Cornerstone Investment Partners LLC Acquires 24,970 Shares of JPMorgan Chase & Co. (JPM)
Cornerstone Investment Partners LLC increased its holdings in shares of JPMorgan Chase & Co. (NYSE:JPM) by 3.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 860,509 shares of the financial services provider’s stock after purchasing an additional 24,970 shares during the period. JPMorgan Chase & Co. makes up 4.1% of Cornerstone Investment Partners LLC’s portfolio, making the stock its 5th biggest position. Cornerstone Investment Partners LLC’s holdings in JPMorgan Chase & Co. were worth $89,665,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. Financial Gravity Wealth Inc. bought a new stake in JPMorgan Chase & Co. in the 1st quarter valued at approximately $150,000. FSI Group LLC bought a new stake in JPMorgan Chase & Co. in the 4th quarter valued at approximately $159,000. Stelac Advisory Services LLC bought a new stake in JPMorgan Chase & Co. in the 1st quarter valued at approximately $162,000. Private Ocean LLC lifted its stake in JPMorgan Chase & Co. by 94.7% in the 1st quarter. Private Ocean LLC now owns 1,694 shares of the financial services provider’s stock valued at $186,000 after acquiring an additional 824 shares in the last quarter. Finally, Avenir Corp bought a new stake in JPMorgan Chase & Co. in the 1st quarter valued at approximately $201,000. Institutional investors and hedge funds own 70.51% of the company’s stock.
NYSE:JPM opened at $116.72 on Tuesday. The company has a market cap of $404.46 billion, a price-to-earnings ratio of 16.99, a P/E/G ratio of 1.93 and a beta of 1.16. JPMorgan Chase & Co. has a twelve month low of $93.34 and a twelve month high of $119.33. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 1.18.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 31st. Shareholders of record on Friday, October 5th will be given a dividend of $0.80 per share. This is a positive change from JPMorgan Chase & Co.’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Thursday, October 4th. This represents a $3.20 annualized dividend and a dividend yield of 2.74%. JPMorgan Chase & Co.’s payout ratio is 32.61%.
Several equities research analysts have commented on JPM shares. Zacks Investment Research cut JPMorgan Chase & Co. from a “hold” rating to a “sell” rating in a research note on Monday, July 2nd. Credit Suisse Group set a $130.00 target price on JPMorgan Chase & Co. and gave the company a “buy” rating in a research note on Thursday, July 12th. Societe Generale restated a “neutral” rating and issued a $119.50 target price on shares of JPMorgan Chase & Co. in a research note on Monday, July 16th. DZ Bank upgraded JPMorgan Chase & Co. from a “hold” rating to a “buy” rating in a research note on Thursday, July 19th. Finally, Goldman Sachs Group restated a “neutral” rating and issued a $124.00 target price on shares of JPMorgan Chase & Co. in a research note on Monday, July 16th. Eleven investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $120.75.
In other JPMorgan Chase & Co. news, CEO Gordon Smith sold 30,725 shares of the business’s stock in a transaction that occurred on Monday, July 23rd. The stock was sold at an average price of $114.01, for a total transaction of $3,502,957.25. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.73% of the stock is owned by insiders.
JPMorgan Chase & Co. Profile
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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