Banking, which provides capital markets, advisory, underwriting, trading and risk management services; Commercial Banking, delivering lending, treasury and capital solutions to middle-market and corporate clients; and Asset & Wealth Management, which offers investment management, private banking and retirement services to institutions and high-net-worth individuals.