JPMorgan Chase & Co. (JPM) Rating Increased to Buy at Zacks Investment Research
JPMorgan Chase & Co. (NYSE:JPM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The brokerage currently has a $75.00 price objective on the financial services provider’s stock. Zacks Investment Research’s target price would indicate a potential upside of 12.61% from the company’s previous close.
According to Zacks, “Estimates have been rising ahead of JPMorgan's third-quarter 2016 earnings release. Further, the company has witnessed a positive record of earnings surprises in the recent quarters. The company is expected to witness a rise in interest income driven by solid loan growth. In addition, synergies from improving retail banking performance and cost-containment efforts will help the company improve its profitability. Also, steady capital deployment indicates its strong balance sheet poisition. However, the company's energy exposure will remain an overhang in the near-term, with management expecting incremental reserve build this year. Moreover, top line growth is likely to remain challenged in the near-term owing to continued pressure on fee income.”
Several other research analysts have also weighed in on the stock. Nomura reaffirmed a “hold” rating and set a $65.00 target price on shares of JPMorgan Chase & Co. in a research note on Thursday, September 29th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of JPMorgan Chase & Co. in a research note on Tuesday, September 27th. Credit Agricole SA increased their target price on shares of JPMorgan Chase & Co. from $71.00 to $79.00 and gave the stock a “buy” rating in a research note on Friday, September 23rd. Oppenheimer Holdings Inc. reaffirmed a “market perform” rating on shares of JPMorgan Chase & Co. in a research note on Tuesday, September 13th. Finally, Macquarie lowered shares of JPMorgan Chase & Co. from an “outperform” rating to a “neutral” rating and lowered their target price for the stock from $72.00 to $70.00 in a research note on Friday, September 9th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-three have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $71.83.
Shares of JPMorgan Chase & Co. (NYSE:JPM) traded up 1.8698% on Wednesday, hitting $67.8453. 8,278,597 shares of the stock were exchanged. JPMorgan Chase & Co. has a 52-week low of $52.50 and a 52-week high of $69.03. The company’s 50 day moving average is $66.55 and its 200-day moving average is $63.63. The stock has a market cap of $245.02 billion, a PE ratio of 11.4973 and a beta of 1.54.
JPMorgan Chase & Co. (NYSE:JPM) last announced its earnings results on Thursday, July 14th. The financial services provider reported $1.55 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.43 by $0.12. The company earned $24.40 billion during the quarter, compared to analyst estimates of $23.84 billion. JPMorgan Chase & Co. had a net margin of 24.47% and a return on equity of 10.20%. JPMorgan Chase & Co.’s revenue was up 2.5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.54 earnings per share. Analysts predict that JPMorgan Chase & Co. will post $5.65 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 31st. Investors of record on Thursday, October 6th will be paid a $0.48 dividend. This represents a $1.92 annualized dividend and a yield of 2.88%. The ex-dividend date is Tuesday, October 4th. JPMorgan Chase & Co.’s payout ratio is 32.54%.
In related news, COO Matthew E. Zames sold 3,991 shares of the business’s stock in a transaction dated Friday, July 15th. The shares were sold at an average price of $63.91, for a total value of $255,064.81. Following the completion of the transaction, the chief operating officer now owns 282,287 shares of the company’s stock, valued at approximately $18,040,962.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Gordon Smith sold 23,735 shares of the business’s stock in a transaction dated Friday, July 15th. The shares were sold at an average price of $64.05, for a total transaction of $1,520,226.75. Following the completion of the transaction, the executive vice president now directly owns 152,462 shares of the company’s stock, valued at approximately $9,765,191.10. The disclosure for this sale can be found here. 0.85% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Emerald Acquisition Ltd. acquired a new stake in JPMorgan Chase & Co. during the second quarter valued at approximately $546,431,000. Primecap Management Co. CA boosted its stake in JPMorgan Chase & Co. by 43.5% in the first quarter. Primecap Management Co. CA now owns 20,518,581 shares of the financial services provider’s stock valued at $1,215,110,000 after buying an additional 6,218,550 shares during the period. Franklin Resources Inc. boosted its stake in JPMorgan Chase & Co. by 15.6% in the first quarter. Franklin Resources Inc. now owns 42,060,882 shares of the financial services provider’s stock valued at $2,490,856,000 after buying an additional 5,685,864 shares during the period. Vanguard Group Inc. boosted its stake in JPMorgan Chase & Co. by 2.1% in the second quarter. Vanguard Group Inc. now owns 229,636,598 shares of the financial services provider’s stock valued at $14,269,618,000 after buying an additional 4,692,609 shares during the period. Finally, Winslow Capital Management LLC acquired a new stake in JPMorgan Chase & Co. during the second quarter valued at approximately $221,862,000. 73.34% of the stock is owned by hedge funds and other institutional investors.
JPMorgan Chase & Co. Company Profile
JPMorgan Chase & Co is a financial holding company. The Company is engaged in investment banking, financial services. It operates in four segments, as well as a Corporate segment. Its segments are Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking and Asset Management. The Consumer & Community Banking segment serves consumers and businesses through personal service at bank branches and through automatic teller machines, online, mobile and telephone banking.
Receive News & Stock Ratings for JPMorgan Chase & Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for JPMorgan Chase & Co. and related stocks with our FREE daily email newsletter.