Massachusetts Wealth Management Sells 1,150 Shares of JPMorgan Chase & Co. (NYSE:JPM)

Posted by Defense World Staff on Jul 20th, 2023

Massachusetts Wealth Management reduced its position in shares of JPMorgan Chase & Co. (NYSE:JPM – Free Report) by 5.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 20,925 shares of the financial services provider’s stock after selling 1,150 shares during the period. JPMorgan Chase & Co. makes up about 2.8% of Massachusetts Wealth Management’s investment portfolio, making the stock its 7th largest position. Massachusetts Wealth Management’s holdings in JPMorgan Chase & Co. were worth $2,727,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Retirement Financial Solutions LLC purchased a new position in JPMorgan Chase & Co. in the 4th quarter worth about $26,000. Adirondack Retirement Specialists Inc. increased its stake in JPMorgan Chase & Co. by 510.8% in the 1st quarter. Adirondack Retirement Specialists Inc. now owns 226 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 189 shares in the last quarter. Creative Capital Management Investments LLC purchased a new position in JPMorgan Chase & Co. in the 4th quarter worth about $30,000. Boulder Wealth Advisors LLC purchased a new position in JPMorgan Chase & Co. in the 4th quarter worth about $43,000. Finally, Capital Directions Investment Advisors LLC purchased a new position in JPMorgan Chase & Co. in the 4th quarter worth about $44,000. 70.10% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Vice Chairman Peter Scher sold 2,482 shares of the business’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 in the company, valued at approximately $5,844,072.87. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Vice Chairman Peter Scher sold 2,482 shares of the business’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 in the company, valued at approximately $5,844,072.87. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Daniel E. Pinto sold 113,640 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 566,665 shares of the company’s stock, valued at $77,026,773.45. The disclosure for this sale can be found here. In the last ninety days, insiders sold 145,861 shares of company stock worth $19,858,275. 0.79% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on JPM shares. Wolfe Research raised JPMorgan Chase & Co. from a “peer perform” rating to an “outperform” rating and set a $170.00 price target on the stock in a research note on Friday, July 7th. Piper Sandler lifted their price target on JPMorgan Chase & Co. from $158.00 to $168.00 in a research note on Monday. Evercore ISI lowered their target price on JPMorgan Chase & Co. from $155.00 to $151.00 in a research note on Friday, May 12th. 888 reaffirmed a “maintains” rating on shares of JPMorgan Chase & Co. in a research note on Monday, June 26th. Finally, StockNews.com started coverage on JPMorgan Chase & Co. in a research note on Thursday, May 18th. They set a “hold” rating on the stock. Six equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $164.65.

JPMorgan Chase & Co. Stock Up 0.4 %

Shares of JPMorgan Chase & Co. stock opened at $154.20 on Thursday. The firm has a market cap of $450.62 billion, a price-to-earnings ratio of 9.92, a P/E/G ratio of 2.12 and a beta of 1.10. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.90 and a quick ratio of 0.85. JPMorgan Chase & Co. has a 52-week low of $101.28 and a 52-week high of $155.21. The stock has a 50-day simple moving average of $141.56 and a 200-day simple moving average of $138.29.

JPMorgan Chase & Co. (NYSE:JPM – Get Free Report) last announced its quarterly earnings results on Friday, July 14th. The financial services provider reported $4.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.62 by $0.75. The business had revenue of $42.40 billion during the quarter, compared to analyst estimates of $38.66 billion. JPMorgan Chase & Co. had a return on equity of 17.29% and a net margin of 23.45%. The firm’s revenue was up 34.1% on a year-over-year basis. During the same period in the previous year, the company earned $2.76 EPS. On average, equities research analysts expect that JPMorgan Chase & Co. will post 14.49 earnings per share for the current fiscal year.

JPMorgan Chase & Co. Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 31st. Investors 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 annualized dividend and a yield of 2.59%. JPMorgan Chase & Co.’s dividend payout ratio (DPR) is currently 25.74%.

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.