Zacks Investment Research upgraded shares of JPMorgan Chase & Co. (NYSE:JPM) from a hold rating to a buy rating in a research report sent to investors on Monday morning, Zacks.com reports. Zacks Investment Research currently has $126.00 price target on the financial services provider’s stock.
According to Zacks, “JPMorgan's shares have outperformed the industry over the past six months. The bank has an impressive earnings surprise history. The company has surpassed the Zacks Consensus Estimate in three of the trailing four quarters. Higher rates and improving loan balance will further support the company’s revenues. While dismal mortgage banking performance and the company's significant dependence on capital markets revenues makes us wary, expansion into new markets by opening branches and focus on strengthening credit card business will go a long way in supporting the company's profitability. Also, its steady capital deployments reflect a strong balance sheet position.”
Several other research firms have also recently commented on JPM. BMO Capital Markets reduced their price target on JPMorgan Chase & Co. from $124.00 to $123.00 and set a market perform rating for the company in a report on Wednesday, January 16th. Barclays reissued a buy rating and issued a $140.00 price target on shares of JPMorgan Chase & Co. in a report on Thursday, February 21st. Morgan Stanley raised their price target on JPMorgan Chase & Co. from $124.00 to $130.00 and gave the company an overweight rating in a report on Monday, April 15th. Credit Suisse Group raised their price target on JPMorgan Chase & Co. from $128.00 to $132.00 and gave the company an outperform rating in a report on Monday, April 15th. Finally, HSBC set a $102.00 price target on JPMorgan Chase & Co. and gave the company a neutral rating in a report on Thursday, April 4th. Eleven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of $123.85.
JPMorgan Chase & Co. (NYSE:JPM) last posted its quarterly earnings results on Friday, April 12th. The financial services provider reported $2.65 EPS for the quarter, beating the consensus estimate of $2.32 by $0.33. The business had revenue of $29.12 billion during the quarter, compared to analysts’ expectations of $27.95 billion. JPMorgan Chase & Co. had a return on equity of 14.23% and a net margin of 24.28%. During the same period last year, the firm earned $2.37 EPS. As a group, research analysts forecast that JPMorgan Chase & Co. will post 10 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 30th. Investors of record on Friday, April 5th were issued a dividend of $0.80 per share. The ex-dividend date of this dividend was Thursday, April 4th. This represents a $3.20 annualized dividend and a yield of 2.91%. JPMorgan Chase & Co.’s dividend payout ratio is presently 35.56%.
In related news, insider Ashley Bacon sold 20,145 shares of JPMorgan Chase & Co. stock in a transaction on Monday, April 15th. The stock was sold at an average price of $109.75, for a total transaction of $2,210,913.75. Following the completion of the transaction, the insider now directly owns 112,191 shares of the company’s stock, valued at $12,312,962.25. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Douglas B. Petno sold 18,303 shares of JPMorgan Chase & Co. stock in a transaction on Monday, April 15th. The stock was sold at an average price of $109.74, for a total value of $2,008,571.22. Following the transaction, the chief executive officer now directly owns 259,386 shares of the company’s stock, valued at $28,465,019.64. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 157,573 shares of company stock valued at $17,293,454. 0.76% of the stock is currently owned by insiders.
A number of hedge funds have recently modified their holdings of JPM. Oregon Public Employees Retirement Fund raised its holdings in JPMorgan Chase & Co. by 5,338.4% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 39,471,964 shares of the financial services provider’s stock worth $404,000 after purchasing an additional 38,746,167 shares during the last quarter. Norges Bank acquired a new position in JPMorgan Chase & Co. during the fourth quarter worth $2,986,672,000. BlackRock Inc. raised its holdings in JPMorgan Chase & Co. by 3.2% during the first quarter. BlackRock Inc. now owns 221,952,699 shares of the financial services provider’s stock worth $22,468,272,000 after purchasing an additional 6,864,576 shares during the last quarter. American International Group Inc. raised its holdings in JPMorgan Chase & Co. by 314.9% during the fourth quarter. American International Group Inc. now owns 4,882,121 shares of the financial services provider’s stock worth $476,593,000 after purchasing an additional 3,705,536 shares during the last quarter. Finally, Rehmann Capital Advisory Group raised its holdings in JPMorgan Chase & Co. by 5,555.9% during 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 purchasing an additional 2,311,016 shares during the last quarter. 69.48% of the stock is owned by hedge funds and other institutional investors.
JPMorgan Chase & Co. Company Profile
JPMorgan Chase & Co operates as a financial services company worldwide. It operates through four segments: Consumer & Community Banking (CCB), Corporate & Investment Bank (CIB), Commercial Banking (CB), and Asset & Wealth Management (AWM). The CCB segment offers deposit and investment products and services to consumers; lending, deposit, and cash management and payment solutions to small businesses; mortgage origination and servicing activities; residential mortgages and home equity loans; and credit card, payment processing, auto loan, and leasing services.
Recommended Story: How to use beta for portfolio diversification
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for JPMorgan Chase & Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for JPMorgan Chase & Co. and related companies with MarketBeat.com's FREE daily email newsletter.