Harvey Investment Co. LLC Lowers Stake in JPMorgan Chase & Co. (JPM)

Harvey Investment Co. LLC reduced its position in shares of JPMorgan Chase & Co. (NYSE:JPM) by 3.2% in the second quarter, according to its most recent filing with the SEC. The fund owned 21,998 shares of the financial services provider’s stock after selling 716 shares during the quarter. Harvey Investment Co. LLC’s holdings in JPMorgan Chase & Co. were worth $2,292,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. raised its holdings in JPMorgan Chase & Co. by 0.7% during the 1st quarter. BlackRock Inc. now owns 228,054,279 shares of the financial services provider’s stock valued at $25,079,128,000 after buying an additional 1,627,006 shares during the period. Schwab Charles Investment Management Inc. raised its holdings in JPMorgan Chase & Co. by 0.4% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 12,738,914 shares of the financial services provider’s stock valued at $1,400,899,000 after buying an additional 49,436 shares during the period. California Public Employees Retirement System raised its holdings in JPMorgan Chase & Co. by 0.5% during the 1st quarter. California Public Employees Retirement System now owns 9,430,305 shares of the financial services provider’s stock valued at $1,037,051,000 after buying an additional 44,527 shares during the period. OppenheimerFunds Inc. raised its holdings in JPMorgan Chase & Co. by 104.9% during the 1st quarter. OppenheimerFunds Inc. now owns 9,051,033 shares of the financial services provider’s stock valued at $995,342,000 after buying an additional 4,634,515 shares during the period. Finally, Summit Trail Advisors LLC raised its holdings in JPMorgan Chase & Co. by 10,129.2% during the 1st quarter. Summit Trail Advisors LLC now owns 6,914,142 shares of the financial services provider’s stock valued at $6,914,000 after buying an additional 6,846,550 shares during the period. Hedge funds and other institutional investors own 70.56% of the company’s stock.

JPM has been the topic of several recent research reports. Bank of America increased their price target on JPMorgan Chase & Co. from $126.00 to $132.00 and gave the company a “buy” rating in a report on Monday, September 17th. Zacks Investment Research upgraded JPMorgan Chase & Co. from a “hold” rating to a “buy” rating and set a $127.00 price target on the stock in a report on Friday, September 14th. UBS Group upgraded JPMorgan Chase & Co. from a “hold” rating to a “buy” rating in a report on Thursday, July 19th. BMO Capital Markets increased their price target on JPMorgan Chase & Co. from $110.00 to $118.00 and gave the company a “market perform” rating in a report on Monday, July 16th. Finally, DZ Bank upgraded JPMorgan Chase & Co. from a “hold” rating to a “buy” rating in a research note on Thursday, July 19th. Eleven analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $122.13.

JPM stock opened at $115.32 on Tuesday. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.01 and a current ratio of 1.01. JPMorgan Chase & Co. has a twelve month low of $94.96 and a twelve month high of $119.33. The firm has a market capitalization of $387.26 billion, a price-to-earnings ratio of 16.79, a price-to-earnings-growth ratio of 1.85 and a beta of 1.17.

JPMorgan Chase & Co. (NYSE:JPM) last announced its quarterly earnings results on Friday, July 13th. The financial services provider reported $2.29 EPS for the quarter, beating the consensus estimate of $2.22 by $0.07. The firm had revenue of $27.75 billion for the quarter, compared to analyst estimates of $27.62 billion. JPMorgan Chase & Co. had a return on equity of 13.18% and a net margin of 22.80%. Sell-side analysts predict that JPMorgan Chase & Co. will post 9.17 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 31st. Stockholders of record on Friday, October 5th will be paid a dividend of $0.80 per share. The ex-dividend date of this dividend is Thursday, October 4th. This represents a $3.20 annualized dividend and a dividend yield of 2.77%. This is a positive change from JPMorgan Chase & Co.’s previous quarterly dividend of $0.56. JPMorgan Chase & Co.’s dividend payout ratio (DPR) is currently 46.58%.

In other news, CEO Gordon Smith sold 30,725 shares of the firm’s stock in a transaction on Monday, July 23rd. The stock was sold at an average price of $114.01, for a total transaction of $3,502,957.25. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.73% of the company’s stock.

JPMorgan Chase & Co. Company Profile

JPMorgan Chase & Co operates as a financial services company worldwide. It operates through four segments: Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking, and Asset & Wealth Management. The Consumer & Community Banking segment offers deposit and investment products and services to consumers; lending, deposit, and cash management and payment solutions to small businesses; residential mortgages and home equity loans; and credit cards, payment processing services, auto loans and leases.

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Institutional Ownership by Quarter for JPMorgan Chase & Co. (NYSE:JPM)

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