Cannell & Spears LLC Reduces Stock Holdings in JPMorgan Chase & Co. $JPM

Cannell & Spears LLC lessened its holdings in shares of JPMorgan Chase & Co. (NYSE:JPM) by 4.0% in the 1st quarter, HoldingsChannel reports. The firm owned 209,220 shares of the financial services provider’s stock after selling 8,733 shares during the quarter. JPMorgan Chase & Co. makes up approximately 1.2% of Cannell & Spears LLC’s holdings, making the stock its 22nd largest holding. Cannell & Spears LLC’s holdings in JPMorgan Chase & Co. were worth $60,023,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in JPMorgan Chase & Co. by 31.5% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 6,944,004 shares of the financial services provider’s stock valued at $2,042,648,000 after purchasing an additional 1,662,250 shares during the last quarter. Renaissance Technologies LLC raised its stake in shares of JPMorgan Chase & Co. by 32,663.0% during the 1st quarter. Renaissance Technologies LLC now owns 688,350 shares of the financial services provider’s stock valued at $202,481,000 after buying an additional 686,249 shares during the last quarter. Bollard Group LLC lifted its holdings in shares of JPMorgan Chase & Co. by 15.1% in the 1st quarter. Bollard Group LLC now owns 146,569 shares of the financial services provider’s stock valued at $43,115,000 after buying an additional 19,190 shares during the period. Rockbridge Investment Management LCC lifted its holdings in shares of JPMorgan Chase & Co. by 14.0% in the 1st quarter. Rockbridge Investment Management LCC now owns 1,894 shares of the financial services provider’s stock valued at $557,000 after buying an additional 233 shares during the period. Finally, Pennington Partners & CO. LLC boosted its stake in shares of JPMorgan Chase & Co. by 16.3% in the first quarter. Pennington Partners & CO. LLC now owns 3,439 shares of the financial services provider’s stock worth $1,012,000 after buying an additional 482 shares during the last quarter. 71.55% of the stock is currently owned by institutional investors and hedge funds.

Key JPMorgan Chase & Co. News

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

• Positive Sentiment: Strong earnings momentum: JPMorgan’s record second-quarter performance, including sharply higher earnings and revenue that exceeded analyst expectations, has reinforced investor confidence in its lending, trading and investment-banking operations. JPMorgan and Goldman Posted Record Quarters
• Positive Sentiment: Rising earnings estimates: Analysts are increasing their profit forecasts for JPMorgan, a trend that can support further near-term gains as investors reassess the bank’s earnings outlook. Earnings Estimates Rising for JPMorgan Chase
• Positive Sentiment: New payments opportunity: South Korea’s KB Kookmin Bank plans to use JPMorgan’s Kinexys blockchain for cross-border U.S.-dollar payments across 10 countries. The agreement highlights potential growth for JPMorgan’s institutional payments and digital-assets infrastructure. South Korea’s Largest Bank to Launch Payment Service on JPMorgan’s Kinexys
• Positive Sentiment: AI and efficiency appeal: Analysts continue to view JPMorgan favorably as it applies artificial intelligence to reduce costs and improve productivity, while maintaining strong cash generation and a diversified revenue base. These 3 AI Winners Don’t Sell the Tech—They Use It
• Neutral Sentiment: CEO Jamie Dimon’s account of his 2020 health crisis is personal and does not materially change JPMorgan’s current earnings or valuation outlook. Jamie Dimon Reveals the Moment He Knew It Might Be Goodbye
• Negative Sentiment: Risk warnings temper optimism: Dimon cautioned that investors may be underestimating geopolitical, fiscal and valuation risks. Rising consumer credit-card delinquencies and unusually volatile markets also represent potential pressure on future loan quality and results. Jamie Dimon Said Markets Are Underestimating Risks

Insider Buying and Selling at JPMorgan Chase & Co.

In other news, General Counsel Stacey Friedman sold 5,468 shares of the business’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 completion of the sale, the general counsel owned 46,428 shares of the company’s stock, valued at $13,940,935.56. The trade was a 10.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer Piepszak sold 4,919 shares of the company’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $309.42, for a total transaction of $1,522,036.98. Following the transaction, the chief operating officer owned 85,082 shares of the company’s stock, valued at approximately $26,326,072.44. This trade represents a 5.47% 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 valued at $5,907,051 over the last ninety days. Corporate insiders own 0.41% of the company’s stock.

Wall Street Analysts Forecast Growth

JPM has been the topic of several analyst reports. Daiwa Securities Group dropped their target price on JPMorgan Chase & Co. from $340.00 to $328.00 and set an “outperform” rating on the stock in a report on Tuesday, April 7th. The Goldman Sachs Group restated a “buy” rating and issued a $418.00 price objective on shares of JPMorgan Chase & Co. in a research report on Tuesday, July 14th. Jefferies Financial Group set a $350.00 price objective on shares of JPMorgan Chase & Co. in a research note on Tuesday, July 14th. HSBC lifted their target price 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. Finally, Bank of America increased their price target on shares of JPMorgan Chase & Co. from $408.00 to $420.00 and gave the stock a “buy” rating in a report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eleven have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, JPMorgan Chase & Co. has a consensus rating of “Moderate Buy” and an average target price of $358.67.

JPMorgan Chase & Co. Stock Up 0.8%

JPMorgan Chase & Co. stock opened at $356.15 on Tuesday. The stock has a market capitalization of $954.30 billion, a PE ratio of 15.26, a price-to-earnings-growth ratio of 1.47 and a beta of 0.99. JPMorgan Chase & Co. has a 12 month low of $279.10 and a 12 month high of $359.05. The business has a 50 day simple moving average of $324.84 and a 200-day simple moving average of $311.12. 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. (NYSE:JPM) last announced its earnings results on Tuesday, July 14th. The financial services provider reported $6.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.59 by $0.55. JPMorgan Chase & Co. had a return on equity of 18.23% and a net margin of 21.86%.The firm had revenue of $58.02 billion for the quarter, compared to analyst estimates of $50.72 billion. During the same quarter last year, the firm posted $4.96 EPS. The business’s revenue was up 27.7% on a year-over-year basis. On average, analysts anticipate that JPMorgan Chase & Co. will post 23.97 EPS for the current fiscal year.

JPMorgan Chase & Co. Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Monday, July 6th will be given a dividend of $1.50 per share. The ex-dividend date is Monday, July 6th. This represents a $6.00 dividend on an annualized basis and a yield of 1.7%. JPMorgan Chase & Co.’s dividend payout ratio is currently 25.71%.

JPMorgan Chase & Co. Company Profile

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.