Blue Chip Partners LLC Purchases 1,553 Shares of JPMorgan Chase & Co. (NYSE:JPM)

Posted by Defense World Staff on Jul 24th, 2023

Blue Chip Partners LLC increased its position in JPMorgan Chase & Co. (NYSE:JPM) by 0.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 171,309 shares of the financial services provider’s stock after buying an additional 1,553 shares during the quarter. JPMorgan Chase & Co. accounts for 2.6% of Blue Chip Partners LLC’s portfolio, making the stock its 11th largest position. Blue Chip Partners LLC’s holdings in JPMorgan Chase & Co. were worth $22,323,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of JPM. Mercer Global Advisors Inc. ADV increased its stake in JPMorgan Chase & Co. by 11.3% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 336,522 shares of the financial services provider’s stock worth $45,128,000 after purchasing an additional 34,068 shares during the period. Argus Investors Counsel Inc. increased its stake in shares of JPMorgan Chase & Co. by 0.6% during 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 buying an additional 149 shares during the period. Hixon Zuercher LLC increased its stake in shares of JPMorgan Chase & Co. by 0.8% during the fourth quarter. Hixon Zuercher LLC now owns 34,276 shares of the financial services provider’s stock valued at $4,596,000 after buying an additional 264 shares during the period. Crew Capital Management Ltd. increased its stake in shares of JPMorgan Chase & Co. by 7.2% during the first quarter. Crew Capital Management Ltd. now owns 6,286 shares of the financial services provider’s stock valued at $819,000 after buying an additional 424 shares during the period. Finally, CHURCHILL MANAGEMENT Corp increased its stake in shares of JPMorgan Chase & Co. by 3.4% during the first quarter. CHURCHILL MANAGEMENT Corp now owns 29,711 shares of the financial services provider’s stock valued at $3,872,000 after buying an additional 984 shares during the period. Institutional investors own 70.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on JPM shares. Barclays boosted their target price on JPMorgan Chase & Co. from $179.00 to $182.00 in a research note on Sunday, July 16th. Morgan Stanley boosted their target price on JPMorgan Chase & Co. from $160.00 to $173.00 and gave the company an “overweight” rating in a research note on Tuesday, July 18th. The Goldman Sachs Group upped their price target on JPMorgan Chase & Co. from $160.00 to $172.00 in a research note on Friday, April 14th. Citigroup cut JPMorgan Chase & Co. from a “buy” rating to a “neutral” rating and set a $160.00 price target on the stock. in a research note on Wednesday, July 12th. Finally, Oppenheimer upped their price target on JPMorgan Chase & Co. from $157.00 to $192.00 and gave the stock an “outperformer” rating in a research note on Monday, April 17th. Six research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $164.65.

JPMorgan Chase & Co. Stock Down 0.8 %

JPM stock opened at $154.95 on Monday. JPMorgan Chase & Co. has a fifty-two week low of $101.28 and a fifty-two week high of $156.59. The business’s 50-day moving average is $142.38 and its two-hundred day moving average is $138.60. 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 cap of $452.81 billion, a price-to-earnings ratio of 9.97, a P/E/G ratio of 2.05 and a beta of 1.10.

JPMorgan Chase & Co. (NYSE:JPM – Get Free Report) last issued its quarterly earnings results on Friday, July 14th. The financial services provider reported $4.37 EPS for the quarter, topping analysts’ consensus estimates of $3.62 by $0.75. The business had revenue of $42.40 billion during the quarter, compared to analysts’ expectations of $38.66 billion. JPMorgan Chase & Co. had a return on equity of 17.29% and a net margin of 23.45%. The business’s quarterly revenue was up 34.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.76 earnings per share. As a group, analysts forecast that JPMorgan Chase & Co. will post 15.15 earnings per share 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 given a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date is Wednesday, July 5th. JPMorgan Chase & Co.’s payout ratio is 25.74%.

Insiders Place Their Bets

In other JPMorgan Chase & Co. news, insider Ashley Bacon sold 16,766 shares of the company’s stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $135.00, for a total value of $2,263,410.00. Following the completion of the sale, the insider now owns 195,356 shares in the company, valued at $26,373,060. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CEO Douglas B. Petno sold 4,930 shares of the stock in a transaction dated 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 owns 277,161 shares in the company, valued at $39,401,207.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ashley Bacon sold 16,766 shares of the stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $135.00, for a total value of $2,263,410.00. Following the sale, the insider now owns 195,356 shares of the company’s stock, valued at approximately $26,373,060. The disclosure for this sale can be found here. Insiders sold a total of 145,861 shares of company stock worth $19,858,275 over the last quarter. 0.79% of the stock is currently owned by corporate insiders.

About JPMorgan Chase & Co.

(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.