JPMorgan Chase & Co. (NYSE:JPM) Reaches New 52-Week High Following Earnings Beat

Posted by Defense World Staff on Jul 18th, 2023

Shares of JPMorgan Chase & Co. (NYSE:JPM) reached a new 52-week high during mid-day trading on Monday after the company announced better than expected quarterly earnings. The company traded as high as $153.15 and last traded at $152.69, with a volume of 7170654 shares traded. The stock had previously closed at $149.77.

The financial services provider reported $4.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.62 by $0.75. JPMorgan Chase & Co. had a net margin of 23.45% and a return on equity of 17.29%. The firm had revenue of $42.40 billion for the quarter, compared to analysts’ expectations of $38.66 billion. During the same quarter last year, the company posted $2.76 earnings per share. JPMorgan Chase & Co.’s revenue was up 34.1% on a year-over-year basis.

JPMorgan Chase & Co. Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 31st. Shareholders of record on Thursday, July 6th will be issued 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 2.61%. JPMorgan Chase & Co.’s dividend payout ratio is currently 25.74%.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Wolfe Research raised shares of JPMorgan Chase & Co. from a “peer perform” rating to an “outperform” rating and set a $170.00 target price on the stock in a report on Friday, July 7th. BMO Capital Markets raised their target price on shares of JPMorgan Chase & Co. from $169.00 to $170.00 in a report on Tuesday, May 2nd. Bank of America lifted their price target on JPMorgan Chase & Co. from $152.00 to $158.00 and gave the company a “buy” rating in a report on Monday, April 17th. Keefe, Bruyette & Woods lifted their price target on JPMorgan Chase & Co. from $131.00 to $155.00 and gave the company a “market perform” rating in a report on Monday, April 17th. Finally, Societe Generale cut JPMorgan Chase & Co. from a “buy” rating to a “hold” rating in a report on Monday, July 10th. Seven equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, JPMorgan Chase & Co. presently has a consensus rating of “Moderate Buy” and an average target price of $161.44.

Insider Activity at JPMorgan Chase & Co.

In other JPMorgan Chase & Co. news, Vice Chairman Peter Scher sold 1,240 shares of JPMorgan Chase & Co. stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $135.02, for a total value of $167,424.80. Following the transaction, the insider now owns 45,056 shares in the company, valued at $6,083,461.12. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other JPMorgan Chase & Co. news, Vice Chairman Peter Scher sold 1,240 shares of JPMorgan Chase & Co. stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $135.02, for a total value of $167,424.80. Following the transaction, the insider now owns 45,056 shares in the company, valued at $6,083,461.12. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Douglas B. Petno sold 4,930 shares of JPMorgan Chase & Co. stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $142.16, for a total transaction of $700,848.80. Following the completion of the transaction, 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. Insiders have sold 145,861 shares of company stock worth $19,858,275 over the last quarter. 0.79% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On JPMorgan Chase & Co.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Schear Investment Advisers LLC grew its position in JPMorgan Chase & Co. by 52.0% during the 2nd quarter. Schear Investment Advisers LLC now owns 7,517 shares of the financial services provider’s stock worth $1,093,000 after purchasing an additional 2,572 shares in the last quarter. Oak Harvest Investment Services grew its position in JPMorgan Chase & Co. by 60.8% during the 2nd quarter. Oak Harvest Investment Services now owns 108,800 shares of the financial services provider’s stock worth $15,824,000 after purchasing an additional 41,150 shares in the last quarter. J2 Capital Management Inc grew its position in JPMorgan Chase & Co. by 40.8% during the 2nd quarter. J2 Capital Management Inc now owns 3,380 shares of the financial services provider’s stock worth $492,000 after purchasing an additional 979 shares in the last quarter. Hixon Zuercher LLC grew its position in JPMorgan Chase & Co. by 2.5% during the 2nd quarter. Hixon Zuercher LLC now owns 43,015 shares of the financial services provider’s stock worth $6,256,000 after purchasing an additional 1,055 shares in the last quarter. Finally, Luts & Greenleigh Group Inc. grew its position in JPMorgan Chase & Co. by 18.1% during the 2nd quarter. Luts & Greenleigh Group Inc. now owns 4,597 shares of the financial services provider’s stock worth $669,000 after purchasing an additional 705 shares in the last quarter. 70.10% of the stock is currently owned by hedge funds and other institutional investors.

JPMorgan Chase & Co. Stock Performance

The company has a current ratio of 0.90, a quick ratio of 0.85 and a debt-to-equity ratio of 1.28. The stock has a market capitalization of $448.13 billion, a PE ratio of 9.87, a PEG ratio of 2.08 and a beta of 1.10. The firm’s 50-day simple moving average is $140.86 and its two-hundred day simple moving average is $138.04.

About JPMorgan Chase & Co.

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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.