Renaissance Technologies LLC Buys 686,249 Shares of JPMorgan Chase & Co. $JPM

Renaissance Technologies LLC increased its stake in JPMorgan Chase & Co. (NYSE:JPM) by 32,663.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 688,350 shares of the financial services provider’s stock after purchasing an additional 686,249 shares during the period. Renaissance Technologies LLC’s holdings in JPMorgan Chase & Co. were worth $202,481,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Timmons Wealth Management LLC bought a new position in JPMorgan Chase & Co. in the fourth quarter valued at about $27,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of JPMorgan Chase & Co. during the 4th quarter worth approximately $32,000. MBM Wealth Consultants LLC bought a new stake in shares of JPMorgan Chase & Co. during the first quarter worth approximately $29,000. Osbon Capital Management LLC acquired a new position in JPMorgan Chase & Co. in the fourth quarter valued at approximately $35,000. Finally, Turning Point Benefit Group Inc. bought a new position in JPMorgan Chase & Co. in the third quarter valued at approximately $35,000. 71.55% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on JPM shares. Deutsche Bank Aktiengesellschaft raised JPMorgan Chase & Co. from a “hold” rating to a “buy” rating and set a $375.00 price objective for the company in a research note on Wednesday, July 22nd. HSBC boosted their target price on JPMorgan Chase & Co. from $288.00 to $312.00 and gave the stock a “hold” rating in a research report on Monday, May 4th. Morgan Stanley reiterated a “positive” rating and issued a $370.00 price target on shares of JPMorgan Chase & Co. in a research report on Wednesday, July 15th. Citigroup lifted their price objective on shares of JPMorgan Chase & Co. from $325.00 to $360.00 and gave the stock a “neutral” rating in a research note on Monday, July 20th. Finally, Daiwa Securities Group decreased their price objective on shares of JPMorgan Chase & Co. from $340.00 to $328.00 and set an “outperform” rating for the company in a report on Tuesday, April 7th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $358.67.

Insiders Place Their Bets

In other JPMorgan Chase & Co. news, COO Jennifer Piepszak sold 4,919 shares of the firm’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $309.42, for a total transaction of $1,522,036.98. Following the sale, the chief operating officer directly owned 85,082 shares in the company, valued at approximately $26,326,072.44. This trade represents a 5.47% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible 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 JPMorgan Chase & Co. stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $309.41, for a total transaction of $935,037.02. Following the completion of the transaction, the chief financial officer directly owned 32,438 shares in the company, valued at approximately $10,036,641.58. The trade was a 8.52% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 18,876 shares of company stock worth $5,907,051. Company insiders own 0.41% of the company’s stock.

JPMorgan Chase & Co. News Summary

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

• Positive Sentiment: Strong earnings momentum: JPMorgan’s record second-quarter performance, including sharply higher earnings and revenue that exceeded analyst expectations, has reinforced investor confidence in its lending, trading and investment-banking operations. JPMorgan and Goldman Posted Record Quarters
• Positive Sentiment: Rising earnings estimates: Analysts are increasing their profit forecasts for JPMorgan, a trend that can support further near-term gains as investors reassess the bank’s earnings outlook. Earnings Estimates Rising for JPMorgan Chase
• Positive Sentiment: New payments opportunity: South Korea’s KB Kookmin Bank plans to use JPMorgan’s Kinexys blockchain for cross-border U.S.-dollar payments across 10 countries. The agreement highlights potential growth for JPMorgan’s institutional payments and digital-assets infrastructure. South Korea’s Largest Bank to Launch Payment Service on JPMorgan’s Kinexys
• Positive Sentiment: AI and efficiency appeal: Analysts continue to view JPMorgan favorably as it applies artificial intelligence to reduce costs and improve productivity, while maintaining strong cash generation and a diversified revenue base. These 3 AI Winners Don’t Sell the Tech—They Use It
• Neutral Sentiment: CEO Jamie Dimon’s account of his 2020 health crisis is personal and does not materially change JPMorgan’s current earnings or valuation outlook. Jamie Dimon Reveals the Moment He Knew It Might Be Goodbye
• Negative Sentiment: Risk warnings temper optimism: Dimon cautioned that investors may be underestimating geopolitical, fiscal and valuation risks. Rising consumer credit-card delinquencies and unusually volatile markets also represent potential pressure on future loan quality and results. Jamie Dimon Said Markets Are Underestimating Risks

JPMorgan Chase & Co. Stock Performance

JPM stock opened at $356.15 on Tuesday. JPMorgan Chase & Co. has a 1-year low of $279.10 and a 1-year high of $359.05. The company has a current ratio of 0.85, a quick ratio of 0.86 and a debt-to-equity ratio of 1.30. The firm has a market cap of $954.30 billion, a PE ratio of 15.26, a P/E/G ratio of 1.47 and a beta of 0.99. The business’s 50-day moving average price is $324.84 and its two-hundred day moving average price is $311.12.

JPMorgan Chase & Co. (NYSE:JPM) last announced its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $6.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.59 by $0.55. The company had revenue of $58.02 billion during the quarter, compared to the consensus estimate of $50.72 billion. JPMorgan Chase & Co. had a return on equity of 18.23% and a net margin of 21.86%.The company’s revenue for the quarter was up 27.7% compared to the same quarter last year. During the same period in the prior year, the company earned $4.96 earnings per share. As a group, research analysts forecast that JPMorgan Chase & Co. will post 23.97 earnings per share for the current year.

JPMorgan Chase & Co. Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Monday, July 6th will be paid a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Monday, July 6th. JPMorgan Chase & Co.’s dividend payout ratio is presently 25.71%.

JPMorgan Chase & Co. Company Profile

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.