Summit Financial Group Inc. Sells 105 Shares of JPMorgan Chase & Co. (NYSE:JPM)

Posted by Defense World Staff on Jun 24th, 2023

Summit Financial Group Inc. reduced its stake in shares of JPMorgan Chase & Co. (NYSE:JPM – Get Rating) by 0.7% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 14,182 shares of the financial services provider’s stock after selling 105 shares during the period. Summit Financial Group Inc.’s holdings in JPMorgan Chase & Co. were worth $1,848,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of JPM. Moneta Group Investment Advisors LLC boosted its holdings in JPMorgan Chase & Co. by 105,652.2% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 98,000,567 shares of the financial services provider’s stock worth $13,141,876,000 after acquiring an additional 97,907,897 shares during the last quarter. Norges Bank bought a new position in shares of JPMorgan Chase & Co. during the 4th quarter worth approximately $3,894,646,000. Price T Rowe Associates Inc. MD lifted its position in shares of JPMorgan Chase & Co. by 71.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 30,484,094 shares of the financial services provider’s stock worth $4,087,917,000 after buying an additional 12,654,947 shares in the last quarter. Morgan Stanley lifted its position in shares of JPMorgan Chase & Co. by 15.9% during the 4th quarter. Morgan Stanley now owns 59,049,256 shares of the financial services provider’s stock worth $7,918,506,000 after buying an additional 8,088,433 shares in the last quarter. Finally, Ontario Teachers Pension Plan Board bought a new position in shares of JPMorgan Chase & Co. during the 4th quarter worth approximately $556,791,000. 70.10% of the stock is owned by hedge funds and other institutional investors.

JPMorgan Chase & Co. Price Performance

JPM stock opened at $138.80 on Friday. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. JPMorgan Chase & Co. has a 12 month low of $101.28 and a 12 month high of $144.34. The firm has a market capitalization of $405.61 billion, a P/E ratio of 10.24, a price-to-earnings-growth ratio of 2.00 and a beta of 1.10. The firm has a 50 day moving average of $138.71 and a 200-day moving average of $136.46.

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 (EPS) for the quarter, beating analysts’ consensus estimates of $3.41 by $0.69. JPMorgan Chase & Co. had a return on equity of 16.02% and a net margin of 23.73%. The firm had revenue of $38.35 billion during the quarter, compared to the consensus estimate of $35.77 billion. During the same quarter last year, the company posted $2.63 EPS. The company’s revenue for the quarter was up 24.8% on a year-over-year basis. As a group, sell-side analysts predict that JPMorgan Chase & Co. will post 14.35 earnings per share for the current fiscal year.

JPMorgan Chase & Co. Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 31st. Shareholders of record on Thursday, July 6th will be paid a $1.00 dividend. The ex-dividend date of this dividend is Wednesday, July 5th. This represents a $4.00 dividend on an annualized basis and a yield of 2.88%. JPMorgan Chase & Co.’s dividend payout ratio is presently 29.52%.

Analyst Ratings Changes

Several research firms have commented on JPM. The Goldman Sachs Group lifted their target price on shares of JPMorgan Chase & Co. from $160.00 to $172.00 in a research report on Friday, April 14th. Piper Sandler raised their target price on JPMorgan Chase & Co. from $147.00 to $151.00 and gave the company an “overweight” rating in a research report on Monday, April 17th. Royal Bank of Canada decreased their target price on JPMorgan Chase & Co. from $150.00 to $132.00 and set an “outperform” rating for the company in a research report on Friday, March 24th. 92 Resources reissued a “maintains” rating on shares of JPMorgan Chase & Co. in a research report on Friday, May 12th. Finally, Morgan Stanley increased their target price on shares of JPMorgan Chase & Co. from $157.00 to $160.00 in a research report on Tuesday, May 23rd. Six equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $157.65.

Insider Transactions at JPMorgan Chase & Co.

In other news, CEO Daniel E. Pinto sold 113,640 shares of JPMorgan Chase & Co. stock in a transaction on Thursday, May 11th. The shares were sold at an average price of $135.93, for a total transaction of $15,447,085.20. Following the completion of the sale, the chief executive officer now directly owns 566,665 shares of the company’s stock, valued at approximately $77,026,773.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Daniel E. Pinto sold 113,640 shares of the stock in a transaction on Thursday, May 11th. The stock was sold at an average price of $135.93, for a total value of $15,447,085.20. Following the transaction, the chief executive officer now owns 566,665 shares of the company’s stock, valued at $77,026,773.45. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman Peter Scher sold 2,482 shares of the company’s stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $141.39, for a total value of $350,929.98. Following the completion of the sale, the insider now directly owns 41,333 shares of the company’s stock, valued at approximately $5,844,072.87. The disclosure for this sale can be found here. Insiders have sold 145,861 shares of company stock valued at $19,858,275 in the last quarter. Insiders own 0.79% of the company’s stock.

JPMorgan Chase & Co. Profile

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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, investment and lending products, cash management, and payments and services to consumers and small businesses; mortgage origination and servicing activities; residential mortgages and home equity loans; and credit cards, auto loans, leases, and travel services.