Summit Global Investments Sells 3,664 Shares of JPMorgan Chase & Co. $JPM

Summit Global Investments reduced its stake in shares of JPMorgan Chase & Co. (NYSE:JPM) by 18.1% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 16,542 shares of the financial services provider’s stock after selling 3,664 shares during the period. Summit Global Investments’ holdings in JPMorgan Chase & Co. were worth $5,415,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of JPM. Daniel Investment Group Inc. acquired a new position in shares of JPMorgan Chase & Co. in the second quarter valued at approximately $7,171,000. Sage Rhino Capital LLC increased its position in shares of JPMorgan Chase & Co. by 0.5% during the second quarter. Sage Rhino Capital LLC now owns 9,855 shares of the financial services provider’s stock worth $3,226,000 after acquiring an additional 53 shares in the last quarter. ProVise Management Group LLC raised its holdings in shares of JPMorgan Chase & Co. by 0.3% during the second quarter. ProVise Management Group LLC now owns 104,741 shares of the financial services provider’s stock worth $34,285,000 after acquiring an additional 286 shares during the period. PCG Wealth Advisors LLC acquired a new stake in shares of JPMorgan Chase & Co. during the second quarter worth $203,000. Finally, First National Bank of Hutchinson lifted its position in JPMorgan Chase & Co. by 16.4% in the 2nd quarter. First National Bank of Hutchinson now owns 15,641 shares of the financial services provider’s stock valued at $5,120,000 after acquiring an additional 2,206 shares in the last quarter. Institutional investors own 71.55% of the company’s stock.

Key JPMorgan Chase & Co. News

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

• Positive Sentiment: Hiring strengthens JPMorgan’s healthcare investment-banking franchise. The bank reportedly hired senior healthcare banker David Blais from Guggenheim Securities, adding industry expertise and potentially supporting advisory and capital-markets revenue. JPMorgan hires healthcare banker David Blais from Guggenheim
• Positive Sentiment: Persistent inflation could keep interest rates elevated. JPMorgan and BNP Paribas now expect another European Central Bank rate increase in December. Higher rates can support net interest income, although they may also weigh on loan demand and markets activity. JPMorgan and BNP Paribas expect ECB rate hike
• Neutral Sentiment: JPMorgan’s rate outlook conflicts with market pricing. A senior JPMorgan strategist expects no U.S. rate increase for the remainder of the year, while futures markets reportedly assign meaningful odds to a hike. The disagreement increases uncertainty around bank valuations, bond trading and interest income. No increase in interest rates anytime this year
• Neutral Sentiment: A strong labor market is a mixed development. Reports of 162,000 new jobs may support loan demand and interest income, but they also raise the possibility of higher-for-longer rates, increased credit costs and valuation pressure for financial stocks. JPMorgan falls even as 162,000 jobs revive higher rates
• Negative Sentiment: Reduced financing for Jane Street highlights competitive pressure. JPMorgan reportedly scaled back financing to the quantitative trading firm as Jane Street expands in U.S. Treasury market-making, underscoring competition from nonbank firms in fixed-income markets. JPMorgan scales back Jane Street financing
• Negative Sentiment: Legal exposure remains an overhang. JPMorgan is seeking to stay a $20 million fee order related to the Javice litigation, keeping attention on litigation costs and reputational risk. JPMorgan seeks stay of $20M Javice, Amar fee order

Insider Activity

In related news, General Counsel Stacey Friedman sold 5,467 shares of the firm’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $330.73, for a total value of $1,808,100.91. Following the completion of the transaction, the general counsel directly owned 40,961 shares of the company’s stock, valued at approximately $13,547,031.53. This trade represents a 11.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Robin Leopold sold 2,500 shares of the business’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $361.41, for a total transaction of $903,525.00. Following the transaction, the insider owned 73,547 shares in the company, valued at approximately $26,580,621.27. The trade was a 3.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.41% of the stock is owned by company insiders.

Analysts Set New Price Targets

JPM has been the subject of a number of research analyst reports. 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, July 15th. Barclays boosted their price target on JPMorgan Chase & Co. from $391.00 to $420.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Truist Financial upped their price objective on JPMorgan Chase & Co. from $344.00 to $352.00 and gave the stock a “hold” rating in a research report on Wednesday, July 15th. Bank of America increased their price objective on JPMorgan Chase & Co. from $408.00 to $420.00 and gave the stock a “buy” rating in a report on Thursday, July 16th. Finally, Keefe, Bruyette & Woods lifted their target price on JPMorgan Chase & Co. from $370.00 to $384.00 and gave the company an “outperform” rating in a research report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and eleven have given a Hold rating to the company’s stock. According to MarketBeat, JPMorgan Chase & Co. has an average rating of “Moderate Buy” and an average target price of $359.96.

JPMorgan Chase & Co. Stock Down 1.1%

JPMorgan Chase & Co. stock opened at $358.21 on Friday. The company has a market cap of $952.19 billion, a P/E ratio of 15.35, a price-to-earnings-growth ratio of 1.49 and a beta of 0.98. JPMorgan Chase & Co. has a 1-year low of $279.10 and a 1-year high of $366.50. The company has a fifty day simple moving average of $349.89 and a 200 day simple moving average of $320.44. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.30.

JPMorgan Chase & Co. (NYSE:JPM) last issued its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $6.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.59 by $0.55. JPMorgan Chase & Co. had a net margin of 21.86% and a return on equity of 18.23%. The firm had revenue of $58.02 billion for the quarter, compared to analyst estimates of $50.72 billion. During the same period in the previous year, the business earned $4.96 EPS. The company’s revenue was up 27.7% compared to the same quarter last year. Research analysts anticipate that JPMorgan Chase & Co. will post 24.28 earnings per share for the current fiscal year.

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.