State of Michigan Retirement System Buys 3,400 Shares of JPMorgan Chase & Co. (NYSE:JPM)

Posted by Defense World Staff on Apr 15th, 2023

State of Michigan Retirement System increased its stake in shares of JPMorgan Chase & Co. (NYSE:JPM) by 0.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 797,131 shares of the financial services provider’s stock after buying an additional 3,400 shares during the quarter. JPMorgan Chase & Co. comprises approximately 0.7% of State of Michigan Retirement System’s investment portfolio, making the stock its 20th biggest position. State of Michigan Retirement System’s holdings in JPMorgan Chase & Co. were worth $106,895,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Retirement Financial Solutions LLC acquired a new position in shares of JPMorgan Chase & Co. in the 4th quarter valued at approximately $26,000. Creative Capital Management Investments LLC acquired a new position in JPMorgan Chase & Co. during the fourth quarter valued at approximately $30,000. Bellwether Advisors LLC raised its position in JPMorgan Chase & Co. by 119.1% during the third quarter. Bellwether Advisors LLC now owns 493 shares of the financial services provider’s stock valued at $51,000 after purchasing an additional 268 shares in the last quarter. Delos Wealth Advisors LLC lifted its stake in JPMorgan Chase & Co. by 24.4% during the third quarter. Delos Wealth Advisors LLC now owns 505 shares of the financial services provider’s stock worth $53,000 after purchasing an additional 99 shares during the last quarter. Finally, Marshall & Sullivan Inc. WA acquired a new stake in shares of JPMorgan Chase & Co. in the 4th quarter valued at $60,000. Institutional investors own 67.89% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on JPM shares. Piper Sandler boosted their price target on JPMorgan Chase & Co. from $150.00 to $157.00 in a report on Tuesday, January 17th. Evercore ISI lowered their target price on JPMorgan Chase & Co. from $157.00 to $146.00 and set an “outperform” rating for the company in a research note on Wednesday, April 5th. The Goldman Sachs Group raised their price target on shares of JPMorgan Chase & Co. from $160.00 to $172.00 in a research note on Friday. StockNews.com began coverage on shares of JPMorgan Chase & Co. in a research report on Thursday, March 16th. They set a “hold” rating for the company. Finally, Wells Fargo & Company raised shares of JPMorgan Chase & Co. from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $148.00 to $155.00 in a research note on Monday, March 13th. Six equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $150.88.

JPMorgan Chase & Co. Stock Up 7.6 %

Shares of NYSE:JPM opened at $138.73 on Friday. The firm has a market cap of $406.68 billion, a P/E ratio of 11.48, a P/E/G ratio of 2.01 and a beta of 1.10. JPMorgan Chase & Co. has a 12-month low of $101.28 and a 12-month high of $144.34. The business has a fifty day simple moving average of $134.94 and a 200 day simple moving average of $131.13. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.12.

JPMorgan Chase & Co. (NYSE:JPM – Get Rating) last issued its quarterly earnings results on Friday, April 14th. The financial services provider reported $4.10 earnings per share for the quarter, beating the consensus estimate of $3.44 by $0.66. The company had revenue of $38.35 billion during the quarter, compared to analysts’ expectations of $35.77 billion. JPMorgan Chase & Co. had a return on equity of 14.68% and a net margin of 24.34%. The business’s quarterly revenue was up 24.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.63 earnings per share. Analysts predict that JPMorgan Chase & Co. will post 12.73 earnings per share for the current year.

JPMorgan Chase & Co. Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Sunday, April 30th. Shareholders of record on Thursday, April 6th will be issued a dividend of $1.00 per share. The ex-dividend date is Wednesday, April 5th. This represents a $4.00 annualized dividend and a yield of 2.88%. JPMorgan Chase & Co.’s payout ratio is 33.11%.

Insider Transactions at JPMorgan Chase & Co.

In other news, General Counsel Stacey Friedman sold 23,148 shares of the stock in a transaction on Tuesday, January 17th. The shares were sold at an average price of $140.31, for a total transaction of $3,247,895.88. Following the completion of the sale, the general counsel now directly owns 48,311 shares in the company, valued at $6,778,516.41. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, Vice Chairman Peter Scher sold 4,399 shares of JPMorgan Chase & Co. stock in a transaction dated 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 transaction, the insider now directly owns 36,369 shares of the company’s stock, valued at approximately $5,103,298.08. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, General Counsel Stacey Friedman sold 23,148 shares of the business’s stock in a transaction dated 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 transaction, the general counsel now directly owns 48,311 shares in the company, valued at $6,778,516.41. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 37,887 shares of company stock worth $5,315,762. Company 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.