Granite Bay Wealth Management LLC Buys 1,396,194 Shares of JPMorgan Chase & Co. (NYSE:JPM)

Granite Bay Wealth Management LLC raised its stake in shares of JPMorgan Chase & Co. (NYSE:JPM) by 6,239.1% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 1,418,572 shares of the financial services provider’s stock after acquiring an additional 1,396,194 shares during the quarter. JPMorgan Chase & Co. accounts for 2.8% of Granite Bay Wealth Management LLC’s holdings, making the stock its 14th largest position. Granite Bay Wealth Management LLC’s holdings in JPMorgan Chase & Co. were worth $277,456,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the stock. Stone House Investment Management LLC boosted its stake in JPMorgan Chase & Co. by 132.8% during the fourth quarter. Stone House Investment Management LLC now owns 156 shares of the financial services provider’s stock worth $27,000 after buying an additional 89 shares in the last quarter. Retirement Group LLC boosted its position in shares of JPMorgan Chase & Co. by 227.1% during the 1st quarter. Retirement Group LLC now owns 157 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 109 shares in the last quarter. Richardson Capital Management LLC acquired a new stake in shares of JPMorgan Chase & Co. during the 1st quarter valued at about $34,000. Davidson Capital Management Inc. bought a new stake in JPMorgan Chase & Co. in the first quarter valued at about $37,000. Finally, Kathleen S. Wright Associates Inc. acquired a new position in JPMorgan Chase & Co. in the first quarter worth about $40,000. Institutional investors own 71.55% of the company’s stock.

JPMorgan Chase & Co. Trading Up 0.2 %

Shares of JPM stock traded up $0.39 on Monday, reaching $206.19. 6,824,124 shares of the stock were exchanged, compared to its average volume of 9,276,000. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.91 and a quick ratio of 0.92. JPMorgan Chase & Co. has a one year low of $135.19 and a one year high of $217.56. The stock has a market cap of $592.11 billion, a PE ratio of 11.50, a P/E/G ratio of 2.42 and a beta of 1.12. The stock has a 50 day moving average price of $203.58 and a 200 day moving average price of $194.43.

JPMorgan Chase & Co. (NYSE:JPM) last announced its quarterly earnings data on Friday, July 12th. The financial services provider reported $6.12 earnings per share for the quarter, topping the consensus estimate of $4.19 by $1.93. The firm had revenue of $50.80 billion during the quarter, compared to analysts’ expectations of $42.23 billion. JPMorgan Chase & Co. had a return on equity of 17.26% and a net margin of 20.32%. During the same period in the previous year, the business posted $4.37 EPS. Equities research analysts forecast that JPMorgan Chase & Co. will post 16.78 EPS for the current fiscal year.

JPMorgan Chase & Co. Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Friday, July 5th were paid a $1.15 dividend. The ex-dividend date of this dividend was Friday, July 5th. This represents a $4.60 dividend on an annualized basis and a yield of 2.23%. JPMorgan Chase & Co.’s payout ratio is presently 25.66%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on JPM shares. BMO Capital Markets upped their price objective on JPMorgan Chase & Co. from $195.00 to $205.00 and gave the company a “market perform” rating in a research note on Thursday, July 11th. StockNews.com upgraded JPMorgan Chase & Co. from a “sell” rating to a “hold” rating in a research report on Saturday, July 13th. Robert W. Baird lifted their price objective on JPMorgan Chase & Co. from $175.00 to $185.00 and gave the company a “neutral” rating in a report on Tuesday, May 21st. Morgan Stanley upped their target price on shares of JPMorgan Chase & Co. from $221.00 to $226.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Finally, Wells Fargo & Company lifted their price target on shares of JPMorgan Chase & Co. from $220.00 to $225.00 and gave the company an “overweight” rating in a report on Monday, July 15th. Eight analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $205.71.

Insiders Place Their Bets

In related news, insider Ashley Bacon sold 5,086 shares of JPMorgan Chase & Co. stock in a transaction on Monday, June 10th. The stock was sold at an average price of $199.54, for a total transaction of $1,014,860.44. Following the completion of the sale, the insider now directly owns 212,265 shares of the company’s stock, valued at $42,355,358.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, insider Ashley Bacon sold 5,086 shares of JPMorgan Chase & Co. stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $199.54, for a total transaction of $1,014,860.44. Following the transaction, the insider now owns 212,265 shares of the company’s stock, valued at approximately $42,355,358.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Stacey Friedman sold 4,415 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $200.65, for a total transaction of $885,869.75. Following the completion of the sale, the general counsel now directly owns 42,124 shares of the company’s stock, valued at approximately $8,452,180.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 26,533 shares of company stock valued at $5,310,756. Company insiders own 0.79% of the company’s stock.

About JPMorgan Chase & Co.

JPMorgan Chase & Co operates as a financial services company worldwide. It operates through four segments: Consumer & Community Banking (CCB), Corporate & Investment Bank (CIB), Commercial Banking (CB), and Asset & Wealth Management (AWM). The CCB segment offers deposit, investment and lending products, cash management, and payments and services; mortgage origination and servicing activities; residential mortgages and home equity loans; and credit cards, auto loans, leases, and travel services to consumers and small businesses through bank branches, ATMs, and digital and telephone banking.