JPMorgan Chase & Co. (JPM) Lifted to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of JPMorgan Chase & Co. (NYSE:JPM) from a hold rating to a buy rating in a report published on Wednesday. Zacks Investment Research currently has $75.00 price target on the financial services provider’s stock.
According to Zacks, “Estimates have been rising ahead of JPMorgan's third-quarter 2016 earnings release. Further, the company has witnessed a positive record of earnings surprises in the recent quarters. The company is expected to witness a rise in interest income driven by solid loan growth. In addition, synergies from improving retail banking performance and cost-containment efforts will help the company improve its profitability. Also, steady capital deployment indicates its strong balance sheet poisition. However, the company's energy exposure will remain an overhang in the near-term, with management expecting incremental reserve build this year. Moreover, top line growth is likely to remain challenged in the near-term owing to continued pressure on fee income.”
A number of other brokerages have also recently weighed in on JPM. Vetr raised shares of JPMorgan Chase & Co. from a sell rating to a hold rating and set a $68.05 price target for the company in a research report on Tuesday, August 16th. Jefferies Group reissued a buy rating on shares of JPMorgan Chase & Co. in a research report on Sunday, July 17th. Oppenheimer Holdings Inc. reissued a market perform rating on shares of JPMorgan Chase & Co. in a research report on Tuesday, September 13th. Macquarie cut shares of JPMorgan Chase & Co. from an outperform rating to a neutral rating and reduced their price target for the company from $72.00 to $70.00 in a research report on Friday, September 9th. Finally, Nomura reissued a neutral rating and issued a $66.00 price target on shares of JPMorgan Chase & Co. in a research report on Friday, June 17th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-three have assigned a buy rating to the company. The stock currently has an average rating of Buy and a consensus price target of $71.84.
Shares of JPMorgan Chase & Co. (NYSE:JPM) opened at 68.11 on Wednesday. JPMorgan Chase & Co. has a 52-week low of $52.50 and a 52-week high of $69.03. The firm has a market capitalization of $245.98 billion, a PE ratio of 11.54 and a beta of 1.54. The stock’s 50 day moving average price is $66.72 and its 200-day moving average price is $63.74.
JPMorgan Chase & Co. (NYSE:JPM) last issued its earnings results on Thursday, July 14th. The financial services provider reported $1.55 EPS for the quarter, topping analysts’ consensus estimates of $1.43 by $0.12. The firm earned $24.40 billion during the quarter, compared to the consensus estimate of $23.84 billion. JPMorgan Chase & Co. had a net margin of 24.47% and a return on equity of 10.20%. The company’s revenue was up 2.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.54 earnings per share. Equities research analysts anticipate that JPMorgan Chase & Co. will post $5.66 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 31st. Investors of record on Thursday, October 6th will be given a $0.48 dividend. The ex-dividend date of this dividend is Tuesday, October 4th. This represents a $1.92 annualized dividend and a yield of 2.82%. JPMorgan Chase & Co.’s dividend payout ratio is presently 32.54%.
In related news, EVP Gordon Smith sold 23,735 shares of JPMorgan Chase & Co. stock in a transaction dated Friday, July 15th. The shares were sold at an average price of $64.05, for a total value of $1,520,226.75. Following the sale, the executive vice president now directly owns 152,462 shares in the company, valued at approximately $9,765,191.10. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Matthew E. Zames sold 3,991 shares of JPMorgan Chase & Co. stock in a transaction dated Friday, July 15th. The shares were sold at an average price of $63.91, for a total transaction of $255,064.81. Following the completion of the sale, the chief operating officer now owns 282,287 shares in the company, valued at $18,040,962.17. The disclosure for this sale can be found here. 0.85% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently modified their holdings of JPM. QUANTRES ASSET MANAGEMENT Ltd bought a new stake in JPMorgan Chase & Co. during the first quarter worth approximately $1,634,000. Dividend Asset Capital LLC increased its stake in JPMorgan Chase & Co. by 25.0% in the first quarter. Dividend Asset Capital LLC now owns 25,263 shares of the financial services provider’s stock worth $1,496,000 after buying an additional 5,059 shares during the period. V Wealth Management LLC bought a new stake in JPMorgan Chase & Co. during the first quarter worth approximately $1,614,000. Traynor Capital Management Inc. increased its stake in JPMorgan Chase & Co. by 0.6% in the first quarter. Traynor Capital Management Inc. now owns 14,485 shares of the financial services provider’s stock worth $857,000 after buying an additional 88 shares during the period. Finally, Country Trust Bank increased its stake in JPMorgan Chase & Co. by 5.1% in the first quarter. Country Trust Bank now owns 712,721 shares of the financial services provider’s stock worth $42,207,000 after buying an additional 34,515 shares during the period. Hedge funds and other institutional investors own 73.34% of the company’s stock.
About JPMorgan Chase & Co.
JPMorgan Chase & Co is a financial holding company. The Company is engaged in investment banking, financial services. It operates in four segments, as well as a Corporate segment. Its segments are Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking and Asset Management. The Consumer & Community Banking segment serves consumers and businesses through personal service at bank branches and through automatic teller machines, online, mobile and telephone banking.
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