Brian Low Financial Group LLC has acquired a new stake in JPMorgan Chase & Co. (NYSE: JPM), purchasing 9,235 shares valued at approximately $2.68 million during the second quarter of 2023. This investment represents about 2.5% of the firm’s portfolio, making it the group’s seventh largest holding. The move signifies a growing confidence in the financial services provider amidst a competitive investment landscape.
Several other institutional investors have also adjusted their positions in JPMorgan Chase recently. For example, Brighton Jones LLC increased its holdings by 11.0% in the fourth quarter, acquiring an additional 4,841 shares that brought its total to 48,732 shares valued at $11.68 million. Similarly, Acorns Advisers LLC raised its stake by 6.9% in the first quarter, now holding 1,547 shares valued at $379,000.
Other notable adjustments include Summit Trail Advisors LLC, which increased its holdings by 10.5%, now owning 99,119 shares valued at $24.31 million, and Rossby Financial LLC, which boosted its stake by 41.4%, bringing its total to 4,143 shares valued at $1.01 million. Yukon Wealth Management Inc. also made a new investment valued at about $2.19 million. Currently, institutional investors and hedge funds hold 71.55% of JPMorgan Chase’s stock.
In the research arena, analysts have recently issued varied assessments of JPMorgan Chase shares. Loop Capital set a target price of $310.00, and DZ Bank maintained a “neutral” rating. Notably, KGI Securities raised its target from $300.00 to $315.00, while Wolfe Research increased its target to $346.00 and rated the stock as “outperform.” In total, two analysts have rated the stock as a Strong Buy, fourteen as Buy, nine as Hold, and three as Sell, leading to an average rating of “Moderate Buy” with a target price of $326.38.
In related company news, Director Linda Bammann sold 9,500 shares on September 2, 2023, at an average price of $297.94, resulting in a total transaction of approximately $2.83 million. After the sale, Bammann retained 82,207 shares, valued at about $24.49 million, reflecting a 10.36% reduction in her holdings. This transaction was disclosed to the Securities and Exchange Commission.
As for trading activity, shares of JPMorgan Chase opened at $309.36 on Wednesday. The company has a market capitalization of $850.66 billion, with a price-to-earnings (P/E) ratio of 15.32 and a debt-to-equity ratio of 1.26. The firm has seen a one-year low of $202.16 and a high of $318.01.
On October 14, 2023, JPMorgan Chase reported robust earnings, with earnings per share (EPS) of $5.07, exceeding analysts’ estimates of $4.83. The firm’s revenue for the quarter reached $46.43 billion, significantly above the consensus estimate of $44.42 billion. This represents an increase of 8.8% year-over-year, compared to $4.37 EPS during the same period last year.
Additionally, the company recently announced a quarterly dividend of $1.50 per share, an increase from the previous $1.40. This dividend was paid on October 31, 2023, to shareholders of record as of October 6, 2023, representing an annualized yield of 1.9% and a payout ratio of 29.72%.
JPMorgan Chase & Co. operates as a financial holding company, providing a range of financial and investment banking services, including investment banking, consumer and small business financial services, commercial banking, transaction processing, and asset management. The company is structured into segments such as Consumer and Community Banking, Commercial and Investment Banking, Asset and Wealth Management, and Corporate Services.
