JPMorgan Chase & Co. (NYSE:JPM) Given New $420.00 Price Target at Bank of America

JPMorgan Chase & Co. (NYSE:JPM) had its price target upped by Bank of America from $408.00 to $420.00 in a report published on Thursday,Benzinga reports. The brokerage currently has a buy rating on the financial services provider’s stock.

Other analysts have also recently issued reports about 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. Wells Fargo & Company increased their price objective on shares of JPMorgan Chase & Co. from $360.00 to $375.00 and gave the stock an “overweight” rating in a research report on Wednesday. The Goldman Sachs Group restated a “buy” rating and set a $418.00 price objective on shares of JPMorgan Chase & Co. in a report on Tuesday. Barclays boosted their price objective on shares of JPMorgan Chase & Co. from $391.00 to $420.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, Robert W. Baird upped their target price on shares of JPMorgan Chase & Co. from $295.00 to $305.00 and gave the stock a “neutral” rating in a research note on Wednesday. Fifteen investment analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company. According to MarketBeat, JPMorgan Chase & Co. has an average rating of “Moderate Buy” and a consensus target price of $354.92.

JPMorgan Chase & Co. Stock Down 1.1%

NYSE:JPM opened at $343.02 on Thursday. JPMorgan Chase & Co. has a 1 year low of $279.10 and a 1 year high of $351.24. The company has a current ratio of 0.85, a quick ratio of 0.86 and a debt-to-equity ratio of 1.30. The stock has a market cap of $919.14 billion, a price-to-earnings ratio of 14.70, a PEG ratio of 1.57 and a beta of 0.99. The stock has a 50-day moving average price of $318.31 and a two-hundred day moving average price of $310.09.

JPMorgan Chase & Co. (NYSE:JPM) last released its quarterly earnings data on Tuesday, April 14th. The financial services provider reported $5.94 earnings per share for the quarter, beating 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 analysts’ expectations of $48.30 billion. During the same quarter in the previous year, the business posted $5.07 EPS. JPMorgan Chase & Co.’s revenue for the quarter was up 10.0% on a year-over-year basis. As a group, equities analysts expect that JPMorgan Chase & Co. will post 22.95 earnings per share for the current year.

JPMorgan Chase & Co. Announces Dividend

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

Insiders Place Their Bets

In other news, General Counsel Stacey Friedman sold 5,468 shares of the company’s stock in a transaction that occurred on Wednesday, May 20th. The stock was 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 in the company, valued at $13,940,935.56. This represents a 10.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at 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 stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $309.41, for a total value of $935,037.02. Following the completion of the sale, the chief financial officer directly owned 32,438 shares of the company’s stock, valued at approximately $10,036,641.58. The trade was a 8.52% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 18,876 shares of company stock valued at $5,907,051 in the last 90 days. 0.41% of the stock is currently owned by insiders.

Institutional Trading of JPMorgan Chase & Co.

A number of large investors have recently added to or reduced their stakes in JPM. Timmons Wealth Management LLC bought a new stake in shares of JPMorgan Chase & Co. in the 4th quarter valued at about $27,000. Caitong International Asset Management Co. Ltd bought a new position in JPMorgan Chase & Co. during the fourth quarter worth about $32,000. MBM Wealth Consultants LLC bought a new position in JPMorgan Chase & Co. during the first quarter worth about $29,000. Osbon Capital Management LLC acquired a new position in JPMorgan Chase & Co. during the fourth quarter worth approximately $35,000. Finally, Turning Point Benefit Group Inc. bought a new stake in JPMorgan Chase & Co. in the third quarter valued at approximately $35,000. Institutional investors and hedge funds own 71.55% of the company’s stock.

JPMorgan Chase & Co. News Roundup

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

• Positive Sentiment: JPMorgan reported blowout Q2 results, including record net income of $21.2 billion, with CEO Jamie Dimon saying the economy remains “close to as good as it gets.” The bank also posted strong trading and investment banking performance. 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 turned more bullish after earnings, with Bank of America, Keefe, Bruyette & Woods, and Truist all lifting price targets, reflecting confidence in JPMorgan’s profitability, capital flexibility, and guidance for stronger net interest income. Analyst price-target updates
• Positive Sentiment: JPMorgan raised its full-year net interest income outlook to $105.5 billion, signaling that core lending revenue remains resilient even after the Federal Reserve’s policy changes. JPMorgan Chase Just Posted 86% Growth in Equities Trading Revenue and Raised Its Full-Year Net Interest Income Guidance to $105.5 Billion
• Neutral Sentiment: JPMorgan continued to show market leadership and a path toward a possible $1 trillion valuation, helped by its scale in lending, trading, and dealmaking, but that milestone may also be encouraging some short-term profit taking after the stock’s sharp run. Dimon-led JPMorgan poised to become world’s first $1 trillion bank
• Neutral Sentiment: The bank also announced a $24 million investment in Philadelphia shipbuilding and defense manufacturing, which supports its long-term industrial finance strategy but is unlikely to move the stock materially by itself. JPMorgan Chase (JPM) Puts $24 Million Into Philadelphia Shipbuilding And Defense
• Negative Sentiment: Some commentary focused on JPMorgan’s higher expense outlook following earnings, suggesting costs could rise faster than investors expected and tempering enthusiasm after the strong report. Its Dividend Looks Secure, But Don’t Chase JPM Stock After Q2 Earnings. Here’s Why.

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.