Eastern Bank Sells 2,224 Shares of JPMorgan Chase & Co. (NYSE:JPM)

Posted by Defense World Staff on Apr 8th, 2023

Eastern Bank trimmed its holdings in JPMorgan Chase & Co. (NYSE:JPM – Get Rating) by 0.7% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 300,969 shares of the financial services provider’s stock after selling 2,224 shares during the quarter. JPMorgan Chase & Co. comprises 2.2% of Eastern Bank’s portfolio, making the stock its 5th biggest holding. Eastern Bank’s holdings in JPMorgan Chase & Co. were worth $40,360,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Aptus Capital Advisors LLC increased its holdings in shares of JPMorgan Chase & Co. by 11.3% in the third quarter. Aptus Capital Advisors LLC now owns 153,622 shares of the financial services provider’s stock valued at $16,054,000 after purchasing an additional 15,607 shares in the last quarter. Leisure Capital Management boosted its holdings in JPMorgan Chase & Co. by 2.7% in the third quarter. Leisure Capital Management now owns 22,736 shares of the financial services provider’s stock valued at $2,376,000 after acquiring an additional 600 shares during the last quarter. Ballentine Partners LLC boosted its holdings in JPMorgan Chase & Co. by 12.4% in the third quarter. Ballentine Partners LLC now owns 51,929 shares of the financial services provider’s stock valued at $5,427,000 after acquiring an additional 5,719 shares during the last quarter. Argus Investors Counsel Inc. boosted its holdings in JPMorgan Chase & Co. by 0.6% in the fourth quarter. Argus Investors Counsel Inc. now owns 24,284 shares of the financial services provider’s stock valued at $3,256,000 after acquiring an additional 149 shares during the last quarter. Finally, BerganKDV Wealth Management LLC boosted its stake in JPMorgan Chase & Co. by 6.1% in the third quarter. BerganKDV Wealth Management LLC now owns 35,995 shares of the financial services provider’s stock valued at $3,762,000 after acquiring an additional 2,079 shares during the last quarter. 67.89% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently commented on JPM. Piper Sandler lifted their price objective on JPMorgan Chase & Co. from $150.00 to $157.00 in a research note on Tuesday, January 17th. Credit Suisse Group set a $155.00 price objective on JPMorgan Chase & Co. in a research note on Monday, February 27th. StockNews.com initiated coverage on shares of JPMorgan Chase & Co. in a research note on Thursday, March 16th. They set a “hold” rating on the stock. UBS Group set a $156.00 price objective on shares of JPMorgan Chase & Co. in a research note on Friday, January 13th. Finally, Royal Bank of Canada reduced their price objective on shares of JPMorgan Chase & Co. from $150.00 to $132.00 and set an “outperform” rating on the stock in a research note on Friday, March 24th. Six equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $149.33.

JPMorgan Chase & Co. Stock Performance

Shares of JPMorgan Chase & Co. stock opened at $127.47 on Friday. The firm has a market cap of $375.19 billion, a price-to-earnings ratio of 10.55, a price-to-earnings-growth ratio of 2.00 and a beta of 1.10. The stock’s 50-day moving average is $135.86 and its 200-day moving average is $130.46. JPMorgan Chase & Co. has a one year low of $101.28 and a one year high of $144.34. 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. (NYSE:JPM – Get Rating) last issued its quarterly earnings results on Friday, January 13th. The financial services provider reported $3.57 EPS for the quarter, beating analysts’ consensus estimates of $3.11 by $0.46. JPMorgan Chase & Co. had a return on equity of 14.68% and a net margin of 24.34%. The company had revenue of $34.55 billion for the quarter, compared to analyst estimates of $34.23 billion. During the same period in the previous year, the company posted $3.33 earnings per share. The company’s quarterly revenue was up 18.1% compared to the same quarter last year. Equities analysts predict that JPMorgan Chase & Co. will post 12.84 earnings per share for the current fiscal year.

JPMorgan Chase & Co. Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, April 30th. Stockholders of record on Thursday, April 6th will be issued a $1.00 dividend. The ex-dividend date is Wednesday, April 5th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 3.14%. JPMorgan Chase & Co.’s dividend payout ratio (DPR) is presently 33.11%.

Insider Activity

In other news, General Counsel Stacey Friedman sold 23,148 shares of the firm’s stock in a transaction dated Tuesday, January 17th. The stock was sold at an average price of $140.31, for a total value of $3,247,895.88. Following the completion of the transaction, the general counsel now owns 48,311 shares in the company, valued at approximately $6,778,516.41. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Vice Chairman Peter Scher sold 4,399 shares of the stock in a transaction that occurred on Tuesday, January 17th. The stock was sold at an average price of $140.32, for a total value of $617,267.68. Following the completion of the sale, the insider now owns 36,369 shares of the company’s stock, valued at approximately $5,103,298.08. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, General Counsel Stacey Friedman sold 23,148 shares of the stock in a transaction that occurred on Tuesday, January 17th. The shares were sold at an average price of $140.31, for a total value of $3,247,895.88. Following the completion of the sale, the general counsel now directly owns 48,311 shares of the company’s stock, valued at approximately $6,778,516.41. The disclosure for this sale can be found here. Insiders have sold 37,887 shares of company stock worth $5,315,762 over the last ninety days. Insiders own 0.79% of the company’s stock.

About JPMorgan Chase & Co.

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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.