JPMorgan Chase & Co. $JPM Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System cut its holdings in shares of JPMorgan Chase & Co. (NYSE:JPM) by 22.8% during the first quarter, HoldingsChannel.com reports. The fund owned 704,331 shares of the financial services provider’s stock after selling 208,400 shares during the quarter. JPMorgan Chase & Co. makes up 1.1% of State of Michigan Retirement System’s holdings, making the stock its 13th largest position. State of Michigan Retirement System’s holdings in JPMorgan Chase & Co. were worth $207,186,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of JPM. Brighton Jones LLC raised its holdings in shares of JPMorgan Chase & Co. by 11.0% in the fourth quarter. Brighton Jones LLC now owns 48,732 shares of the financial services provider’s stock valued at $11,682,000 after buying an additional 4,841 shares during the last quarter. Acorns Advisers LLC increased its position in JPMorgan Chase & Co. by 6.9% in the 1st quarter. Acorns Advisers LLC now owns 1,547 shares of the financial services provider’s stock valued at $379,000 after acquiring an additional 100 shares during the period. Ignite Planners LLC raised its stake in JPMorgan Chase & Co. by 0.7% during the 2nd quarter. Ignite Planners LLC now owns 10,934 shares of the financial services provider’s stock valued at $3,185,000 after acquiring an additional 78 shares during the last quarter. Jump Financial LLC acquired a new stake in JPMorgan Chase & Co. during the 2nd quarter worth approximately $1,475,000. Finally, Betterment LLC grew its stake in shares of JPMorgan Chase & Co. by 27.5% in the 2nd quarter. Betterment LLC now owns 1,970 shares of the financial services provider’s stock valued at $571,000 after purchasing an additional 425 shares during the last quarter. Hedge funds and other institutional investors own 71.55% of the company’s stock.

Insider Activity

In related news, General Counsel Stacey Friedman sold 5,467 shares of JPMorgan Chase & Co. stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $330.73, for a total transaction of $1,808,100.91. Following the completion of the transaction, the general counsel directly owned 40,961 shares of the company’s stock, valued at approximately $13,547,031.53. The trade was a 11.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jeremy Barnum sold 3,022 shares of the business’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $309.41, for a total value of $935,037.02. Following the sale, the chief financial officer owned 32,438 shares in the company, valued at approximately $10,036,641.58. The trade was a 8.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 18,876 shares of company stock worth $5,907,051. Company insiders own 0.41% of the company’s stock.

JPMorgan Chase & Co. Stock Performance

NYSE:JPM opened at $341.60 on Friday. The company has a quick ratio of 0.86, a current ratio of 0.85 and a debt-to-equity ratio of 1.30. JPMorgan Chase & Co. has a fifty-two week low of $279.10 and a fifty-two week high of $351.24. The stock has a market cap of $915.33 billion, a PE ratio of 14.64, a price-to-earnings-growth ratio of 1.54 and a beta of 0.99. The firm’s fifty day simple moving average is $319.11 and its 200-day simple moving average is $310.31.

JPMorgan Chase & Co. (NYSE:JPM) last announced its quarterly earnings data on Tuesday, April 14th. The financial services provider reported $5.94 EPS for the quarter, beating the consensus estimate of $5.50 by $0.44. The firm had revenue of $50.54 billion during the quarter, compared to analysts’ expectations of $48.30 billion. JPMorgan Chase & Co. had a net margin of 21.86% and a return on equity of 18.23%. The business’s revenue for the quarter was up 10.0% compared to the same quarter last year. During the same quarter last year, the business earned $5.07 earnings per share. Analysts expect that JPMorgan Chase & Co. will post 23.24 earnings per share for the current fiscal year.

JPMorgan Chase & Co. Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Monday, July 6th will be issued a $1.50 dividend. The ex-dividend date of this dividend is Monday, July 6th. This represents a $6.00 dividend on an annualized basis and a yield of 1.8%. JPMorgan Chase & Co.’s dividend payout ratio (DPR) is 25.71%.

JPMorgan Chase & Co. News Summary

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

• Positive Sentiment: JPMorgan’s blowout Q2 earnings are driving bullish sentiment, with the bank reporting record profits, 41% higher net income, strong trading and investment banking activity, and higher full-year net interest income guidance. JPMorgan Just Reported $21.2 Billion in Q2 Net Income — Up 41% — and CEO Jamie Dimon Said the Economy Is “Close to as Good as It Gets.”
• Positive Sentiment: Analysts have been raising expectations after the results, including multiple higher price targets and upgraded earnings forecasts, signaling confidence that JPMorgan can continue to outperform. JPMorgan Price Target Raised to $380 on Strong Q2 Results, Upgraded Outlook and Capital Strength
• Positive Sentiment: The stock is also benefiting from expectations that JPMorgan may raise its quarterly dividend by 10% after passing the Federal Reserve stress test, reinforcing the bank’s capital strength and shareholder-return story. JPM Stock Just Staged a Record Bull Run. 1 Analyst Thinks It Can Still Soar to $420.
• Neutral Sentiment: JPMorgan was added to several “Strong Buy” and momentum/income stock lists, which adds to positive sentiment but is less directly impactful than earnings or guidance. New Strong Buy Stocks for July 17th
• Neutral Sentiment: JPMorgan also drew attention for major financing activity and a $24 million Philadelphia shipbuilding investment, highlighting ongoing business expansion and capital deployment. JPMorgan Chase (JPM) Puts $24 Million Into Philadelphia Shipbuilding And Defense
• Negative Sentiment: Late-day sector weakness in financial stocks may be limiting JPMorgan’s upside even as company-specific fundamentals remain strong. Sector Update: Financial Stocks Decline Friday Afternoon

Wall Street Analyst Weigh In

Several research firms have recently commented on JPM. Truist Financial upped their price target on JPMorgan Chase & Co. from $344.00 to $352.00 and gave the stock a “hold” rating in a research note on Wednesday. Autonomous Res reduced their target price on shares of JPMorgan Chase & Co. from $360.00 to $324.00 and set a “neutral” rating for the company in a research note on Monday, April 6th. DZ Bank reaffirmed a “neutral” rating on shares of JPMorgan Chase & Co. in a report on Wednesday, April 15th. Dbs Bank raised shares of JPMorgan Chase & Co. to a “hold” rating in a report on Tuesday, May 12th. Finally, Zacks Research lowered JPMorgan Chase & Co. from a “strong-buy” rating to a “hold” rating in a report on Wednesday, April 8th. Fifteen investment analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the stock. According to data from MarketBeat.com, JPMorgan Chase & Co. currently has a consensus rating of “Moderate Buy” and a consensus target price of $354.92.

About JPMorgan Chase & Co.

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.