Harvey Capital Management Inc. Lowers Stock Position in JPMorgan Chase & Co. (NYSE:JPM)

Harvey Capital Management Inc. trimmed its holdings in shares of JPMorgan Chase & Co. (NYSE:JPM) by 13.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 35,265 shares of the financial services provider’s stock after selling 5,400 shares during the period. JPMorgan Chase & Co. comprises 1.9% of Harvey Capital Management Inc.’s investment portfolio, making the stock its 17th biggest holding. Harvey Capital Management Inc.’s holdings in JPMorgan Chase & Co. were worth $7,436,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the business. International Assets Investment Management LLC purchased a new position in JPMorgan Chase & Co. in the third quarter valued at about $1,888,088,000. Swedbank AB purchased a new position in JPMorgan Chase & Co. in the 1st quarter valued at approximately $800,130,000. Capital Research Global Investors raised its holdings in JPMorgan Chase & Co. by 23.3% during the first quarter. Capital Research Global Investors now owns 17,200,124 shares of the financial services provider’s stock worth $3,445,185,000 after purchasing an additional 3,252,451 shares during the last quarter. Wulff Hansen & CO. boosted its position in JPMorgan Chase & Co. by 19,920.7% during the second quarter. Wulff Hansen & CO. now owns 2,801,503 shares of the financial services provider’s stock worth $566,632,000 after purchasing an additional 2,787,510 shares in the last quarter. Finally, Granite Bay Wealth Management LLC boosted its position in JPMorgan Chase & Co. by 6,239.1% during the second quarter. Granite Bay Wealth Management LLC now owns 1,418,572 shares of the financial services provider’s stock worth $277,456,000 after purchasing an additional 1,396,194 shares in the last quarter. 71.55% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Citigroup boosted their price objective on shares of JPMorgan Chase & Co. from $205.00 to $215.00 and gave the stock a “neutral” rating in a research report on Monday, July 15th. Royal Bank of Canada upped their price target on shares of JPMorgan Chase & Co. from $211.00 to $230.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Piper Sandler raised their price objective on shares of JPMorgan Chase & Co. from $220.00 to $230.00 and gave the stock an “overweight” rating in a research note on Monday, July 15th. Evercore ISI upped their target price on JPMorgan Chase & Co. from $217.00 to $230.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Finally, Wells Fargo & Company raised their price target on JPMorgan Chase & Co. from $220.00 to $225.00 and gave the stock an “overweight” rating in a research report on Monday, July 15th. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $223.38.

JPMorgan Chase & Co. Stock Up 11.5 %

Shares of NYSE JPM opened at $247.06 on Thursday. The stock has a market capitalization of $695.56 billion, a PE ratio of 13.75, a P/E/G ratio of 3.25 and a beta of 1.10. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 1.27. The firm has a fifty day moving average of $216.71 and a 200-day moving average of $207.71. JPMorgan Chase & Co. has a 52-week low of $142.82 and a 52-week high of $248.00.

JPMorgan Chase & Co. (NYSE:JPM) last announced its quarterly earnings results on Friday, October 11th. The financial services provider reported $4.37 EPS for the quarter, topping the consensus estimate of $4.02 by $0.35. The company had revenue of $43.32 billion during the quarter, compared to analyst estimates of $41.43 billion. JPMorgan Chase & Co. had a return on equity of 16.71% and a net margin of 19.64%. The firm’s revenue was up 6.5% on a year-over-year basis. During the same period in the prior year, the firm posted $4.33 earnings per share. On average, analysts anticipate that JPMorgan Chase & Co. will post 17.52 EPS for the current year.

JPMorgan Chase & Co. Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 4th were given a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 2.02%. This is a boost from JPMorgan Chase & Co.’s previous quarterly dividend of $1.15. The ex-dividend date of this dividend was Friday, October 4th. JPMorgan Chase & Co.’s payout ratio is 27.82%.

About JPMorgan Chase & Co.

JPMorgan Chase & Co operates as a financial services company worldwide. It operates through four segments: Consumer & Community Banking (CCB), Corporate & Investment Bank (CIB), Commercial Banking (CB), and Asset & Wealth Management (AWM). The CCB segment offers deposit, investment and lending products, cash management, and payments and services; mortgage origination and servicing activities; residential mortgages and home equity loans; and credit cards, auto loans, leases, and travel services to consumers and small businesses through bank branches, ATMs, and digital and telephone banking.