JPMorgan Chase & Co. (JPM) Hits New 12-Month High on Analyst Upgrade
JPMorgan Chase & Co. (NYSE:JPM)’s share price reached a new 52-week high on Monday after Jefferies Group raised their price target on the stock from $67.00 to $77.00. Jefferies Group currently has a buy rating on the stock. JPMorgan Chase & Co. traded as high as $69.06 and last traded at $69.00, with a volume of 8,680,939 shares changing hands. The stock had previously closed at $68.11.
Other equities analysts have also recently issued research reports about the company. Credit Agricole SA boosted their price objective on JPMorgan Chase & Co. from $71.00 to $79.00 and gave the company a “buy” rating in a report on Friday, September 23rd. Zacks Investment Research cut JPMorgan Chase & Co. from a “hold” rating to a “sell” rating in a report on Tuesday, September 20th. Keefe, Bruyette & Woods restated an “outperform” rating on shares of JPMorgan Chase & Co. in a report on Tuesday, September 27th. Nomura restated a “hold” rating and set a $65.00 price objective on shares of JPMorgan Chase & Co. in a report on Thursday, September 29th. Finally, Sandler O’Neill cut JPMorgan Chase & Co. from a “buy” rating to a “hold” rating and set a $72.00 target price for the company. in a report on Thursday. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-three have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $72.25.
In other JPMorgan Chase & Co. news, EVP Gordon Smith sold 23,735 shares of the stock in a transaction that occurred on Friday, July 15th. The stock was sold at an average price of $64.05, for a total transaction of $1,520,226.75. Following the transaction, the executive vice president now owns 152,462 shares in the company, valued at $9,765,191.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Matthew E. Zames sold 3,991 shares of the stock in a transaction that occurred on Friday, July 15th. The stock was sold at an average price of $63.91, for a total value of $255,064.81. Following the transaction, the chief operating officer now owns 282,287 shares in the company, valued at approximately $18,040,962.17. The disclosure for this sale can be found here. Company insiders own 0.85% of the company’s stock.
A number of institutional investors have recently modified their holdings of JPM. Traynor Capital Management Inc. increased its position in shares of JPMorgan Chase & Co. by 0.6% in the first quarter. Traynor Capital Management Inc. now owns 14,485 shares of the financial services provider’s stock worth $857,000 after buying an additional 88 shares in the last quarter. V Wealth Management LLC purchased a new position in JPMorgan Chase & Co. during the first quarter valued at $1,614,000. Dividend Asset Capital LLC increased its position in JPMorgan Chase & Co. by 25.0% in the first quarter. Dividend Asset Capital LLC now owns 25,263 shares of the financial services provider’s stock valued at $1,496,000 after buying an additional 5,059 shares during the period. QUANTRES ASSET MANAGEMENT Ltd purchased a new position in JPMorgan Chase & Co. during the first quarter valued at $1,634,000. Finally, Howard Capital Management increased its position in JPMorgan Chase & Co. by 0.5% in the first quarter. Howard Capital Management now owns 146,914 shares of the financial services provider’s stock valued at $8,700,000 after buying an additional 713 shares during the period. Institutional investors own 73.34% of the company’s stock.
The stock has a market cap of $248.51 billion, a price-to-earnings ratio of 11.66 and a beta of 1.54. The firm’s 50-day moving average is $66.72 and its 200-day moving average is $63.74.
JPMorgan Chase & Co. (NYSE:JPM) last posted its earnings results on Thursday, July 14th. The financial services provider reported $1.55 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.43 by $0.12. JPMorgan Chase & Co. had a return on equity of 10.20% and a net margin of 24.47%. The business earned $24.40 billion during the quarter, compared to the consensus estimate of $23.84 billion. During the same period in the previous year, the business earned $1.54 EPS. The business’s quarterly revenue was up 2.5% on a year-over-year basis. Analysts expect that JPMorgan Chase & Co. will post $5.66 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 31st. Stockholders of record on Thursday, October 6th will be issued a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 2.82%. The ex-dividend date is Tuesday, October 4th. JPMorgan Chase & Co.’s payout ratio is currently 32.54%.
About JPMorgan Chase & Co.
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.
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