Edge Wealth Management LLC Acquires 8,088 Shares of JPMorgan Chase & Co. (NYSE:JPM)

Posted by Defense World Staff on Jul 2nd, 2023

Edge Wealth Management LLC grew its holdings in shares of JPMorgan Chase & Co. (NYSE:JPM) by 9.4% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 94,209 shares of the financial services provider’s stock after purchasing an additional 8,088 shares during the quarter. JPMorgan Chase & Co. comprises approximately 2.8% of Edge Wealth Management LLC’s portfolio, making the stock its 11th biggest holding. Edge Wealth Management LLC’s holdings in JPMorgan Chase & Co. were worth $12,263,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Mercer Global Advisors Inc. ADV boosted its position in shares of JPMorgan Chase & Co. by 11.3% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 336,522 shares of the financial services provider’s stock valued at $45,128,000 after acquiring an additional 34,068 shares during the period. Argus Investors Counsel Inc. boosted its position in shares of 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 period. Hixon Zuercher LLC boosted its position in shares of JPMorgan Chase & Co. by 0.8% in the fourth quarter. Hixon Zuercher LLC now owns 34,276 shares of the financial services provider’s stock valued at $4,596,000 after acquiring an additional 264 shares during the period. Crew Capital Management Ltd. boosted its position in shares of JPMorgan Chase & Co. by 7.2% in the first quarter. Crew Capital Management Ltd. now owns 6,286 shares of the financial services provider’s stock valued at $819,000 after acquiring an additional 424 shares during the period. Finally, CHURCHILL MANAGEMENT Corp boosted its position in shares of JPMorgan Chase & Co. by 3.4% in the first quarter. CHURCHILL MANAGEMENT Corp now owns 29,711 shares of the financial services provider’s stock valued at $3,872,000 after acquiring an additional 984 shares during the period. Institutional investors own 70.10% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. BMO Capital Markets lifted their target price on shares of JPMorgan Chase & Co. from $169.00 to $170.00 in a research report on Tuesday, May 2nd. 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. Citigroup dropped their target price on shares of JPMorgan Chase & Co. from $165.00 to $160.00 in a research report on Monday, June 26th. 92 Resources reiterated a “maintains” rating on shares of JPMorgan Chase & Co. in a research report on Friday, May 12th. Finally, Bank of America lifted their target price on shares of JPMorgan Chase & Co. from $152.00 to $158.00 and gave the company a “buy” rating in a research report on Monday, April 17th. Six investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $157.35.

Insider Buying and Selling at JPMorgan Chase & Co.

In other JPMorgan Chase & Co. news, CEO Daniel E. Pinto sold 113,640 shares of the business’s 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 transaction, the chief executive officer now directly owns 566,665 shares of the company’s stock, valued at approximately $77,026,773.45. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CEO Daniel E. Pinto sold 113,640 shares of the business’s 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 sale, the chief executive officer now owns 566,665 shares in the company, valued at approximately $77,026,773.45. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Douglas B. Petno sold 4,930 shares of the business’s stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $142.16, for a total transaction of $700,848.80. Following the sale, the chief executive officer now owns 277,161 shares in the company, valued at approximately $39,401,207.76. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 145,861 shares of company stock valued at $19,858,275. 0.79% of the stock is currently owned by company insiders.

JPMorgan Chase & Co. Stock Up 1.4 %

Shares of NYSE JPM opened at $145.44 on Friday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.07. JPMorgan Chase & Co. has a 52 week low of $101.28 and a 52 week high of $146.00. The firm’s fifty day moving average is $138.75 and its 200 day moving average is $136.78. The company has a market cap of $425.02 billion, a price-to-earnings ratio of 10.73, a PEG ratio of 1.97 and a beta of 1.10.

JPMorgan Chase & Co. (NYSE:JPM – Free Report) last issued its earnings results on Friday, April 14th. The financial services provider reported $4.10 EPS for the quarter, topping the consensus estimate of $3.41 by $0.69. The company had revenue of $38.35 billion for the quarter, compared to the consensus estimate of $35.77 billion. JPMorgan Chase & Co. had a net margin of 23.73% and a return on equity of 16.02%. The firm’s revenue for the quarter was up 24.8% on a year-over-year basis. During the same period in the previous year, the firm earned $2.63 earnings per share. On average, equities research analysts expect that JPMorgan Chase & Co. will post 14.53 earnings per share for the current year.

JPMorgan Chase & Co. Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 31st. Shareholders of record on Thursday, July 6th will be given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 2.75%. The ex-dividend date of this dividend is Wednesday, July 5th. JPMorgan Chase & Co.’s payout ratio is currently 29.52%.

JPMorgan Chase & Co. Profile

(Free Report)

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.