Bruce G. Allen Investments LLC Cuts Stock Position in JPMorgan Chase & Co. (NYSE:JPM)

Bruce G. Allen Investments LLC lowered its stake in JPMorgan Chase & Co. (NYSE:JPM) by 16.8% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,382 shares of the financial services provider’s stock after selling 480 shares during the period. JPMorgan Chase & Co. accounts for about 0.5% of Bruce G. Allen Investments LLC’s holdings, making the stock its 26th largest holding. Bruce G. Allen Investments LLC’s holdings in JPMorgan Chase & Co. were worth $584,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Redwood Park Advisors LLC purchased a new stake in JPMorgan Chase & Co. during the 4th quarter valued at $29,000. Curat Global LLC purchased a new stake in JPMorgan Chase & Co. during the 1st quarter valued at $33,000. Sellwood Investment Partners LLC purchased a new stake in JPMorgan Chase & Co. during the 4th quarter valued at $34,000. Investment Counsel Co. of Nevada purchased a new stake in JPMorgan Chase & Co. during the 4th quarter valued at $37,000. Finally, Midwest Capital Advisors LLC purchased a new stake in JPMorgan Chase & Co. during the 4th quarter valued at $43,000. Hedge funds and other institutional investors own 71.55% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on JPM. TD Securities reiterated a “buy” rating on shares of JPMorgan Chase & Co. in a research note on Wednesday, June 4th. Wall Street Zen raised JPMorgan Chase & Co. from a “sell” rating to a “hold” rating in a report on Wednesday, May 14th. Robert W. Baird increased their price target on JPMorgan Chase & Co. from $220.00 to $235.00 and gave the company a “neutral” rating in a report on Tuesday, May 20th. Wells Fargo & Company increased their price target on JPMorgan Chase & Co. from $300.00 to $320.00 and gave the company an “overweight” rating in a report on Tuesday. Finally, Royal Bank of Canada reissued a “hold” rating on shares of JPMorgan Chase & Co. in a report on Monday, June 2nd. Thirteen analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $269.65.

Insiders Place Their Bets

In other news, General Counsel Stacey Friedman sold 6,608 shares of the firm’s stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $265.71, for a total transaction of $1,755,811.68. Following the completion of the transaction, the general counsel now owns 36,520 shares in the company, valued at $9,703,729.20. This trade represents a 15.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Jennifer Piepszak sold 4,272 shares of the firm’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $247.03, for a total value of $1,055,312.16. Following the transaction, the chief operating officer now owns 50,197 shares of the company’s stock, valued at approximately $12,400,164.91. The trade was a 7.84% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 101,722 shares of company stock worth $25,599,477. Corporate insiders own 0.47% of the company’s stock.

JPMorgan Chase & Co. Price Performance

Shares of JPMorgan Chase & Co. stock opened at $268.63 on Wednesday. JPMorgan Chase & Co. has a one year low of $190.88 and a one year high of $280.25. The stock’s fifty day moving average is $248.89 and its 200 day moving average is $250.21. The stock has a market cap of $746.54 billion, a P/E ratio of 13.61, a P/E/G ratio of 2.83 and a beta of 1.08. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.89 and a current ratio of 0.88.

JPMorgan Chase & Co. (NYSE:JPM) last announced its earnings results on Friday, April 11th. The financial services provider reported $5.07 EPS for the quarter, topping analysts’ consensus estimates 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 company 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 EPS. JPMorgan Chase & Co.’s revenue for the quarter was up 8.0% compared to the same quarter last year. Sell-side analysts anticipate that JPMorgan Chase & Co. will post 18.1 earnings per share for the current year.

JPMorgan Chase & Co. Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Thursday, July 3rd will be paid a $1.40 dividend. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $5.60 dividend on an annualized basis and a yield of 2.08%. JPMorgan Chase & Co.’s payout ratio is presently 27.49%.

JPMorgan Chase & Co. Company Profile

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.