JPMorgan Chase & Co. (JPM) Rating Increased to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of JPMorgan Chase & Co. (NYSE:JPM) from a hold rating to a buy rating in a research report sent to investors on Wednesday morning. They currently have $126.00 target price on the financial services provider’s stock.

According to Zacks, “JPMorgan's shares have outperformed the industry over the past six months. Also, the company has an impressive earnings surprise history, having surpassed the Zacks Consensus Estimate in each of the trailing four quarters. Expansion into new markets, focus on strengthening the card business, rising rate environment and increasing loan demand will benefit the bank’s financials. Also, lower tax rates, strong balance sheet position and easing of stringent regulations are expected to offer some support. However, dismal mortgage banking performance (as originations continue to decline) remains a major concern. This is expected to hurt the bank's non-interest income growth to some extent. Nevertheless, JPMorgan's steady capital deployment activities continue to enhance investors' confidence in the stock.”

A number of other research analysts have also recently issued reports on JPM. Citigroup boosted their target price on JPMorgan Chase & Co. from $115.00 to $125.00 and gave the company a neutral rating in a research note on Wednesday, September 26th. Wolfe Research began coverage on JPMorgan Chase & Co. in a research report on Tuesday, September 25th. They set an outperform rating for the company. Wells Fargo & Co set a $130.00 price objective on JPMorgan Chase & Co. and gave the stock a buy rating in a research report on Thursday, November 15th. Goldman Sachs Group set a $130.00 price objective on JPMorgan Chase & Co. and gave the stock a neutral rating in a research report on Friday, October 12th. Finally, Vining Sparks reaffirmed a buy rating and set a $125.00 price objective on shares of JPMorgan Chase & Co. in a research report on Friday, October 12th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and sixteen have given a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $123.64.

NYSE:JPM opened at $103.29 on Wednesday. JPMorgan Chase & Co. has a 1 year low of $102.20 and a 1 year high of $119.33. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 1.17. The stock has a market capitalization of $361.01 billion, a price-to-earnings ratio of 15.03, a price-to-earnings-growth ratio of 1.70 and a beta of 1.10.

JPMorgan Chase & Co. (NYSE:JPM) last posted its earnings results on Friday, October 12th. The financial services provider reported $2.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.24 by $0.10. JPMorgan Chase & Co. had a return on equity of 13.90% and a net margin of 23.39%. The firm had revenue of $27.26 billion during the quarter, compared to analysts’ expectations of $27.20 billion. During the same period in the previous year, the firm earned $1.76 earnings per share. As a group, equities research analysts anticipate that JPMorgan Chase & Co. will post 9.26 earnings per share for the current year.

In related news, Director Mellody L. Hobson bought 1,150 shares of the company’s stock in a transaction that occurred on Friday, October 19th. The shares were acquired at an average price of $108.94 per share, for a total transaction of $125,281.00. Following the completion of the acquisition, the director now owns 2,632 shares of the company’s stock, valued at approximately $286,730.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.73% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Elite Wealth Management Inc. raised its holdings in JPMorgan Chase & Co. by 4.1% during the first quarter. Elite Wealth Management Inc. now owns 17,891 shares of the financial services provider’s stock worth $1,967,000 after acquiring an additional 701 shares in the last quarter. Eagle Global Advisors LLC raised its holdings in JPMorgan Chase & Co. by 0.6% during the second quarter. Eagle Global Advisors LLC now owns 175,550 shares of the financial services provider’s stock worth $18,292,000 after acquiring an additional 1,114 shares in the last quarter. Retirement Income Solutions Inc raised its holdings in JPMorgan Chase & Co. by 18.0% during the second quarter. Retirement Income Solutions Inc now owns 4,650 shares of the financial services provider’s stock worth $485,000 after acquiring an additional 708 shares in the last quarter. Nuveen Asset Management LLC raised its holdings in JPMorgan Chase & Co. by 2.7% during the first quarter. Nuveen Asset Management LLC now owns 1,124,172 shares of the financial services provider’s stock worth $123,625,000 after acquiring an additional 29,540 shares in the last quarter. Finally, Syntal Capital Partners LLC raised its holdings in JPMorgan Chase & Co. by 11.3% during the first quarter. Syntal Capital Partners LLC now owns 9,963 shares of the financial services provider’s stock worth $1,095,000 after acquiring an additional 1,013 shares in the last quarter. Institutional investors and hedge funds own 70.26% 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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