JPMorgan Chase & Co. (JPM) Upgraded to “Buy” by 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 note issued to investors on Thursday. The brokerage currently has a $126.00 price target on the financial services provider’s stock. Zacks Investment Research‘s target price indicates a potential upside of 11.49% from the stock’s current price.
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 company’s fourth-quarter 2017 results benefited mainly from higher interest income and investment banking fees, partially offset by lower trading revenues and mortgage banking fess along with a surge in provisions for loan losses. The bank’s efforts to manage expenses, higher interest rates and rising loan demand will likely continue to benefit its financials. While the company faces persistent fee income growth challenge, mainly due to a slowdown in trading activities and dismal capital markets performance, lower tax rates will aid profitability in the quarters ahead.”
A number of other research analysts have also recently weighed in on the company. DZ Bank upgraded JPMorgan Chase & Co. from a “sell” rating to a “hold” rating in a research report on Wednesday. Wells Fargo & Co set a $130.00 price target on JPMorgan Chase & Co. and gave the company a “buy” rating in a research report on Wednesday. UBS Group restated a “buy” rating and issued a $125.00 price target (up previously from $119.00) on shares of JPMorgan Chase & Co. in a research report on Tuesday. Credit Suisse Group restated an “outperform” rating and issued a $125.00 price target (up previously from $120.00) on shares of JPMorgan Chase & Co. in a research report on Tuesday. Finally, Bank of America set a $119.00 price target on JPMorgan Chase & Co. and gave the company a “buy” rating in a research report on Monday, January 15th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and fifteen have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $105.81.
JPMorgan Chase & Co. (NYSE:JPM) last announced its quarterly earnings results on Friday, January 12th. The financial services provider reported $1.76 earnings per share for the quarter, beating analysts’ consensus estimates of $1.69 by $0.07. JPMorgan Chase & Co. had a return on equity of 11.63% and a net margin of 21.46%. The business had revenue of $24.15 billion during the quarter, compared to analysts’ expectations of $24.87 billion. During the same quarter last year, the business posted $1.71 earnings per share. The business’s revenue for the quarter was up 3.3% on a year-over-year basis. sell-side analysts anticipate that JPMorgan Chase & Co. will post 8.78 EPS for the current fiscal year.
In related news, CEO Mary E. Erdoes sold 65,101 shares of the stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $112.25, for a total transaction of $7,307,587.25. Following the sale, the chief executive officer now owns 479,882 shares of the company’s stock, valued at $53,866,754.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Peter Scher sold 26,532 shares of the stock in a transaction on Friday, January 19th. The shares were sold at an average price of $113.42, for a total value of $3,009,259.44. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 154,146 shares of company stock worth $17,312,129. Corporate insiders own 0.88% of the company’s stock.
A number of large investors have recently modified their holdings of JPM. Private Vista LLC acquired a new stake in JPMorgan Chase & Co. in the 2nd quarter worth about $102,000. Kohmann Bosshard Financial Services LLC acquired a new stake in JPMorgan Chase & Co. in the 3rd quarter worth about $102,000. Welch Investments LLC acquired a new stake in JPMorgan Chase & Co. in the 3rd quarter worth about $103,000. Legacy Advisors LLC acquired a new stake in JPMorgan Chase & Co. in the 3rd quarter worth about $106,000. Finally, Atlantic Trust LLC acquired a new stake in JPMorgan Chase & Co. in the 2nd quarter worth about $136,000. 73.78% of the stock is currently owned by hedge funds and other 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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