Fragasso Financial Advisors Inc Sells 2,640 Shares of JPMorgan Chase & Co. $JPM

by · The Markets Daily

Fragasso Financial Advisors Inc lowered its stake in shares of JPMorgan Chase & Co. (NYSE:JPM – Free Report) by 11.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 19,918 shares of the financial services provider’s stock after selling 2,640 shares during the period. Fragasso Financial Advisors Inc’s holdings in JPMorgan Chase & Co. were worth $6,632,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. State Street Corp lifted its position in JPMorgan Chase & Co. by 0.8% during the second quarter. State Street Corp now owns 125,209,293 shares of the financial services provider’s stock valued at $40,984,758,000 after purchasing an additional 932,632 shares during the last quarter. Bank of America Corp DE increased its position in shares of JPMorgan Chase & Co. by 6.1% during the 2nd quarter. Bank of America Corp DE now owns 69,666,753 shares of the financial services provider’s stock valued at $22,804,018,000 after purchasing an additional 4,006,293 shares during the last quarter. Bank of New York Mellon Corp grew its position in JPMorgan Chase & Co. by 2.6% during the second quarter. Bank of New York Mellon Corp now owns 21,642,804 shares of the financial services provider’s stock valued at $7,084,339,000 after acquiring an additional 540,362 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of JPMorgan Chase & Co. by 0.7% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 18,833,413 shares of the financial services provider’s stock valued at $6,164,741,000 after purchasing an additional 134,634 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of JPMorgan Chase & Co. by 3.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 18,968,884 shares of the financial services provider’s stock valued at $5,578,788,000 after purchasing an additional 607,288 shares during the last quarter. 71.55% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider Robin Leopold sold 2,500 shares of JPMorgan Chase & Co. stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $352.81, for a total transaction of $882,025.00. Following the transaction, the insider directly owned 71,047 shares in the company, valued at approximately $25,066,092.07. The trade was a 3.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.41% of the company’s stock.

JPMorgan Chase & Co. News Summary

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

  • Positive Sentiment: Third-quarter revenue rose approximately 8% year over year to $50.2 billion, while net income increased 6% to $15.3 billion. Consumer & Community Banking, Commercial & Investment Banking, and Asset & Wealth Management all delivered double-digit net-income growth. JPMorgan Chase Reports Third-Quarter Net Income
  • Positive Sentiment: Broad-based loan and deposit growth, an 18.23% return on equity, and continued earnings growth support the view that JPMorgan’s underlying franchise remains resilient despite a challenging market backdrop. JPMorgan Earnings Miss Estimates But Reveal Broad-Based Strength
  • Positive Sentiment: Technical sentiment improved after JPMorgan broke its recent downtrend and found support near $325, suggesting some investors view the pullback as a potential buying opportunity. Is JPMorgan About to Trend Higher?

JPMorgan Chase & Co. Stock Up 0.3%

JPM traded up $0.93 during trading on Tuesday, hitting $335.23. 7,769,439 shares of the company’s stock traded hands, compared to its average volume of 9,182,284. JPMorgan Chase & Co. has a 12-month low of $279.10 and a 12-month high of $366.50. The company’s 50 day simple moving average is $350.00 and its two-hundred day simple moving average is $329.24. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.30. The stock has a market capitalization of $891.12 billion, a price-to-earnings ratio of 14.36, a PEG ratio of 1.37 and a beta of 1.02.

JPMorgan Chase & Co. (NYSE:JPM – Get Free Report) last announced its quarterly earnings results on Tuesday, October 13th. The financial services provider reported $5.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.94 by ($0.19). The company had revenue of $50.17 billion for the quarter, compared to analysts’ expectations of $51.23 billion. JPMorgan Chase & Co. had a net margin of 21.86% and a return on equity of 18.23%. The business’s revenue was up 8.1% compared to the same quarter last year. During the same period in the previous year, the business earned $5.07 EPS. Analysts predict that JPMorgan Chase & Co. will post 24.16 earnings per share for the current fiscal year.

JPMorgan Chase & Co. Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, October 31st. Investors of record on Tuesday, October 6th will be issued a $1.65 dividend. The ex-dividend date of this dividend is Tuesday, October 6th. This is a positive change from JPMorgan Chase & Co.’s previous quarterly dividend of $1.50. This represents a $6.60 dividend on an annualized basis and a dividend yield of 2.0%. JPMorgan Chase & Co.’s payout ratio is 28.28%.

Analyst Ratings Changes

Several analysts have weighed in on JPM shares. Barclays reiterated an “overweight” rating on shares of JPMorgan Chase & Co. in a research report on Tuesday, October 6th. TD Cowen started coverage on JPMorgan Chase & Co. in a report on Thursday, October 8th. They issued a “hold” rating and a $370.00 price objective for the company. Deutsche Bank Aktiengesellschaft upgraded shares of JPMorgan Chase & Co. from a “hold” rating to a “buy” rating and set a $375.00 price objective for the company in a report on Wednesday, July 22nd. Morgan Stanley reiterated a “positive” rating and set a $370.00 target price on shares of JPMorgan Chase & Co. in a report on Wednesday, July 15th. Finally, Bank of America upped their price target on JPMorgan Chase & Co. from $408.00 to $420.00 and gave the stock a “buy” rating in a research note on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and thirteen have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, JPMorgan Chase & Co. has an average rating of “Moderate Buy” and an average target price of $362.88.

Read Our Latest Stock Report on JPMorgan Chase & Co.

About JPMorgan Chase & Co.

(Free Report)

JPMorgan Chase & Co is a global financial services company headquartered in New York City. Through its businesses, the company provides banking, investment banking, asset management, private banking, commercial banking, consumer lending and payment services to individuals, businesses, institutions and governments.

The company operates through major business areas that include Consumer & Community Banking, Commercial & Investment Banking, and Asset & Wealth Management. Its products and services include deposit accounts, credit cards, mortgages, auto loans, business financing, investment and advisory services, securities trading and custody, payment processing, and wealth-management solutions.

JPMorgan Chase serves customers in the United States and maintains operations and client relationships across international markets.

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