First Trust Direct Indexing L.P. Increases Position in JPMorgan Chase & Co. (NYSE:JPM)

Posted by Defense World Staff on Jul 20th, 2023

First Trust Direct Indexing L.P. grew its holdings in JPMorgan Chase & Co. (NYSE:JPM) by 4.3% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 57,994 shares of the financial services provider’s stock after buying an additional 2,413 shares during the period. JPMorgan Chase & Co. accounts for approximately 0.9% of First Trust Direct Indexing L.P.’s portfolio, making the stock its 11th largest position. First Trust Direct Indexing L.P.’s holdings in JPMorgan Chase & Co. were worth $7,557,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Retirement Financial Solutions LLC acquired a new position in shares of JPMorgan Chase & Co. during the fourth quarter worth about $26,000. Creative Capital Management Investments LLC acquired a new position in shares of JPMorgan Chase & Co. during the fourth quarter worth about $30,000. Adirondack Retirement Specialists Inc. increased its stake in shares of JPMorgan Chase & Co. by 510.8% during the first quarter. Adirondack Retirement Specialists Inc. now owns 226 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 189 shares during the period. Boulder Wealth Advisors LLC acquired a new position in shares of JPMorgan Chase & Co. during the fourth quarter worth about $43,000. Finally, Capital Directions Investment Advisors LLC acquired a new position in shares of JPMorgan Chase & Co. during the fourth quarter worth about $44,000. 70.10% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other JPMorgan Chase & Co. news, CEO Douglas B. Petno sold 4,930 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now owns 277,161 shares of the company’s stock, valued at $39,401,207.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other JPMorgan Chase & Co. news, Vice Chairman Peter Scher sold 1,240 shares of the stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $135.02, for a total transaction of $167,424.80. Following the transaction, the insider now owns 45,056 shares of the company’s stock, valued at $6,083,461.12. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Douglas B. Petno sold 4,930 shares of the stock in a transaction 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 sale, the chief executive officer now directly owns 277,161 shares of the company’s stock, valued at approximately $39,401,207.76. The disclosure for this sale can be found here. Insiders have sold a total of 145,861 shares of company stock valued at $19,858,275 over the last quarter. Company insiders own 0.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on JPM shares. Jefferies Financial Group upgraded shares of JPMorgan Chase & Co. from a “hold” rating to a “buy” rating and upped their target price for the stock from $149.00 to $165.00 in a research report on Tuesday, July 11th. Evercore ISI lowered their target price on shares of JPMorgan Chase & Co. from $155.00 to $151.00 in a research report on Friday, May 12th. Morgan Stanley upped their target price on shares of JPMorgan Chase & Co. from $160.00 to $173.00 and gave the stock an “overweight” rating in a research report on Tuesday. Bank of America upped their target price on shares of JPMorgan Chase & Co. from $152.00 to $158.00 and gave the stock a “buy” rating in a research report on Monday, April 17th. Finally, BMO Capital Markets upped their target price on shares of JPMorgan Chase & Co. from $169.00 to $170.00 in a research report on Tuesday, May 2nd. Six investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $164.65.

JPMorgan Chase & Co. Stock Performance

Shares of JPM opened at $154.20 on Thursday. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.85 and a current ratio of 0.90. The company has a market capitalization of $450.62 billion, a price-to-earnings ratio of 9.92, a PEG ratio of 2.12 and a beta of 1.10. The company’s 50 day simple moving average is $141.56 and its 200 day simple moving average is $138.29. JPMorgan Chase & Co. has a 1 year low of $101.28 and a 1 year high of $155.21.

JPMorgan Chase & Co. (NYSE:JPM – Get Free Report) last announced its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $38.66 billion. JPMorgan Chase & Co. had a net margin of 23.45% and a return on equity of 17.29%. The company’s quarterly revenue was up 34.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.76 earnings per share. On average, sell-side analysts predict that JPMorgan Chase & Co. will post 14.49 EPS for the current year.

JPMorgan Chase & Co. Dividend Announcement

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 dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date is Wednesday, July 5th. JPMorgan Chase & Co.’s dividend payout ratio is currently 25.74%.

JPMorgan Chase & Co. Company 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.