J P Morgan Chase & Co (JPM) Rating Increased to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of J P Morgan Chase & Co (NYSE:JPM) from a hold rating to a buy rating in a research note issued to investors on Monday. They currently have $102.00 target price on the financial services provider’s stock.
According to Zacks, “JPMorgan's shares have outperformed the industry over the last six months. The company’s second-quarter 2017 earnings handily outpaced the Zacks Consensus Estimate. Results were supported by higher interest rates, loan growth, a rise in investment banking fees and lower credit cost. The bank's efforts to control expenses through streamlining and branch consolidation are commendable. It should continue to benefit from the improved rate scenario, potential lesser regulations and rising loan demand. However, the company faces a persistent fee income growth challenge, which is expected to hinder overall top line growth to some extent. Also, litigation hassles continue to remain a near-term concern.”
JPM has been the topic of a number of other reports. BidaskClub raised shares of J P Morgan Chase & Co from a sell rating to a hold rating in a research note on Saturday, June 10th. Keefe, Bruyette & Woods raised their price objective on shares of J P Morgan Chase & Co to $47.00 and gave the company a buy rating in a research note on Monday, April 17th. Vetr cut shares of J P Morgan Chase & Co from a strong-buy rating to a buy rating and set a $97.41 price objective on the stock. in a research note on Monday, June 12th. Vining Sparks raised shares of J P Morgan Chase & Co to an outperform rating and set a $95.00 price objective on the stock in a research note on Thursday, April 27th. Finally, BMO Capital Markets reaffirmed a hold rating and issued a $85.00 price objective on shares of J P Morgan Chase & Co in a research note on Thursday, June 1st. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twenty have issued a buy rating to the company. The stock has an average rating of Hold and a consensus target price of $84.71.
Shares of J P Morgan Chase & Co (NYSE:JPM) traded up 1.46% during midday trading on Monday, reaching $93.85. The company had a trading volume of 8,574,901 shares. The company has a market capitalization of $330.26 billion, a P/E ratio of 13.84 and a beta of 1.19. J P Morgan Chase & Co has a 12 month low of $63.65 and a 12 month high of $94.51. The firm’s 50 day moving average price is $90.52 and its 200-day moving average price is $88.06.
J P Morgan Chase & Co (NYSE:JPM) last released its quarterly earnings results on Friday, July 14th. The financial services provider reported $1.82 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.59 by $0.23. J P Morgan Chase & Co had a net margin of 24.13% and a return on equity of 11.53%. The business had revenue of $25.50 billion for the quarter, compared to analysts’ expectations of $24.38 billion. During the same period in the prior year, the firm earned $1.55 earnings per share. J P Morgan Chase & Co’s revenue was up 4.6% compared to the same quarter last year. Analysts anticipate that J P Morgan Chase & Co will post $6.81 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 31st. Shareholders of record on Thursday, July 6th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.16%. The ex-dividend date was Monday, July 3rd. J P Morgan Chase & Co’s dividend payout ratio (DPR) is 29.59%.
In other news, insider Nicole Giles sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 18th. The shares were sold at an average price of $91.29, for a total value of $91,290.00. Following the completion of the transaction, the insider now directly owns 3,783 shares in the company, valued at approximately $345,350.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Marianne Lake sold 17,596 shares of the business’s stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $91.58, for a total transaction of $1,611,441.68. The disclosure for this sale can be found here. Insiders sold a total of 25,110 shares of company stock valued at $2,270,818 in the last quarter. Corporate insiders own 0.85% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. Pacific Center for Financial Services purchased a new position in shares of J P Morgan Chase & Co during the fourth quarter valued at approximately $106,000. Thomas J. Herzfeld Advisors Inc. purchased a new position in shares of J P Morgan Chase & Co during the fourth quarter valued at approximately $125,000. Glacier Peak Capital LLC purchased a new position in shares of J P Morgan Chase & Co during the fourth quarter valued at approximately $129,000. Tortoise Investment Management LLC boosted its position in shares of J P Morgan Chase & Co by 434.9% in the fourth quarter. Tortoise Investment Management LLC now owns 1,578 shares of the financial services provider’s stock valued at $136,000 after buying an additional 1,283 shares during the last quarter. Finally, Horrell Capital Management Inc. boosted its position in shares of J P Morgan Chase & Co by 5.0% in the first quarter. Horrell Capital Management Inc. now owns 1,647 shares of the financial services provider’s stock valued at $145,000 after buying an additional 78 shares during the last quarter. Institutional investors own 74.08% of the company’s stock.
About J P Morgan 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 offers services to consumers and businesses through bank branches, automatic teller machines (ATMs), online, mobile and telephone banking.
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