JPMorgan Chase & Co. (NYSE:JPM) Shares Down 1.7% Following Analyst Downgrade

JPMorgan Chase & Co. (NYSE:JPM) fell 1.7% on Monday after Zacks Research downgraded the stock from a strong-buy rating to a hold rating. The company traded as low as $347.55 and last traded at $350.3210. Approximately 8,199,346 shares traded hands during mid-day trading, a decline of 11% from the average daily volume of 9,255,361 shares. The stock had previously closed at $356.23.

A number of other brokerages have also weighed in on JPM. Truist Financial lifted their target price on shares of JPMorgan Chase & Co. from $344.00 to $352.00 and gave the company a “hold” rating in a research note on Wednesday, July 15th. The Goldman Sachs Group reiterated a “buy” rating and issued a $418.00 target price on shares of JPMorgan Chase & Co. in a research note on Tuesday, July 14th. Deutsche Bank Aktiengesellschaft upgraded JPMorgan Chase & Co. from a “hold” rating to a “buy” rating and set a $375.00 price objective for the company in a research report on Wednesday, July 22nd. Citigroup boosted their target price on shares of JPMorgan Chase & Co. from $325.00 to $360.00 and gave the stock a “neutral” rating in a report on Monday, July 20th. Finally, Bank of America increased their price target on JPMorgan Chase & Co. from $408.00 to $420.00 and gave the stock a “buy” rating in a report on Thursday, July 16th. Sixteen research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $359.96.

Insider Activity

In other JPMorgan Chase & Co. news, General Counsel Stacey Friedman sold 5,467 shares of the company’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $330.73, for a total value of $1,808,100.91. Following the transaction, the general counsel directly owned 40,961 shares in the company, valued at $13,547,031.53. This represents a 11.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Robin Leopold sold 2,500 shares of JPMorgan Chase & Co. stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $352.81, for a total transaction of $882,025.00. Following the sale, the insider directly owned 71,047 shares of the company’s stock, valued at $25,066,092.07. This represents a 3.40% decrease in their position. 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. Over the last three months, insiders sold 10,467 shares of company stock valued at $3,593,651. 0.41% of the stock is owned by corporate insiders.

JPMorgan Chase & Co. News Summary

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

• Positive Sentiment: JPMorgan raised its quarterly common-stock dividend 10%, from $1.50 to $1.65 per share. The dividend is payable October 31 to shareholders of record October 6, representing an annualized yield of approximately 1.9%. The increase signals confidence in capital strength and gives investors more cash income. JPM Stock Rises as JPMorgan’s New Dividend Signals More Cash for Investors
• Positive Sentiment: At the Barclays Global Financial Services Conference, co-President Doug Petno said third-quarter investment-banking fees and trading revenue are expected to grow strongly. The upbeat revenue outlook helped reinforce expectations for near-term earnings momentum. JPMorgan expects investment banking, trading to shine in third quarter
• Neutral Sentiment: JPMorgan continues to benefit from higher interest rates and a strong capital-markets environment, but commentary indicates earnings growth is moderating. Investors may therefore view the stock’s premium valuation—supported by a price-to-earnings ratio near 15—as dependent on sustained fee and trading strength. JPM Benefits from Higher Rates, but Earnings Growth Is Slowing
• Negative Sentiment: Zacks Research downgraded JPMorgan from “strong buy” to “hold.” The action could temper investor enthusiasm, particularly with the shares trading close to their 52-week high. Zacks

Hedge Funds Weigh In On JPMorgan Chase & Co.

Large investors have recently bought and sold shares of the business. Concorde Asset Management LLC increased its holdings in shares of JPMorgan Chase & Co. by 1.1% during the second quarter. Concorde Asset Management LLC now owns 2,660 shares of the financial services provider’s stock valued at $871,000 after purchasing an additional 29 shares during the period. Elevation Wealth Management LLC lifted its holdings in JPMorgan Chase & Co. by 1.0% in the second quarter. Elevation Wealth Management LLC now owns 3,074 shares of the financial services provider’s stock worth $1,006,000 after purchasing an additional 29 shares during the period. Henrickson Nauta Wealth Advisors Inc. grew its position in JPMorgan Chase & Co. by 0.8% in the 2nd quarter. Henrickson Nauta Wealth Advisors Inc. now owns 3,531 shares of the financial services provider’s stock valued at $1,156,000 after buying an additional 29 shares in the last quarter. Arkansas Financial Group Inc. raised its position in shares of JPMorgan Chase & Co. by 1.1% during the 2nd quarter. Arkansas Financial Group Inc. now owns 2,667 shares of the financial services provider’s stock worth $873,000 after buying an additional 30 shares in the last quarter. Finally, Flynn Zito Capital Management LLC lifted its stake in shares of JPMorgan Chase & Co. by 1.1% in the 2nd quarter. Flynn Zito Capital Management LLC now owns 2,830 shares of the financial services provider’s stock worth $926,000 after acquiring an additional 30 shares during the period. Institutional investors own 71.55% of the company’s stock.

JPMorgan Chase & Co. Stock Up 1.1%

The firm has a market capitalization of $941.27 billion, a P/E ratio of 15.17, a PEG ratio of 1.44 and a beta of 0.98. The firm’s fifty day moving average price is $352.81 and its 200-day moving average price is $323.02. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.85 and a quick ratio of 0.85.

JPMorgan Chase & Co. (NYSE:JPM) last issued its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $6.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.59 by $0.55. JPMorgan Chase & Co. had a return on equity of 18.23% and a net margin of 21.86%.The firm had revenue of $58.02 billion during the quarter, compared to analyst estimates of $50.72 billion. During the same period last year, the company posted $4.96 EPS. The firm’s quarterly revenue was up 27.7% on a year-over-year basis. As a group, equities research analysts forecast that JPMorgan Chase & Co. will post 24.3 earnings per share for the current year.

JPMorgan Chase & Co. Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Saturday, October 31st. Investors of record on Tuesday, October 6th will be issued a dividend of $1.65 per share. The ex-dividend date is Tuesday, October 6th. This is a positive change from JPMorgan Chase & Co.’s previous quarterly dividend of $1.50. This represents a $6.60 dividend on an annualized basis and a yield of 1.9%. JPMorgan Chase & Co.’s payout ratio is 25.71%.

JPMorgan Chase & Co. Company Profile

JPMorgan Chase & Co is a global financial services company headquartered in New York City. Through its businesses, the company provides banking, lending, payments, investment banking, asset management and wealth management services to consumers, businesses, institutional clients and governments.

The company operates through four primary business areas: Consumer & Community Banking; Commercial & Investment Banking; Asset & Wealth Management; and Corporate. Its offerings include deposit accounts, credit cards, mortgages, auto loans, business banking, commercial lending, treasury services, investment banking, securities trading, investment management and private banking.

JPMorgan Chase serves customers in the United States and maintains operations and client relationships across numerous international markets.