Beverly Hills Private Wealth LLC has reduced its stake in shares of JPMorgan Chase & Co. (NYSE:JPM) by 5.0% during the third quarter of 2023, according to its recent Form 13F filing with the U.S. Securities and Exchange Commission (SEC). The institutional investor now holds 51,077 shares after selling 2,660 shares in this period. This investment represents 2.8% of Beverly Hills Private Wealth LLC’s portfolio, making JPMorgan its fourth largest holding, valued at approximately $16,111,000.
The trend is not isolated, as several other institutional investors have also adjusted their positions in the financial services provider. Norges Bank initiated a new position in the company during the second quarter, valued at around $10.3 billion. Similarly, Laurel Wealth Advisors LLC reported a remarkable increase of 28,813.7% in its holdings, now owning 16,785,584 shares valued at approximately $4.87 billion after acquiring an additional 16,727,530 shares during the same period.
Another notable increase came from Viking Global Investors LP, which boosted its stake by 86.1%, bringing its total to 4,042,034 shares worth about $1.17 billion. KBC Group NV also enhanced its position by 56.3%, now holding 2,566,562 shares valued at approximately $744 million. Mawer Investment Management Ltd. has seen a substantial growth of 187.5% in its stake, now owning 1,241,969 shares worth about $360 million. Institutional investors and hedge funds collectively own 71.55% of JPMorgan’s stock.
Analysts Revise Ratings and Price Targets
Recent analyst reports have provided various insights regarding JPMorgan’s stock outlook. Barclays reaffirmed a “buy” rating, while the Royal Bank Of Canada set a target price of $330.00, maintaining an “outperform” rating. Coverage from CICC Research initiated a positive stance with an “outperform” rating and a price target of $355.00. In another update, Piper Sandler increased its price objective from $336.00 to $345.00, classifying the stock as “overweight”. Conversely, Wells Fargo & Company lowered its price target from $360.00 to $350.00 while maintaining an “overweight” rating.
Currently, 14 analysts have rated JPMorgan with a “buy” recommendation, and 13 have issued a hold rating. According to MarketBeat.com, the average rating stands at “Moderate Buy,” with a consensus price target of $339.55.
Recent Developments and Market Impact
This week, several news stories have influenced JPMorgan’s market position. Analysts at Goldman Sachs expressed a bullish outlook, emphasizing a promising growth forecast for 2026, driven by AI enhancements and strong capital deployment, which support a favorable revenue outlook for the bank.
Additionally, the National Stock Exchange (NSE) has invited global banks, including JPMorgan, to pitch for managing its upcoming IPO. Winning this contract could enhance JPMorgan’s fee revenue and strengthen relationships with significant exchanges.
Despite these positive indicators, CEO Jamie Dimon has expressed concerns about the current market environment, drawing parallels to pre-2008 conditions. His comments introduce a degree of macroeconomic uncertainty that could affect investor confidence.
JPMorgan’s stock opened at $306.12 recently, reflecting a slight increase of 0.9%. The company maintains a quick ratio of 0.85, a current ratio of 0.85, and a debt-to-equity ratio of 1.27. Over the past year, the stock has fluctuated between a low of $202.16 and a high of $337.25.
In terms of earnings, JPMorgan Chase & Co. reported earnings per share of $5.23 for the last quarter, surpassing analyst expectations of $4.93. The company achieved revenues of $45.80 billion, slightly below estimates of $45.98 billion, with a net margin of 20.35%.
Dividend Announcements and Insider Transactions
The financial services firm has also declared a quarterly dividend of $1.50, which was distributed to shareholders on January 31, 2023. This dividend represents an annualized payout of $6.00, yielding 2.0% and reflecting a dividend payout ratio of 29.99%.
In insider activity, Robin Leopold, an insider, sold 432 shares at an average price of $307.14, totaling approximately $132,684.48. Following this transaction, Leopold holds 65,353 shares valued at around $20 million. Additionally, Stacey Friedman, General Counsel, sold 3,404 shares for about $1,064,771.20 during a recent transaction.
As of now, insiders have sold a total of 71,596 shares valued at approximately $22 million over the last three months, while corporate insiders hold 0.47% of the company’s stock.
JPMorgan Chase & Co., headquartered in New York City, is a leading global financial services firm, providing a broad array of banking and financial products and services to a diverse clientele, including consumers, small businesses, corporations, and governments.
