JPMorgan Chase & Co. (NYSE:JPM) Shares Up 1.2% – Here’s What Happened

JPMorgan Chase & Co. (NYSE:JPM) shot up 1.2% on Tuesday . The stock traded as high as $264.56 and last traded at $263.82. 1,940,908 shares were traded during mid-day trading, a decline of 80% from the average session volume of 9,555,690 shares. The stock had previously closed at $260.71.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on JPM. Bank of America reduced their price target on JPMorgan Chase & Co. from $285.00 to $284.00 and set a “buy” rating for the company in a research report on Wednesday, April 2nd. TD Securities lifted their price objective on JPMorgan Chase & Co. from $305.00 to $315.00 and gave the company a “buy” rating in a research note on Tuesday, May 20th. Cowen reaffirmed a “buy” rating on shares of JPMorgan Chase & Co. in a research note on Tuesday, May 20th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $285.00 price target (up previously from $255.00) on shares of JPMorgan Chase & Co. in a research note on Tuesday, May 20th. Finally, TD Cowen assumed coverage on JPMorgan Chase & Co. in a report on Thursday, May 15th. They issued a “buy” rating and a $305.00 price objective on the stock. Eleven equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $266.65.

JPMorgan Chase & Co. Stock Up 1.6%

The company has a market capitalization of $736.34 billion, a PE ratio of 13.42, a price-to-earnings-growth ratio of 2.83 and a beta of 1.07. The company has a quick ratio of 0.89, a current ratio of 0.88 and a debt-to-equity ratio of 1.24. The firm has a 50-day moving average of $244.31 and a two-hundred day moving average of $248.58.

JPMorgan Chase & Co. (NYSE:JPM) last announced its quarterly earnings data on Friday, April 11th. The financial services provider reported $5.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.63 by $0.44. JPMorgan Chase & Co. had a return on equity of 16.99% and a net margin of 20.96%. The business had revenue of $45.30 billion for the quarter, compared to analysts’ expectations of $43.62 billion. During the same period last year, the firm earned $4.44 earnings per share. The company’s revenue for the quarter was up 8.0% compared to the same quarter last year. Equities research analysts predict that JPMorgan Chase & Co. will post 18.1 earnings per share for the current fiscal year.

JPMorgan Chase & Co. Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Thursday, July 3rd will be issued a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date is Thursday, July 3rd. JPMorgan Chase & Co.’s dividend payout ratio is currently 27.49%.

Insider Buying and Selling at JPMorgan Chase & Co.

In related news, insider Robin Leopold sold 1,250 shares of JPMorgan Chase & Co. stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $246.92, for a total transaction of $308,650.00. Following the completion of the transaction, the insider now directly owns 49,127 shares in the company, valued at $12,130,438.84. The trade was a 2.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, General Counsel Stacey Friedman sold 6,608 shares of the business’s stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $265.71, for a total transaction of $1,755,811.68. Following the sale, the general counsel now directly owns 36,520 shares of the company’s stock, valued at $9,703,729.20. This represents a 15.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 95,594 shares of company stock valued at $23,991,061. 0.47% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On JPMorgan Chase & Co.

A number of institutional investors have recently added to or reduced their stakes in JPM. Geode Capital Management LLC raised its stake in JPMorgan Chase & Co. by 1.5% during the fourth quarter. Geode Capital Management LLC now owns 59,220,603 shares of the financial services provider’s stock worth $14,161,171,000 after acquiring an additional 876,417 shares during the period. Norges Bank acquired a new stake in JPMorgan Chase & Co. during the fourth quarter worth about $8,310,884,000. Northern Trust Corp raised its stake in JPMorgan Chase & Co. by 15.4% during the fourth quarter. Northern Trust Corp now owns 33,845,676 shares of the financial services provider’s stock worth $8,113,147,000 after acquiring an additional 4,515,147 shares during the period. Bank of New York Mellon Corp raised its stake in JPMorgan Chase & Co. by 1.9% during the first quarter. Bank of New York Mellon Corp now owns 24,801,153 shares of the financial services provider’s stock worth $6,083,723,000 after acquiring an additional 454,226 shares during the period. Finally, GAMMA Investing LLC raised its stake in JPMorgan Chase & Co. by 25,861.9% during the first quarter. GAMMA Investing LLC now owns 23,556,011 shares of the financial services provider’s stock worth $5,778,289,000 after acquiring an additional 23,465,278 shares during the period. Institutional investors and hedge funds own 71.55% of the company’s stock.

About JPMorgan Chase & Co.

JPMorgan Chase & Co is a financial holding company, which engages in the provision of financial and investment banking services. It focuses on investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. It operates through the following segments: Consumer and Community Banking (CCB), Commercial and Investment Bank (CIB), Asset and Wealth Management (AWM), and Corporate.