Covington Capital Management decreased its position in shares of J P Morgan Chase & Co (NYSE:JPM) by 0.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 202,164 shares of the financial services provider’s stock after selling 381 shares during the quarter. J P Morgan Chase & Co makes up approximately 1.5% of Covington Capital Management’s portfolio, making the stock its 12th biggest position. Covington Capital Management’s holdings in J P Morgan Chase & Co were worth $18,478,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. First Fiduciary Investment Counsel Inc. lifted its holdings in J P Morgan Chase & Co by 2.4% during the 2nd quarter. First Fiduciary Investment Counsel Inc. now owns 329,678 shares of the financial services provider’s stock worth $30,133,000 after buying an additional 7,685 shares during the period. High Falls Advisors Inc lifted its holdings in J P Morgan Chase & Co by 1.8% during the 2nd quarter. High Falls Advisors Inc now owns 10,778 shares of the financial services provider’s stock worth $985,000 after buying an additional 188 shares during the period. Keel Point LLC lifted its holdings in J P Morgan Chase & Co by 2.5% during the 2nd quarter. Keel Point LLC now owns 3,449 shares of the financial services provider’s stock worth $315,000 after buying an additional 84 shares during the period. Sunbelt Securities Inc. lifted its holdings in J P Morgan Chase & Co by 0.5% during the 2nd quarter. Sunbelt Securities Inc. now owns 5,128 shares of the financial services provider’s stock worth $469,000 after buying an additional 26 shares during the period. Finally, National Asset Management Inc. lifted its holdings in J P Morgan Chase & Co by 14.0% during the 2nd quarter. National Asset Management Inc. now owns 54,312 shares of the financial services provider’s stock worth $4,966,000 after buying an additional 6,675 shares during the period. 73.93% of the stock is currently owned by institutional investors.

In related news, General Counsel Stacey Friedman sold 2,099 shares of the business’s stock in a transaction dated Thursday, October 26th. The stock was sold at an average price of $101.96, for a total value of $214,014.04. Following the completion of the sale, the general counsel now directly owns 15,279 shares of the company’s stock, valued at approximately $1,557,846.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.88% of the company’s stock.

JPM has been the topic of several recent research reports. Barclays lifted their target price on J P Morgan Chase & Co from $100.00 to $105.00 and gave the stock an “overweight” rating in a report on Friday, October 13th. Credit Suisse Group reissued a “buy” rating and issued a $110.00 price objective (up from $103.00) on shares of J P Morgan Chase & Co in a research note on Monday, October 9th. They noted that the move was a valuation call. Keefe, Bruyette & Woods set a $96.00 price objective on J P Morgan Chase & Co and gave the company a “hold” rating in a research note on Saturday, August 19th. Oppenheimer reissued a “hold” rating on shares of J P Morgan Chase & Co in a research note on Thursday, October 12th. Finally, Morgan Stanley boosted their price objective on J P Morgan Chase & Co from $99.00 to $107.00 and gave the company an “overweight” rating in a research note on Friday, October 13th. Three equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and sixteen have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $92.18.

Shares of J P Morgan Chase & Co (NYSE:JPM) traded up $1.23 during trading on Wednesday, reaching $106.85. The company had a trading volume of 15,508,800 shares, compared to its average volume of 13,997,725. J P Morgan Chase & Co has a twelve month low of $81.64 and a twelve month high of $108.40. The company has a market cap of $366,472.44, a price-to-earnings ratio of 15.22, a price-to-earnings-growth ratio of 2.29 and a beta of 1.22. The company has a debt-to-equity ratio of 1.37, a current ratio of 1.03 and a quick ratio of 1.03.

J P Morgan Chase & Co (NYSE:JPM) last issued its earnings results on Thursday, October 12th. The financial services provider reported $1.76 EPS for the quarter, beating analysts’ consensus estimates of $1.67 by $0.09. J P Morgan Chase & Co had a return on equity of 11.68% and a net margin of 24.08%. The business had revenue of $25.33 billion during the quarter, compared to analyst estimates of $24.91 billion. During the same period in the previous year, the company posted $1.58 EPS. The firm’s revenue was up 2.6% compared to the same quarter last year. sell-side analysts predict that J P Morgan Chase & Co will post 6.91 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 31st. Investors of record on Friday, January 5th will be given a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 2.10%. J P Morgan Chase & Co’s payout ratio is 32.28%.

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About J P Morgan 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 offers services to consumers and businesses through bank branches, automatic teller machines (ATMs), online, mobile and telephone banking.

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Institutional Ownership by Quarter for J P Morgan Chase & Co (NYSE:JPM)

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