Zacks Investment Research upgraded shares of JPMorgan Chase & Co. (NYSE:JPM) from a hold rating to a buy rating in a research note released on Tuesday. Zacks Investment Research currently has $120.00 price target on the financial services provider’s stock.
According to Zacks, “JPMorgan's shares have outperformed the industry so far this year. Also, the company has an impressive earnings surprise history, having surpassed the Zacks Consensus Estimate in each of the trailing four quarters. The bank’s third-quarter 2018 results benefited from loan growth, higher interest rates, improvement in equity trading income and lower credit costs. Expansion into new markets, focus on strengthening the card business, rising rate environment and increasingloan demand will benefit the bank’s financials. While dismal mortgage banking performance (as originations continue to decline) remains a major concern, lower tax rates and easing of stringent regulations are expected to offer some support. Further, its enhanced capital deployment activities reflect a strong balance sheet position.”
Other research analysts have also recently issued reports about the stock. Keefe, Bruyette & Woods reissued a $111.53 rating and set a $127.00 price target on shares of JPMorgan Chase & Co. in a research report on Wednesday, July 18th. Royal Bank of Canada restated a buy rating and set a $120.00 price objective on shares of JPMorgan Chase & Co. in a research note on Monday, July 16th. Credit Suisse Group set a $130.00 price objective on shares of JPMorgan Chase & Co. and gave the company a buy rating in a research note on Thursday, July 12th. DZ Bank upgraded shares of JPMorgan Chase & Co. from a hold rating to a buy rating in a research note on Thursday, July 19th. Finally, UBS Group upgraded shares of JPMorgan Chase & Co. from a hold rating to a buy rating in a research note on Thursday, July 19th. Eight investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. The company has a consensus rating of Buy and an average target price of $123.44.
NYSE JPM traded up $0.60 during trading hours on Tuesday, reaching $108.69. 135,889 shares of the company’s stock traded hands, compared to its average volume of 17,539,326. JPMorgan Chase & Co. has a 52-week low of $95.95 and a 52-week high of $119.33. The stock has a market cap of $376.93 billion, a P/E ratio of 15.82, a price-to-earnings-growth ratio of 1.78 and a beta of 1.17. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.01 and a quick ratio of 1.01.
JPMorgan Chase & Co. (NYSE:JPM) last issued its quarterly 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 net margin of 23.39% and a return on equity of 13.90%. The company had revenue of $27.26 billion during the quarter, compared to analysts’ expectations of $27.20 billion. During the same period last year, the company posted $1.76 EPS. Research analysts expect that JPMorgan Chase & Co. will post 9.26 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 31st. Stockholders of record on Friday, October 5th will be paid a $0.80 dividend. The ex-dividend date is Thursday, October 4th. This is a positive change from JPMorgan Chase & Co.’s previous quarterly dividend of $0.56. This represents a $3.20 dividend on an annualized basis and a dividend yield of 2.94%. JPMorgan Chase & Co.’s payout ratio is currently 46.58%.
In other news, CEO Gordon Smith sold 30,725 shares of JPMorgan Chase & Co. stock in a transaction that occurred on Monday, July 23rd. The shares were sold at an average price of $114.01, for a total value of $3,502,957.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.73% of the company’s stock.
Several hedge funds have recently made changes to their positions in JPM. Summit Trail Advisors LLC grew its stake in shares of JPMorgan Chase & Co. by 10,129.2% in the first quarter. Summit Trail Advisors LLC now owns 6,914,142 shares of the financial services provider’s stock worth $6,914,000 after acquiring an additional 6,846,550 shares during the period. OppenheimerFunds Inc. grew its stake in shares of JPMorgan Chase & Co. by 104.9% in the first quarter. OppenheimerFunds Inc. now owns 9,051,033 shares of the financial services provider’s stock worth $995,342,000 after acquiring an additional 4,634,515 shares during the period. FMR LLC grew its stake in shares of JPMorgan Chase & Co. by 4.5% in the second quarter. FMR LLC now owns 91,209,565 shares of the financial services provider’s stock worth $9,504,036,000 after acquiring an additional 3,913,869 shares during the period. Charles Schwab Investment Advisory Inc. bought a new stake in shares of JPMorgan Chase & Co. in the second quarter worth approximately $278,896,000. Finally, ADAMCAPITAL Gestao de Recursos Ltda. bought a new stake in shares of JPMorgan Chase & Co. in the fourth quarter worth approximately $262,139,000. Hedge funds and other institutional investors own 70.62% 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, 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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