Meyer Handelman Co. Acquires 3,895 Shares of JPMorgan Chase & Co. $JPM

Meyer Handelman Co. increased its holdings in shares of JPMorgan Chase & Co. (NYSE:JPM) by 1.2% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 317,169 shares of the financial services provider’s stock after acquiring an additional 3,895 shares during the quarter. JPMorgan Chase & Co. comprises about 2.9% of Meyer Handelman Co.’s investment portfolio, making the stock its 5th largest holding. Meyer Handelman Co.’s holdings in JPMorgan Chase & Co. were worth $103,819,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of JPM. Fidelis Capital Partners LLC increased its stake in shares of JPMorgan Chase & Co. by 7.9% in the 4th quarter. Fidelis Capital Partners LLC now owns 70,077 shares of the financial services provider’s stock valued at $22,580,000 after purchasing an additional 5,101 shares during the last quarter. First National Bank of Mount Dora Trust Investment Services raised its holdings in shares of JPMorgan Chase & Co. by 18.7% during the 1st quarter. First National Bank of Mount Dora Trust Investment Services now owns 41,218 shares of the financial services provider’s stock worth $12,125,000 after buying an additional 6,492 shares in the last quarter. Brighton Jones LLC lifted its position in shares of JPMorgan Chase & Co. by 11.0% during the 4th quarter. Brighton Jones LLC now owns 48,732 shares of the financial services provider’s stock worth $11,682,000 after buying an additional 4,841 shares during the last quarter. FAS Wealth Partners Inc. lifted its position in shares of JPMorgan Chase & Co. by 4.3% during the 1st quarter. FAS Wealth Partners Inc. now owns 43,527 shares of the financial services provider’s stock worth $12,804,000 after buying an additional 1,794 shares during the last quarter. Finally, KTF Investments LLC acquired a new stake in JPMorgan Chase & Co. in the fourth quarter valued at about $6,449,000. Institutional investors and hedge funds own 71.55% of the company’s stock.

Analyst Ratings Changes

JPM has been the topic of a number of recent analyst reports. Evercore reiterated an “outperform” rating and issued a $360.00 target price on shares of JPMorgan Chase & Co. in a research report on Monday, July 6th. Truist Financial lifted their price target on shares of JPMorgan Chase & Co. from $344.00 to $352.00 and gave the company a “hold” rating in a report on Wednesday, July 15th. Citigroup upped their price objective on shares of JPMorgan Chase & Co. from $325.00 to $360.00 and gave the stock a “neutral” rating in a research report on Monday, July 20th. Keefe, Bruyette & Woods increased their price objective on shares of JPMorgan Chase & Co. from $370.00 to $384.00 and gave the company an “outperform” rating in a research note on Wednesday, July 15th. Finally, Barclays increased their price objective on shares of JPMorgan Chase & Co. from $391.00 to $420.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat.com, JPMorgan Chase & Co. currently has a consensus rating of “Moderate Buy” and an average price target of $359.96.

Insiders Place Their Bets

In related news, General Counsel Stacey Friedman sold 5,467 shares of the company’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $330.73, for a total value of $1,808,100.91. Following the sale, the general counsel directly owned 40,961 shares in the company, valued at $13,547,031.53. This represents a 11.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Robin Leopold sold 2,500 shares of the company’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $361.41, for a total transaction of $903,525.00. Following the completion of the sale, the insider directly owned 73,547 shares in the company, valued at approximately $26,580,621.27. This represents a 3.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.41% of the stock is currently owned by insiders.

Key JPMorgan Chase & Co. News

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

• Positive Sentiment: Hiring strengthens JPMorgan’s healthcare investment-banking franchise. The bank reportedly hired senior healthcare banker David Blais from Guggenheim Securities, adding industry expertise and potentially supporting advisory and capital-markets revenue. JPMorgan hires healthcare banker David Blais from Guggenheim
• Positive Sentiment: Persistent inflation could keep interest rates elevated. JPMorgan and BNP Paribas now expect another European Central Bank rate increase in December. Higher rates can support net interest income, although they may also weigh on loan demand and markets activity. JPMorgan and BNP Paribas expect ECB rate hike
• Neutral Sentiment: JPMorgan’s rate outlook conflicts with market pricing. A senior JPMorgan strategist expects no U.S. rate increase for the remainder of the year, while futures markets reportedly assign meaningful odds to a hike. The disagreement increases uncertainty around bank valuations, bond trading and interest income. No increase in interest rates anytime this year
• Neutral Sentiment: A strong labor market is a mixed development. Reports of 162,000 new jobs may support loan demand and interest income, but they also raise the possibility of higher-for-longer rates, increased credit costs and valuation pressure for financial stocks. JPMorgan falls even as 162,000 jobs revive higher rates
• Negative Sentiment: Reduced financing for Jane Street highlights competitive pressure. JPMorgan reportedly scaled back financing to the quantitative trading firm as Jane Street expands in U.S. Treasury market-making, underscoring competition from nonbank firms in fixed-income markets. JPMorgan scales back Jane Street financing
• Negative Sentiment: Legal exposure remains an overhang. JPMorgan is seeking to stay a $20 million fee order related to the Javice litigation, keeping attention on litigation costs and reputational risk. JPMorgan seeks stay of $20M Javice, Amar fee order

JPMorgan Chase & Co. Stock Performance

Shares of JPM stock opened at $358.21 on Friday. The business’s 50-day moving average price is $349.89 and its 200-day moving average price is $320.44. JPMorgan Chase & Co. has a 12 month low of $279.10 and a 12 month high of $366.50. The firm has a market capitalization of $952.19 billion, a price-to-earnings ratio of 15.35, a PEG ratio of 1.48 and a beta of 0.98. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.30.

JPMorgan Chase & Co. (NYSE:JPM) last released its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $6.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.59 by $0.55. The company had revenue of $58.02 billion during the quarter, compared to the consensus estimate of $50.72 billion. JPMorgan Chase & Co. had a return on equity of 18.23% and a net margin of 21.86%.The firm’s revenue was up 27.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.96 earnings per share. Equities research analysts forecast that JPMorgan Chase & Co. will post 24.28 EPS for the current year.

JPMorgan Chase & Co. Profile

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.