Drexel Morgan & Co. raised its holdings in JPMorgan Chase & Co. (NYSE:JPM) by 1,938.7% during the 1st quarter, HoldingsChannel.com reports. The fund owned 236,606 shares of the financial services provider’s stock after buying an additional 225,000 shares during the period. JPMorgan Chase & Co. makes up approximately 8.3% of Drexel Morgan & Co.’s holdings, making the stock its 3rd biggest holding. Drexel Morgan & Co.’s holdings in JPMorgan Chase & Co. were worth $21,302,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in JPM. NWK Group Inc. purchased a new stake in shares of JPMorgan Chase & Co. during the fourth quarter valued at $39,000. Lloyd Advisory Services LLC. bought a new stake in JPMorgan Chase & Co. during the 4th quarter valued at about $45,000. Sailer Financial LLC purchased a new stake in JPMorgan Chase & Co. in the 4th quarter valued at about $50,000. Permanens Capital L.P. bought a new position in JPMorgan Chase & Co. in the 4th quarter worth about $50,000. Finally, Lion Street Advisors LLC bought a new position in JPMorgan Chase & Co. in the 1st quarter worth about $37,000. Institutional investors and hedge funds own 73.01% of the company’s stock.
A number of brokerages recently issued reports on JPM. TheStreet lowered JPMorgan Chase & Co. from a “b-” rating to a “c” rating in a report on Monday, May 11th. ValuEngine upgraded JPMorgan Chase & Co. from a “sell” rating to a “hold” rating in a report on Thursday, April 9th. Societe Generale upgraded JPMorgan Chase & Co. from a “sell” rating to a “buy” rating in a research note on Tuesday, April 14th. Credit Suisse Group set a $122.00 price objective on JPMorgan Chase & Co. and gave the company a “buy” rating in a report on Monday, May 18th. Finally, Morgan Stanley dropped their target price on shares of JPMorgan Chase & Co. from $109.00 to $101.00 and set an “overweight” rating on the stock in a report on Wednesday, April 15th. Ten research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. JPMorgan Chase & Co. has an average rating of “Buy” and a consensus target price of $109.75.
JPMorgan Chase & Co. (NYSE:JPM) last released its quarterly earnings results on Tuesday, April 14th. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.70 by ($1.92). JPMorgan Chase & Co. had a return on equity of 12.52% and a net margin of 21.61%. The firm had revenue of $28.25 billion during the quarter, compared to analysts’ expectations of $29.45 billion. During the same period in the prior year, the firm posted $2.65 earnings per share. JPMorgan Chase & Co.’s revenue for the quarter was down 3.0% compared to the same quarter last year. On average, equities research analysts anticipate that JPMorgan Chase & Co. will post 5.13 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Monday, July 6th will be paid a dividend of $0.90 per share. The ex-dividend date of this dividend is Thursday, July 2nd. This represents a $3.60 annualized dividend and a yield of 4.02%. JPMorgan Chase & Co.’s dividend payout ratio (DPR) is 34.35%.
In other JPMorgan Chase & Co. news, insider Ashley Bacon sold 13,027 shares of the business’s stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $91.12, for a total transaction of $1,187,020.24. Following the sale, the insider now owns 137,243 shares of the company’s stock, valued at approximately $12,505,582.16. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Stephen B. Burke purchased 75,000 shares of the business’s stock in a transaction on Thursday, April 16th. The shares were bought at an average price of $87.99 per share, for a total transaction of $6,599,250.00. Following the purchase, the director now directly owns 150,043 shares in the company, valued at approximately $13,202,283.57. The disclosure for this purchase can be found here. Corporate insiders own 0.78% of the company’s stock.
JPMorgan Chase & Co. 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.
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