J P Morgan Chase & Co (JPM) Upgraded by Zacks Investment Research to Buy
Zacks Investment Research upgraded shares of J P Morgan Chase & Co (NYSE:JPM) from a hold rating to a buy rating in a research note published on Thursday morning. The firm currently has $103.00 target price on the financial services provider’s stock.
According to Zacks, “JPMorgan's shares have outperformed the industry over the last six months. The company’s efforts to control expenses through streamlining and branch consolidation are commendable. These have been supporting bottom line growth. While the company faces a persistent fee income growth challenge, the improved rate scenario, potential lesser regulations (once the Financial Choice Act gets implemented) and rising loan demand should continue to benefit its financials. Also, the bank's impressive capital deployment plans reflect its strong balance sheet position.”
JPM has been the topic of several other research reports. Berenberg Bank set a $65.00 price objective on J P Morgan Chase & Co and gave the stock a sell rating in a research note on Thursday, August 3rd. Deutsche Bank AG reaffirmed a buy rating on shares of J P Morgan Chase & Co in a research note on Monday, July 3rd. Wells Fargo & Company began coverage on J P Morgan Chase & Co in a research note on Wednesday, August 9th. They issued an outperform rating and a $110.00 price objective on the stock. Bank of America Corp reissued a buy rating and set a $99.00 target price on shares of J P Morgan Chase & Co in a research note on Monday, July 17th. Finally, Goldman Sachs Group, Inc. (The) reissued a neutral rating and set a $93.00 target price on shares of J P Morgan Chase & Co in a research note on Thursday, July 6th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twenty have issued a buy rating to the company’s stock. J P Morgan Chase & Co has an average rating of Hold and a consensus price target of $85.72.
Shares of J P Morgan Chase & Co (NYSE:JPM) traded up 0.76% during midday trading on Thursday, reaching $92.22. 6,393,923 shares of the company’s stock were exchanged. The company has a market cap of $324.48 billion, a P/E ratio of 13.60 and a beta of 1.19. J P Morgan Chase & Co has a 12 month low of $65.11 and a 12 month high of $95.22. The firm has a 50 day moving average price of $92.19 and a 200 day moving average price of $88.87.
J P Morgan Chase & Co (NYSE:JPM) last posted its quarterly earnings data on Friday, July 14th. The financial services provider reported $1.82 EPS for the quarter, topping the consensus estimate of $1.59 by $0.23. J P Morgan Chase & Co had a return on equity of 11.53% and a net margin of 24.13%. The firm had revenue of $25.50 billion for the quarter, compared to the consensus estimate of $24.38 billion. During the same quarter last year, the company earned $1.55 earnings per share. The business’s revenue for the quarter was up 4.6% compared to the same quarter last year. Equities research analysts forecast that J P Morgan Chase & Co will post $6.81 earnings per share for the current fiscal year.
In related news, General Counsel Stacey Friedman sold 9,968 shares of the business’s stock in a transaction on Monday, August 21st. The stock was sold at an average price of $90.55, for a total transaction of $902,602.40. Following the completion of the transaction, the general counsel now owns 10,527 shares in the company, valued at approximately $953,219.85. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Nicole Giles sold 1,000 shares of the business’s stock in a transaction on Tuesday, July 18th. The shares were sold at an average price of $91.29, for a total value of $91,290.00. Following the transaction, the insider now owns 3,783 shares of the company’s stock, valued at approximately $345,350.07. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 28,564 shares of company stock valued at $2,605,334. 0.88% of the stock is owned by company insiders.
Large investors have recently modified their holdings of the stock. Private Vista LLC purchased a new stake in shares of J P Morgan Chase & Co during the second quarter worth $102,000. Pacific Center for Financial Services purchased a new stake in shares of J P Morgan Chase & Co during the fourth quarter worth $106,000. Thomas J. Herzfeld Advisors Inc. purchased a new stake in shares of J P Morgan Chase & Co during the fourth quarter worth $125,000. Tortoise Investment Management LLC raised its stake in shares of J P Morgan Chase & Co by 434.9% in the fourth quarter. Tortoise Investment Management LLC now owns 1,578 shares of the financial services provider’s stock worth $136,000 after buying an additional 1,283 shares during the period. Finally, Atlantic Trust LLC purchased a new stake in shares of J P Morgan Chase & Co during the second quarter worth $136,000. 74.84% of the stock is owned by institutional investors and hedge funds.
J P Morgan 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 offers services to consumers and businesses through bank branches, automatic teller machines (ATMs), online, mobile and telephone banking.
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