Montecito Bank & Trust Cuts Stake in JPMorgan Chase & Co. (NYSE:JPM)

Posted by Defense World Staff on Apr 3rd, 2023

Montecito Bank & Trust reduced its stake in JPMorgan Chase & Co. (NYSE:JPM – Get Rating) by 2.6% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 29,104 shares of the financial services provider’s stock after selling 792 shares during the quarter. JPMorgan Chase & Co. accounts for approximately 0.9% of Montecito Bank & Trust’s portfolio, making the stock its 26th largest holding. Montecito Bank & Trust’s holdings in JPMorgan Chase & Co. were worth $3,903,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in JPM. Retirement Financial Solutions LLC bought a new stake in JPMorgan Chase & Co. in the 4th quarter valued at about $26,000. HBC Financial Services PLLC raised its stake in JPMorgan Chase & Co. by 61.2% in the 2nd quarter. HBC Financial Services PLLC now owns 237 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 90 shares during the period. Creative Capital Management Investments LLC bought a new stake in JPMorgan Chase & Co. in the 4th quarter valued at about $30,000. Horizons Wealth Management bought a new stake in JPMorgan Chase & Co. in the 2nd quarter valued at about $39,000. Finally, New Millennium Group LLC bought a new stake in JPMorgan Chase & Co. in the 2nd quarter valued at about $39,000. 67.89% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Wells Fargo & Company upgraded JPMorgan Chase & Co. from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $148.00 to $155.00 in a research note on Monday, March 13th. Citigroup boosted their price objective on JPMorgan Chase & Co. from $150.00 to $165.00 in a research note on Tuesday, January 17th. Credit Suisse Group set a $155.00 price target on JPMorgan Chase & Co. in a research report on Monday, February 27th. UBS Group set a $156.00 price target on shares of JPMorgan Chase & Co. in a report on Friday, January 13th. Finally, Deutsche Bank Aktiengesellschaft downgraded shares of JPMorgan Chase & Co. from a “buy” rating to a “hold” rating and lowered their price target for the stock from $155.00 to $145.00 in a report on Friday, January 6th. Six research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $149.28.

Insiders Place Their Bets

In other JPMorgan Chase & Co. news, Director Mellody L. Hobson purchased 375 shares of the firm’s stock in a transaction on Thursday, January 19th. The shares were purchased at an average cost of $134.53 per share, with a total value of $50,448.75. Following the completion of the purchase, the director now owns 22,040 shares of the company’s stock, valued at approximately $2,965,041.20. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. In other JPMorgan Chase & Co. news, Director Mellody L. Hobson purchased 375 shares of the firm’s stock in a transaction on Thursday, January 19th. The shares were purchased at an average cost of $134.53 per share, with a total value of $50,448.75. Following the completion of the purchase, the director now owns 22,040 shares of the company’s stock, valued at approximately $2,965,041.20. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Mary E. Erdoes sold 10,340 shares of JPMorgan Chase & Co. stock in a transaction that occurred on Tuesday, January 17th. The stock was sold at an average price of $140.29, for a total transaction of $1,450,598.60. Following the transaction, the chief executive officer now directly owns 544,136 shares in the company, valued at $76,336,839.44. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 37,887 shares of company stock valued at $5,315,762. 0.79% of the stock is currently owned by corporate insiders.

JPMorgan Chase & Co. Trading Up 1.2 %

Shares of JPM opened at $130.31 on Monday. The firm’s 50 day simple moving average is $136.94 and its 200 day simple moving average is $130.26. The company has a market capitalization of $383.55 billion, a P/E ratio of 10.79, a P/E/G ratio of 2.00 and a beta of 1.12. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.84 and a quick ratio of 0.84. JPMorgan Chase & Co. has a 1-year low of $101.28 and a 1-year high of $144.34.

JPMorgan Chase & Co. (NYSE:JPM – Get Rating) last announced its earnings results on Friday, January 13th. The financial services provider reported $3.57 earnings per share for the quarter, beating analysts’ consensus estimates of $3.11 by $0.46. The business had revenue of $34.55 billion for the quarter, compared to the consensus estimate of $34.23 billion. JPMorgan Chase & Co. had a net margin of 24.34% and a return on equity of 14.68%. JPMorgan Chase & Co.’s quarterly revenue was up 18.1% on a year-over-year basis. During the same period last year, the firm posted $3.33 earnings per share. Sell-side analysts forecast that JPMorgan Chase & Co. will post 12.9 earnings per share for the current fiscal year.

JPMorgan Chase & Co. Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Sunday, April 30th. Shareholders of record on Thursday, April 6th will be paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 3.07%. The ex-dividend date is Wednesday, April 5th. JPMorgan Chase & Co.’s dividend payout ratio (DPR) is presently 33.11%.

JPMorgan Chase & Co. Company Profile

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JPMorgan Chase & Co is a financial holding company, which engages in providing financial and investment banking services. The firm offers a range of investment banking products and services in all capital markets, including advising on corporate strategy and structure, capital raising in equity and debt markets, risk management, market making in cash securities and derivative instruments, and brokerage and research.