JPMorgan Chase & Co. (NYSE:JPM) Trading 2.5% Higher Following Earnings Beat

Shares of JPMorgan Chase & Co. (NYSE:JPM) rose 2.5% during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $344.73 and last traded at $342.7440. Approximately 14,165,624 shares were traded during trading, an increase of 40% from the average session volume of 10,134,136 shares. The stock had previously closed at $334.53.

The financial services provider reported $6.14 earnings per share for the quarter, topping analysts’ consensus estimates of $5.59 by $0.55. The company had revenue of $58.02 billion for the quarter, compared to analyst estimates of $51.09 billion. JPMorgan Chase & Co. had a net margin of 20.66% and a return on equity of 17.54%. The firm’s revenue for the quarter was up 27.7% on a year-over-year basis. During the same period in the prior year, the company posted $4.96 EPS.

JPMorgan Chase & Co. Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Monday, July 6th will be paid a dividend of $1.50 per share. The ex-dividend date of this dividend is Monday, July 6th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 1.8%. JPMorgan Chase & Co.’s dividend payout ratio is currently 28.74%.

Trending Headlines about JPMorgan Chase & Co.

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

• Positive Sentiment: Investment banking and trading drove results, with dealmaking activity, equities revenue, and market volatility all boosting earnings. Reuters article
• Positive Sentiment: Management pointed to resilient consumer spending and solid credit performance, suggesting the U.S. consumer remains healthy despite higher rates and inflation. PYMNTS article
• Positive Sentiment: Analysts and market commentary are turning more bullish, with reports of higher price targets, strong loan growth, and expectations for a likely dividend increase later this year. MarketBeat article
• Positive Sentiment: Broader sector sentiment improved as investors viewed JPMorgan’s results as evidence that the consumer and economy are holding up better than feared. Yahoo Finance article

Analyst Ratings Changes

JPM has been the subject of a number of research analyst reports. Robert W. Baird set a $295.00 price target on JPMorgan Chase & Co. in a research note on Wednesday, April 15th. Zacks Research downgraded JPMorgan Chase & Co. from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, April 8th. Royal Bank Of Canada reiterated a “buy” rating on shares of JPMorgan Chase & Co. in a research note on Monday, May 4th. UBS Group lifted their target price on JPMorgan Chase & Co. from $375.00 to $384.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. Finally, Bank of America boosted their target price on shares of JPMorgan Chase & Co. from $362.00 to $408.00 and gave the company a “buy” rating in a research note on Tuesday, July 7th. Fourteen research analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $345.33.

Insider Activity at JPMorgan Chase & Co.

In other JPMorgan Chase & Co. news, CFO Jeremy Barnum sold 3,022 shares of the firm’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $309.41, for a total transaction of $935,037.02. Following the transaction, the chief financial officer directly owned 32,438 shares in the company, valued at $10,036,641.58. This trade represents a 8.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer Piepszak sold 4,919 shares of JPMorgan Chase & Co. stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $309.42, for a total value of $1,522,036.98. Following the sale, the chief operating officer directly owned 85,082 shares of the company’s stock, valued at approximately $26,326,072.44. This trade represents a 5.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 33,623 shares of company stock worth $10,427,835. Company insiders own 0.41% of the company’s stock.

Hedge Funds Weigh In On JPMorgan Chase & Co.

A number of hedge funds and other institutional investors have recently made changes to their positions in JPM. Roxbury Financial LLC raised its holdings in shares of JPMorgan Chase & Co. by 0.4% in the 4th quarter. Roxbury Financial LLC now owns 8,011 shares of the financial services provider’s stock valued at $2,581,000 after purchasing an additional 31 shares in the last quarter. Collective Family Office LLC lifted its position in shares of JPMorgan Chase & Co. by 1.0% in the 4th quarter. Collective Family Office LLC now owns 3,339 shares of the financial services provider’s stock worth $1,076,000 after purchasing an additional 32 shares during the period. Essential Planning LLC. boosted its stake in shares of JPMorgan Chase & Co. by 2.4% during the fourth quarter. Essential Planning LLC. now owns 1,399 shares of the financial services provider’s stock valued at $451,000 after purchasing an additional 33 shares in the last quarter. Sterling Group Wealth Management LLC boosted its stake in shares of JPMorgan Chase & Co. by 0.8% during the first quarter. Sterling Group Wealth Management LLC now owns 4,020 shares of the financial services provider’s stock valued at $1,183,000 after purchasing an additional 33 shares in the last quarter. Finally, Tevis Investment Management increased its holdings in JPMorgan Chase & Co. by 0.8% during the third quarter. Tevis Investment Management now owns 4,238 shares of the financial services provider’s stock valued at $1,337,000 after buying an additional 34 shares during the period. Institutional investors own 71.55% of the company’s stock.

JPMorgan Chase & Co. Trading Up 2.5%

The company has a market capitalization of $918.39 billion, a PE ratio of 16.41, a price-to-earnings-growth ratio of 1.53 and a beta of 0.99. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.86 and a quick ratio of 0.86. The company’s fifty day moving average is $316.28 and its 200-day moving average is $309.76.

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.