Providence Wealth Advisors LLC Reduces Position in JPMorgan Chase & Co. (JPM)

Providence Wealth Advisors LLC lowered its stake in shares of JPMorgan Chase & Co. (NYSE:JPM) by 2.4% during the third quarter, HoldingsChannel reports. The firm owned 62,959 shares of the financial services provider’s stock after selling 1,575 shares during the quarter. JPMorgan Chase & Co. makes up about 6.5% of Providence Wealth Advisors LLC’s investment portfolio, making the stock its biggest position. Providence Wealth Advisors LLC’s holdings in JPMorgan Chase & Co. were worth $7,104,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Arlington Partners LLC boosted its holdings in JPMorgan Chase & Co. by 126.6% in the third quarter. Arlington Partners LLC now owns 895 shares of the financial services provider’s stock worth $101,000 after acquiring an additional 500 shares in the last quarter. Investment Partners LTD. boosted its holdings in JPMorgan Chase & Co. by 12.5% in the third quarter. Investment Partners LTD. now owns 21,950 shares of the financial services provider’s stock worth $113,000 after acquiring an additional 2,436 shares in the last quarter. Quad Cities Investment Group LLC acquired a new stake in JPMorgan Chase & Co. in the second quarter worth about $124,000. O Brien Wealth Partners LLC boosted its holdings in JPMorgan Chase & Co. by 1,120.9% in the third quarter. O Brien Wealth Partners LLC now owns 1,111 shares of the financial services provider’s stock worth $125,000 after acquiring an additional 1,020 shares in the last quarter. Finally, Ballew Advisors Inc boosted its holdings in JPMorgan Chase & Co. by 104.2% in the second quarter. Ballew Advisors Inc now owns 1,213 shares of the financial services provider’s stock worth $126,000 after acquiring an additional 619 shares in the last quarter. 71.27% of the stock is currently owned by institutional investors.

In other news, insider Ashley Bacon sold 5,831 shares of the firm’s stock in a transaction dated Wednesday, January 16th. The stock was sold at an average price of $102.78, for a total value of $599,310.18. Following the completion of the transaction, the insider now directly owns 98,838 shares in the company, valued at $10,158,569.64. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Douglas B. Petno sold 11,659 shares of the firm’s stock in a transaction dated Tuesday, January 29th. The stock was sold at an average price of $105.00, for a total value of $1,224,195.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 39,191 shares of company stock valued at $4,102,110. Company insiders own 0.73% of the company’s stock.

Several equities research analysts have weighed in on JPM shares. Wells Fargo & Co set a $130.00 price target on JPMorgan Chase & Co. and gave the stock a “buy” rating in a report on Thursday, November 15th. Zacks Investment Research raised JPMorgan Chase & Co. from a “hold” rating to a “buy” rating and set a $120.00 price target for the company in a report on Tuesday, October 16th. Finally, Bank of America set a $132.00 price target on JPMorgan Chase & Co. and gave the stock a “buy” rating in a report on Sunday, October 14th. Twelve research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. JPMorgan Chase & Co. currently has a consensus rating of “Hold” and a consensus target price of $122.94.

Shares of NYSE:JPM opened at $101.36 on Monday. JPMorgan Chase & Co. has a 52-week low of $91.11 and a 52-week high of $119.33. The stock has a market capitalization of $347.86 billion, a PE ratio of 11.26, a PEG ratio of 1.53 and a beta of 1.11. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.00 and a quick ratio of 1.01.

JPMorgan Chase & Co. (NYSE:JPM) last announced its quarterly earnings data on Tuesday, January 15th. The financial services provider reported $1.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.20 by ($0.22). JPMorgan Chase & Co. had a return on equity of 14.07% and a net margin of 24.71%. The firm had revenue of $26.10 billion during the quarter, compared to analysts’ expectations of $26.69 billion. During the same quarter in the previous year, the business earned $1.76 earnings per share. The company’s revenue for the quarter was up 8.1% compared to the same quarter last year. As a group, equities analysts predict that JPMorgan Chase & Co. will post 9.94 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 31st. Stockholders of record on Friday, January 4th were paid a $0.80 dividend. This represents a $3.20 annualized dividend and a dividend yield of 3.16%. The ex-dividend date of this dividend was Thursday, January 3rd. JPMorgan Chase & Co.’s payout ratio is 35.56%.

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About JPMorgan Chase & Co.

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.

Further Reading: What is the float in trading stocks?

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

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