JPMorgan Chase & Co. (JPM) Upgraded at Zacks Investment Research
JPMorgan Chase & Co. (NYSE:JPM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The brokerage currently has a $126.00 target price on the financial services provider’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 19.78% from the stock’s current price.
According to Zacks, “JPMorgan's shares have outperformed the industry over the past six months. Also, the company has an impressive earnings surprise history, having surpassed the Zacks Consensus Estimate in each of the trailing four quarters. Expansion into new markets, focus on strengthening the card business, rising rate environment and increasing loan demand will benefit the bank’s financials. Also, lower tax rates, strong balance sheet position and easing of stringent regulations are expected to offer some support. However, dismal mortgage banking performance (as originations continue to decline) remains a major concern. This is expected to hurt the bank's non-interest income growth to some extent. Nevertheless, JPMorgan's steady capital deployment activities continue to enhance investors' confidence in the stock.”
JPM has been the subject of several other reports. Goldman Sachs Group set a $130.00 price target on JPMorgan Chase & Co. and gave the company a “neutral” rating in a report on Friday, October 12th. Bank of America set a $132.00 price target on JPMorgan Chase & Co. and gave the company a “buy” rating in a report on Sunday, October 14th. Vining Sparks reissued a “buy” rating and issued a $125.00 price target on shares of JPMorgan Chase & Co. in a report on Friday, October 12th. Citigroup raised their price target on JPMorgan Chase & Co. from $115.00 to $125.00 and gave the company a “neutral” rating in a report on Wednesday, September 26th. Finally, Wells Fargo & Co set a $130.00 price target on JPMorgan Chase & Co. and gave the company a “buy” rating in a report on Thursday, November 15th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and sixteen have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $123.74.
JPMorgan Chase & Co. (NYSE:JPM) last posted its quarterly earnings results on Friday, October 12th. The financial services provider reported $2.34 EPS for the quarter, beating the consensus estimate of $2.24 by $0.10. The business had revenue of $27.26 billion during the quarter, compared to analysts’ expectations of $27.20 billion. JPMorgan Chase & Co. had a return on equity of 13.90% and a net margin of 23.39%. During the same period last year, the firm earned $1.76 EPS. As a group, research analysts forecast that JPMorgan Chase & Co. will post 9.26 EPS for the current fiscal year.
In other news, Director Mellody L. Hobson acquired 1,150 shares of JPMorgan Chase & Co. stock in a transaction that occurred on Friday, October 19th. The stock was purchased at an average cost of $108.94 per share, with a total value of $125,281.00. Following the completion of the acquisition, the director now owns 2,632 shares in the company, valued at approximately $286,730.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.73% of the company’s stock.
A number of hedge funds have recently modified their holdings of JPM. Summit Trail Advisors LLC raised its holdings 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 last quarter. OppenheimerFunds Inc. raised its holdings 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 last quarter. Charles Schwab Investment Advisory Inc. acquired a new position in shares of JPMorgan Chase & Co. in the second quarter worth $278,896,000. Rehmann Capital Advisory Group raised its holdings in shares of JPMorgan Chase & Co. by 5,555.9% in the third quarter. Rehmann Capital Advisory Group now owns 2,352,612 shares of the financial services provider’s stock worth $11,266,384,000 after acquiring an additional 2,311,016 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp raised its holdings in shares of JPMorgan Chase & Co. by 108.1% in the first quarter. OMERS ADMINISTRATION Corp now owns 3,835,312 shares of the financial services provider’s stock worth $421,769,000 after acquiring an additional 1,992,507 shares during the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.
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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