Hartford Funds Management Co LLC Sells 7,022 Shares of JPMorgan Chase & Co. $JPM

Hartford Funds Management Co LLC lessened its stake in shares of JPMorgan Chase & Co. (NYSE:JPM) by 43.9% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,974 shares of the financial services provider’s stock after selling 7,022 shares during the quarter. JPMorgan Chase & Co. comprises 0.2% of Hartford Funds Management Co LLC’s portfolio, making the stock its 20th largest holding. Hartford Funds Management Co LLC’s holdings in JPMorgan Chase & Co. were worth $2,640,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Morgan Stanley boosted its holdings in JPMorgan Chase & Co. by 1.4% in the 4th quarter. Morgan Stanley now owns 66,385,268 shares of the financial services provider’s stock valued at $21,390,662,000 after purchasing an additional 939,421 shares during the period. Norges Bank bought a new position in shares of JPMorgan Chase & Co. in the fourth quarter worth $11,396,496,000. Bank of New York Mellon Corp increased its holdings in shares of JPMorgan Chase & Co. by 5.4% in the fourth quarter. Bank of New York Mellon Corp now owns 23,424,482 shares of the financial services provider’s stock worth $7,547,837,000 after purchasing an additional 1,194,583 shares during the period. Legal & General Group Plc raised its position in shares of JPMorgan Chase & Co. by 0.6% in the fourth quarter. Legal & General Group Plc now owns 19,019,564 shares of the financial services provider’s stock worth $6,128,484,000 after buying an additional 110,586 shares in the last quarter. Finally, Fisher Asset Management LLC raised its position in shares of JPMorgan Chase & Co. by 1.9% in the fourth quarter. Fisher Asset Management LLC now owns 16,018,656 shares of the financial services provider’s stock worth $5,161,532,000 after buying an additional 296,213 shares in the last quarter. 71.55% of the stock is currently owned by institutional investors.

JPMorgan Chase & Co. News Roundup

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%

Shares of NYSE JPM opened at $341.60 on Friday. The stock has a market capitalization of $915.33 billion, a P/E ratio of 14.64, a PEG ratio of 1.53 and a beta of 0.99. JPMorgan Chase & Co. has a one year low of $279.10 and a one year high of $351.24. The firm’s 50 day simple moving average is $319.11 and its two-hundred day simple moving average is $310.31. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.85 and a quick ratio of 0.86.

JPMorgan Chase & Co. Dividend Announcement

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

Insider Activity at JPMorgan Chase & Co.

In other JPMorgan Chase & Co. news, COO Jennifer Piepszak sold 4,919 shares of the business’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $309.42, for a total value of $1,522,036.98. Following the completion of the sale, the chief operating officer directly owned 85,082 shares of the company’s stock, valued at $26,326,072.44. The trade was a 5.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Stacey Friedman sold 5,468 shares of the company’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $300.27, for a total transaction of $1,641,876.36. Following the sale, the general counsel 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 18,876 shares of company stock valued at $5,907,051. Insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on JPM. DZ Bank restated a “neutral” rating on shares of JPMorgan Chase & Co. in a research report on Wednesday, April 15th. Royal Bank Of Canada raised their price target on JPMorgan Chase & Co. from $330.00 to $370.00 and gave the company an “outperform” rating in a report on Wednesday. Dbs Bank upgraded JPMorgan Chase & Co. to a “hold” rating in a research report on Tuesday, May 12th. HSBC boosted their price objective on JPMorgan Chase & Co. from $288.00 to $312.00 and gave the stock a “hold” rating in a report on Monday, May 4th. Finally, Jefferies Financial Group set a $350.00 target price on shares of JPMorgan Chase & Co. in a research note on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus 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.