JPMorgan Chase & Co. (NYSE:JPM) Position Reduced by Thrivent Financial for Lutherans

Posted by Defense World Staff on Sep 13th, 2023

Thrivent Financial for Lutherans reduced its position in shares of JPMorgan Chase & Co. (NYSE:JPM – Free Report) by 4.5% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,104,699 shares of the financial services provider’s stock after selling 99,055 shares during the quarter. JPMorgan Chase & Co. comprises 0.7% of Thrivent Financial for Lutherans’ portfolio, making the stock its 11th largest holding. Thrivent Financial for Lutherans owned about 0.07% of JPMorgan Chase & Co. worth $274,203,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of JPM. Adirondack Retirement Specialists Inc. boosted its stake in 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 valued at $29,000 after buying an additional 189 shares in the last quarter. Nordwand Advisors LLC acquired a new stake in JPMorgan Chase & Co. in the 1st quarter valued at about $30,000. Boulder Wealth Advisors LLC bought a new position in shares of JPMorgan Chase & Co. during the 4th quarter valued at about $43,000. Sageworth Trust Co grew its stake in shares of JPMorgan Chase & Co. by 266.7% in the 1st quarter. Sageworth Trust Co now owns 407 shares of the financial services provider’s stock worth $53,000 after purchasing an additional 296 shares during the last quarter. Finally, Freedom Wealth Alliance LLC acquired a new position in shares of JPMorgan Chase & Co. in the 4th quarter worth approximately $60,000. 68.94% of the stock is currently owned by institutional investors and hedge funds.

JPMorgan Chase & Co. Stock Up 1.3 %

JPMorgan Chase & Co. stock opened at $146.34 on Wednesday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.28. JPMorgan Chase & Co. has a 1-year low of $101.28 and a 1-year high of $159.38. The firm’s fifty day simple moving average is $150.63 and its 200-day simple moving average is $141.47. The company has a market capitalization of $425.28 billion, a P/E ratio of 9.42, a P/E/G ratio of 1.84 and a beta of 1.11.

JPMorgan Chase & Co. (NYSE:JPM – Get Free Report) last issued its quarterly earnings data on Friday, July 14th. The financial services provider reported $4.37 EPS for the quarter, beating analysts’ consensus estimates of $3.62 by $0.75. JPMorgan Chase & Co. had a return on equity of 17.29% and a net margin of 23.45%. The business had revenue of $42.40 billion for the quarter, compared to analyst estimates of $38.66 billion. During the same quarter in the prior year, the firm posted $2.76 EPS. The firm’s revenue for the quarter was up 34.1% on a year-over-year basis. Sell-side analysts forecast that JPMorgan Chase & Co. will post 15.58 earnings per share for the current fiscal year.

Insider Transactions at JPMorgan Chase & Co.

In related news, Vice Chairman Peter Scher sold 2,482 shares of the company’s stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $141.39, for a total transaction of $350,929.98. Following the completion of the sale, the insider now directly owns 41,333 shares of the company’s stock, valued at approximately $5,844,072.87. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, 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 transaction, the chief executive officer now owns 277,161 shares of the company’s stock, valued at $39,401,207.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Vice Chairman Peter Scher sold 2,482 shares of the stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $141.39, for a total transaction of $350,929.98. Following the completion of the sale, the insider now directly owns 41,333 shares of the company’s stock, valued at $5,844,072.87. The disclosure for this sale can be found here. Over the last three months, insiders sold 16,032 shares of company stock worth $2,353,485. 0.79% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on JPM shares. 888 restated a “maintains” rating on shares of JPMorgan Chase & Co. in a report on Monday, June 26th. Oppenheimer reduced their price objective on JPMorgan Chase & Co. from $227.00 to $219.00 and set an “outperform” rating for the company in a research note on Friday, August 18th. Piper Sandler upped their target price on JPMorgan Chase & Co. from $158.00 to $168.00 in a report on Monday, July 17th. Royal Bank of Canada reissued an “outperform” rating and issued a $158.00 price target on shares of JPMorgan Chase & Co. in a research note on Friday, September 8th. Finally, Citigroup downgraded JPMorgan Chase & Co. from a “buy” rating to a “neutral” rating and set a $160.00 price objective on the stock. in a report on Wednesday, July 12th. Eight equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $167.21.

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About JPMorgan Chase & Co.

(Free Report)

JPMorgan Chase & Co is a financial holding company, which engages in providing financial and investment banking services. The firm offers a range of investment banking products and services in all capital markets, including advising on corporate strategy and structure, capital raising in equity and debt markets, risk management, market making in cash securities and derivative instruments, and brokerage and research.