JPMorgan Chase & Co. (JPM) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of JPMorgan Chase & Co. (NYSE:JPM) from a hold rating to a buy rating in a research report released on Monday morning. Zacks Investment Research currently has $129.00 price target on the financial services provider’s stock.
According to Zacks, “JPMorgan's shares have outperformed the industry over the past six months. This price performance is backed by impressive earnings surprise history, with the company surpassing the Zacks Consensus Estimate in each of the trailing four quarters. The bank’s efforts to manage expenses, higher interest rates and rising loan demand will likely continue to benefit its financials. Also, lower tax rates will aid profitability in the quarters ahead. While, fee income growth challenges and litigation hassles continue to remain key near-term concerns, the company is expected to continue to enhance shareholder value through efficient capital deployment activities.”
Other analysts have also issued research reports about the stock. Buckingham Research upgraded shares of JPMorgan Chase & Co. from a neutral rating to a buy rating in a research note on Thursday, December 21st. Wells Fargo set a $120.00 price target on shares of JPMorgan Chase & Co. and gave the stock a buy rating in a research note on Wednesday, December 20th. Royal Bank of Canada restated a buy rating on shares of JPMorgan Chase & Co. in a research note on Friday, December 8th. Credit Suisse Group upgraded shares of JPMorgan Chase & Co. to a buy rating and set a $120.00 price target for the company in a research note on Friday, January 5th. Finally, Vining Sparks restated a buy rating and issued a $120.00 price target on shares of JPMorgan Chase & Co. in a research note on Friday, January 12th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and fourteen have given a buy rating to the stock. The stock currently has a consensus rating of Hold and an average price target of $111.63.
JPMorgan Chase & Co. (NYSE:JPM) last posted its quarterly earnings data on Friday, January 12th. The financial services provider reported $1.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.69 by $0.07. The company had revenue of $24.15 billion for the quarter, compared to analyst estimates of $24.87 billion. JPMorgan Chase & Co. had a net margin of 21.46% and a return on equity of 11.63%. The business’s quarterly revenue was up 3.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.71 earnings per share. sell-side analysts forecast that JPMorgan Chase & Co. will post 8.9 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, April 30th. Stockholders of record on Friday, April 6th will be issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 1.95%. The ex-dividend date is Thursday, April 5th. JPMorgan Chase & Co.’s dividend payout ratio (DPR) is 35.56%.
In other news, insider Ashley Bacon sold 16,434 shares of the business’s stock in a transaction on Tuesday, January 16th. The shares were sold at an average price of $112.22, for a total transaction of $1,844,223.48. Following the completion of the transaction, the insider now owns 98,811 shares of the company’s stock, valued at $11,088,570.42. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director James S. Crown purchased 7,280 shares of JPMorgan Chase & Co. stock in a transaction dated Thursday, January 18th. The shares were purchased at an average cost of $113.37 per share, with a total value of $825,333.60. Following the acquisition, the director now owns 305,875 shares of the company’s stock, valued at approximately $34,677,048.75. The disclosure for this purchase can be found here. In the last three months, insiders have sold 152,047 shares of company stock valued at $17,098,115. Corporate insiders own 0.88% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the company. ADAMCAPITAL Gestao de Recursos Ltda. acquired a new stake in JPMorgan Chase & Co. in the fourth quarter worth about $262,139,000. Certified Advisory Corp acquired a new stake in JPMorgan Chase & Co. in the fourth quarter worth about $259,000. Ackerman Capital Advisors LLC acquired a new stake in JPMorgan Chase & Co. in the fourth quarter worth about $399,000. Wagner Wealth Management LLC acquired a new stake in JPMorgan Chase & Co. in the fourth quarter worth about $454,000. Finally, D.B. Root & Company LLC acquired a new stake in JPMorgan Chase & Co. in the fourth quarter worth about $302,000. 74.47% of the stock is owned by institutional investors.
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About JPMorgan Chase & Co.
JPMorgan Chase & Co is a financial holding company. The Company is engaged in investment banking, financial services. It operates in four segments, as well as a Corporate segment. Its segments are Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking and Asset Management. The Consumer & Community Banking segment offers services to consumers and businesses through bank branches, automatic teller machines (ATMs), online, mobile and telephone banking.
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