JPMorgan Chase & Co. (NYSE:JPM) Shares Up 1% After Dividend Announcement

JPMorgan Chase & Co. (NYSE:JPM)’s share price traded up 1% during trading on Monday following a dividend announcement from the company. The stock traded as high as $301.26 and last traded at $300.9070. 7,507,488 shares changed hands during mid-day trading, a decline of 27% from the average session volume of 10,214,358 shares. The stock had previously closed at $297.81.

The newly announced dividend which will be paid on Friday, July 31st. Stockholders of record on Monday, July 6th will be given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Monday, July 6th. JPMorgan Chase & Co.’s dividend payout ratio (DPR) is currently 28.74%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Wells Fargo & Company cut their price objective on JPMorgan Chase & Co. from $360.00 to $350.00 and set an “overweight” rating on the stock in a report on Tuesday, February 17th. UBS Group lowered their target price on JPMorgan Chase & Co. from $380.00 to $375.00 in a report on Wednesday, May 6th. Piper Sandler raised their target price on JPMorgan Chase & Co. from $325.00 to $345.00 and gave the company an “overweight” rating in a report on Wednesday, April 15th. Jefferies Financial Group reissued a “neutral” rating on shares of JPMorgan Chase & Co. in a research report on Monday, May 4th. Finally, HSBC increased their price target on shares of JPMorgan Chase & Co. from $288.00 to $312.00 and gave the stock a “hold” rating in a research report on Monday, May 4th. Fifteen equities research analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $339.08.

JPMorgan Chase & Co. Price Performance

The stock’s 50 day moving average is $299.94 and its two-hundred day moving average is $307.25. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a market capitalization of $809.32 billion, a PE ratio of 14.47, a price-to-earnings-growth ratio of 1.47 and a beta of 1.03.

JPMorgan Chase & Co. (NYSE:JPM) last released its earnings results on Tuesday, April 14th. The financial services provider reported $5.94 earnings per share for the quarter, topping analysts’ consensus estimates of $5.50 by $0.44. JPMorgan Chase & Co. had a net margin of 20.66% and a return on equity of 17.54%. The firm had revenue of $50.54 billion for the quarter, compared to analyst estimates of $48.30 billion. During the same period in the prior year, the firm earned $5.07 earnings per share. The business’s quarterly revenue was up 10.0% compared to the same quarter last year. As a group, sell-side analysts forecast that JPMorgan Chase & Co. will post 22.43 earnings per share for the current fiscal year.

Key Stories Impacting JPMorgan Chase & Co.

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

• Positive Sentiment: JPMorganChase said it is officially opening its Chase digital retail bank in Germany, expanding its consumer banking footprint in Europe and adding a new growth avenue outside the U.S. JPMorgan’s digital retail bank in Germany open for business
• Positive Sentiment: The bank will also have a visible presence at the Morgan Stanley U.S. Financials Conference, where Consumer & Community Banking CEO Marianne Lake is scheduled to present, keeping JPMorgan in the spotlight with investors. JPMorganChase to Present at the Morgan Stanley U.S. Financials Conference
• Positive Sentiment: JPMorgan also reinforced its income appeal by declaring another quarterly dividend, supporting the stock’s reputation as a large-cap bank with steady shareholder returns. JPMorganChase Declares Common Stock Dividend

Insider Buying and Selling

In related news, CEO Troy L. Rohrbaugh sold 50,000 shares of the stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $307.11, for a total value of $15,355,500.00. Following the transaction, the chief executive officer directly owned 111,279 shares of the company’s stock, valued at $34,174,893.69. This trade represents a 31.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, General Counsel Stacey Friedman sold 5,468 shares of the stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $300.27, for a total transaction of $1,641,876.36. Following the completion of the transaction, the general counsel directly owned 46,428 shares in the company, valued at $13,940,935.56. This trade represents a 10.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 79,021 shares of company stock valued at $24,235,680 over the last three months. 0.41% of the stock is currently owned by insiders.

Hedge Funds Weigh In On JPMorgan Chase & Co.

A number of hedge funds have recently modified their holdings of the business. SHUTTLEWORTH & Co grew its position in shares of JPMorgan Chase & Co. by 1.1% during the first quarter. SHUTTLEWORTH & Co now owns 10,561 shares of the financial services provider’s stock worth $3,107,000 after acquiring an additional 111 shares during the last quarter. Leigh Baldwin & CO. LLC grew its position in JPMorgan Chase & Co. by 9.0% in the 1st quarter. Leigh Baldwin & CO. LLC now owns 2,259 shares of the financial services provider’s stock valued at $665,000 after buying an additional 187 shares during the last quarter. FinArc Investments Inc. purchased a new position in JPMorgan Chase & Co. in the 1st quarter valued at $3,244,000. TrueWealth Financial Partners purchased a new position in JPMorgan Chase & Co. in the 1st quarter valued at $312,000. Finally, Western Wealth Management LLC grew its position in JPMorgan Chase & Co. by 49.1% in the 1st quarter. Western Wealth Management LLC now owns 63,689 shares of the financial services provider’s stock valued at $18,735,000 after buying an additional 20,961 shares during the last quarter. 71.55% of the stock is currently owned by hedge funds and other institutional investors.

About JPMorgan Chase & Co.

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.