JPMorgan Chase & Co. (JPM) Upgraded 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 released on Thursday morning. They currently have $126.00 price objective on the financial services provider’s stock.
According to Zacks, “JPMorgan's shares have outperformed the industry over the past six months. This price performance is backed by impressive earnings surprise history, with the company surpassing the Zacks Consensus Estimate in each of the trailing four quarters. The company’s fourth-quarter 2017 results benefited mainly from higher interest income and investment banking fees, partially offset by lower trading revenues and mortgage banking fess along with a surge in provisions for loan losses. The bank’s efforts to manage expenses, higher interest rates and rising loan demand will likely continue to benefit its financials. While the company faces persistent fee income growth challenge, mainly due to a slowdown in trading activities and dismal capital markets performance, lower tax rates will aid profitability in the quarters ahead.”
Other equities analysts have also recently issued reports about the stock. Bank of America set a $102.00 target price on shares of JPMorgan Chase & Co. and gave the company a buy rating in a research note on Friday, October 13th. Jefferies Group set a $111.00 target price on shares of JPMorgan Chase & Co. and gave the company a buy rating in a research note on Friday, October 13th. Credit Suisse Group reiterated a buy rating and issued a $110.00 target price (up from $103.00) on shares of JPMorgan Chase & Co. in a research note on Monday, October 9th. They noted that the move was a valuation call. Royal Bank of Canada reiterated a buy rating and issued a $105.00 target price on shares of JPMorgan Chase & Co. in a research note on Wednesday, November 15th. Finally, Wells Fargo & Co set a $120.00 target price on shares of JPMorgan Chase & Co. and gave the company a buy rating in a research note on Wednesday, December 20th. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and fifteen have assigned a buy rating to the company’s stock. JPMorgan Chase & Co. currently has an average rating of Hold and a consensus price target of $105.81.
JPMorgan Chase & Co. (NYSE:JPM) last posted its earnings results on Friday, January 12th. The financial services provider reported $1.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.69 by $0.07. JPMorgan Chase & Co. had a net margin of 21.46% and a return on equity of 11.63%. The firm had revenue of $24.15 billion during the quarter, compared to analysts’ expectations of $24.87 billion. During the same period in the previous year, the business posted $1.71 EPS. The business’s revenue was up 3.3% compared to the same quarter last year. research analysts anticipate that JPMorgan Chase & Co. will post 8.78 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 31st. Shareholders of record on Friday, January 5th will be given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date is Thursday, January 4th. JPMorgan Chase & Co.’s dividend payout ratio is presently 32.37%.
In other JPMorgan Chase & Co. news, insider Ashley Bacon sold 16,434 shares of the company’s stock in a transaction on Tuesday, January 16th. The shares were sold at an average price of $112.22, for a total transaction of $1,844,223.48. Following the completion of the transaction, the insider now directly owns 98,811 shares in the company, valued at $11,088,570.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Peter Scher sold 26,532 shares of the company’s stock in a transaction on Friday, January 19th. The stock was sold at an average price of $113.42, for a total transaction of $3,009,259.44. The disclosure for this sale can be found here. Insiders have sold 154,146 shares of company stock valued at $17,312,129 over the last 90 days. 0.88% of the stock is currently owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in JPM. Hellman Jordan Management Co. Inc. MA purchased a new stake in shares of JPMorgan Chase & Co. during the second quarter worth $545,000. Salem Capital Management Inc. grew its holdings in shares of JPMorgan Chase & Co. by 11.4% during the second quarter. Salem Capital Management Inc. now owns 24,393 shares of the financial services provider’s stock worth $2,230,000 after buying an additional 2,500 shares in the last quarter. First American Bank grew its holdings in shares of JPMorgan Chase & Co. by 5.3% during the second quarter. First American Bank now owns 145,587 shares of the financial services provider’s stock worth $13,307,000 after buying an additional 7,392 shares in the last quarter. Charter Trust Co. grew its holdings in shares of JPMorgan Chase & Co. by 0.8% during the second quarter. Charter Trust Co. now owns 70,876 shares of the financial services provider’s stock worth $6,478,000 after buying an additional 585 shares in the last quarter. Finally, Deane Retirement Strategies Inc. purchased a new stake in shares of JPMorgan Chase & Co. during the second quarter worth $1,598,000. 73.80% of the stock is owned by institutional investors and hedge funds.
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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 offers services to consumers and businesses through bank branches, automatic teller machines (ATMs), online, mobile and telephone banking.
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