JPMorgan Chase & Co. (NYSE:JPM) Trading 3.4% Higher – What’s Next?

JPMorgan Chase & Co. (NYSE:JPM)’s stock price shot up 3.4% during mid-day trading on Thursday . The company traded as high as $312.91 and last traded at $310.9850. 10,202,661 shares were traded during trading, an increase of 1% from the average session volume of 10,075,112 shares. The stock had previously closed at $300.85.

JPMorgan Chase & Co. News Roundup

Here are the key news stories impacting JPMorgan Chase & Co. this week:

• Positive Sentiment: JPMorgan CEO Jamie Dimon is leading a nationwide pitch to thousands of wealthy clients for SpaceX’s planned IPO, underscoring JPMorgan’s ability to win high-profile deal business and drive investment banking fees. JPMorgan Mobilizes 2,500 Clients Ahead Of $1.8 Trillion SpaceX IPO
• Positive Sentiment: Traders are rotating into financials, and JPMorgan is benefiting from the shift away from high-flying technology names. JPMorgan Stock Rises As Investors Rotate Into Financials
• Positive Sentiment: Wall Street commentary continues to frame JPMorgan as a strong large-cap financial holding, with acquisition capacity of roughly $10 billion to $20 billion adding to the growth optionality. JPMorgan Chase & Co (JPM) on the Lookout for Acquisition Opportunities

Analysts Set New Price Targets

A number of brokerages have recently issued reports on JPM. Robert W. Baird set a $295.00 target price on JPMorgan Chase & Co. in a research report on Wednesday, April 15th. Zacks Research lowered JPMorgan Chase & Co. from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, April 8th. Royal Bank Of Canada reiterated a “buy” rating on shares of JPMorgan Chase & Co. in a research report on Monday, May 4th. DZ Bank reiterated a “neutral” rating on shares of JPMorgan Chase & Co. in a research report on Wednesday, April 15th. Finally, Argus increased their target price on JPMorgan Chase & Co. from $340.00 to $355.00 and gave the company a “buy” rating in a research report on Wednesday, April 15th. Fourteen research analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $339.08.

JPMorgan Chase & Co. Stock Up 3.4%

The business has a fifty day simple moving average of $303.16 and a two-hundred day simple moving average of $306.39. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 1.30. The company has a market cap of $833.29 billion, a PE ratio of 14.89, a price-to-earnings-growth ratio of 1.47 and a beta of 1.00.

JPMorgan Chase & Co. (NYSE:JPM) last announced its quarterly earnings data on Tuesday, April 14th. The financial services provider reported $5.94 earnings per share for the quarter, beating analysts’ consensus estimates of $5.50 by $0.44. The company had revenue of $50.54 billion for the quarter, compared to analyst estimates of $48.30 billion. JPMorgan Chase & Co. had a return on equity of 17.54% and a net margin of 20.66%.The firm’s revenue for the quarter was up 10.0% on a year-over-year basis. During the same quarter last year, the firm posted $5.07 EPS. As a group, equities research analysts predict that JPMorgan Chase & Co. will post 22.4 earnings per share for the current year.

JPMorgan Chase & Co. Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Monday, July 6th will be paid a $1.50 dividend. The ex-dividend date of this dividend is Monday, July 6th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 1.9%. JPMorgan Chase & Co.’s dividend payout ratio (DPR) is 28.74%.

Insider Buying and Selling

In other JPMorgan Chase & Co. news, General Counsel Stacey Friedman sold 5,468 shares of the firm’s stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $300.27, for a total value of $1,641,876.36. Following the completion of the sale, the general counsel directly owned 46,428 shares of the company’s stock, valued at $13,940,935.56. This trade represents a 10.54% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jeremy Barnum sold 3,022 shares of the firm’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $309.41, for a total value of $935,037.02. Following the completion of the sale, the chief financial officer directly owned 32,438 shares of the company’s stock, valued at $10,036,641.58. This trade represents a 8.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 28,589 shares of company stock valued at $8,747,496 over the last 90 days. Insiders own 0.41% of the company’s stock.

Institutional Trading of JPMorgan Chase & Co.

A number of hedge funds and other institutional investors have recently modified their holdings of JPM. Morgan Stanley increased its position in shares of JPMorgan Chase & Co. by 1.4% during the 4th quarter. Morgan Stanley now owns 66,385,268 shares of the financial services provider’s stock worth $21,390,662,000 after purchasing an additional 939,421 shares during the last quarter. Bank of America Corp DE increased its position in shares of JPMorgan Chase & Co. by 15.8% during the 1st quarter. Bank of America Corp DE now owns 65,660,460 shares of the financial services provider’s stock worth $19,314,681,000 after purchasing an additional 8,941,351 shares during the last quarter. Norges Bank acquired a new stake in shares of JPMorgan Chase & Co. during the 4th quarter worth about $11,396,496,000. Bank of New York Mellon Corp increased its position in shares of JPMorgan Chase & Co. by 5.4% during the 4th quarter. Bank of New York Mellon Corp now owns 23,424,482 shares of the financial services provider’s stock worth $7,547,837,000 after purchasing an additional 1,194,583 shares during the last quarter. Finally, Legal & General Group Plc increased its position in shares of JPMorgan Chase & Co. by 0.6% during the 4th quarter. Legal & General Group Plc now owns 19,019,564 shares of the financial services provider’s stock worth $6,128,484,000 after purchasing an additional 110,586 shares during the last quarter. 71.55% of the stock is owned by institutional investors and hedge funds.

JPMorgan Chase & Co. Company Profile

JPMorgan Chase & Co (NYSE: JPM) is a diversified global financial services firm headquartered in New York City. The company provides a wide range of banking and financial products and services to consumers, small businesses, corporations, governments and institutional investors worldwide. Its operations span retail banking, commercial lending, investment banking, asset management, payments and card services, and treasury and securities services.

The firm’s principal business activities are organized across several core lines: Consumer & Community Banking, which offers deposit accounts, mortgages, auto loans, credit cards and branch and digital banking under the Chase brand; Corporate & Investment Banking, which provides capital markets, advisory, underwriting, trading and risk management services; Commercial Banking, delivering lending, treasury and capital solutions to middle-market and corporate clients; and Asset & Wealth Management, which offers investment management, private banking and retirement services to institutions and high-net-worth individuals.