JPMorgan Chase & Co. (NYSE:JPM) Hits New 52-Week High After Better-Than-Expected Earnings

Shares of JPMorgan Chase & Co. (NYSE:JPM) hit a new 52-week high during trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $256.83 and last traded at $255.03, with a volume of 2020981 shares. The stock had previously closed at $252.35.

The financial services provider reported $4.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.03 by $0.78. The business had revenue of $42.77 billion during the quarter, compared to analyst estimates of $41.90 billion. JPMorgan Chase & Co. had a return on equity of 16.71% and a net margin of 19.64%. The business’s revenue for the quarter was up 10.9% compared to the same quarter last year. During the same period in the prior year, the company posted $3.04 EPS.

JPMorgan Chase & Co. Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Monday, January 6th will be paid a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date of this dividend is Monday, January 6th. JPMorgan Chase & Co.’s dividend payout ratio is currently 27.82%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Royal Bank of Canada boosted their target price on JPMorgan Chase & Co. from $211.00 to $230.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Evercore ISI upped their price objective on JPMorgan Chase & Co. from $217.00 to $230.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Wolfe Research raised JPMorgan Chase & Co. from a “peer perform” rating to an “outperform” rating and set a $269.00 target price on the stock in a report on Friday, January 3rd. Piper Sandler upped their price target on shares of JPMorgan Chase & Co. from $240.00 to $275.00 and gave the company an “overweight” rating in a report on Tuesday, December 3rd. Finally, Daiwa Capital Markets reduced their price objective on shares of JPMorgan Chase & Co. from $240.00 to $235.00 and set an “overweight” rating for the company in a research report on Thursday, October 10th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $251.78.

Insider Buying and Selling

In related news, General Counsel Stacey Friedman sold 3,303 shares of the business’s stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $253.94, for a total transaction of $838,763.82. Following the transaction, the general counsel now directly owns 47,620 shares of the company’s stock, valued at approximately $12,092,622.80. The trade was a 6.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.79% of the company’s stock.

Institutional Investors Weigh In On JPMorgan Chase & Co.

A number of institutional investors have recently modified their holdings of the stock. Eagle Capital Management LLC increased its holdings in JPMorgan Chase & Co. by 0.4% in the second quarter. Eagle Capital Management LLC now owns 21,867 shares of the financial services provider’s stock worth $4,423,000 after buying an additional 84 shares during the last quarter. Fiera Capital Corp increased its stake in shares of JPMorgan Chase & Co. by 1.7% during the 2nd quarter. Fiera Capital Corp now owns 3,738 shares of the financial services provider’s stock worth $756,000 after purchasing an additional 63 shares during the last quarter. J.W. Cole Advisors Inc. raised its holdings in shares of JPMorgan Chase & Co. by 27.0% during the 2nd quarter. J.W. Cole Advisors Inc. now owns 50,347 shares of the financial services provider’s stock valued at $10,183,000 after purchasing an additional 10,709 shares in the last quarter. SilverOak Wealth Management LLC lifted its stake in shares of JPMorgan Chase & Co. by 26.2% in the 2nd quarter. SilverOak Wealth Management LLC now owns 2,987 shares of the financial services provider’s stock valued at $604,000 after purchasing an additional 620 shares during the last quarter. Finally, Lyell Wealth Management LP boosted its holdings in JPMorgan Chase & Co. by 2.3% in the second quarter. Lyell Wealth Management LP now owns 88,389 shares of the financial services provider’s stock worth $17,878,000 after purchasing an additional 2,008 shares in the last quarter. Institutional investors and hedge funds own 71.55% of the company’s stock.

JPMorgan Chase & Co. Price Performance

The company’s 50-day simple moving average is $243.06 and its 200 day simple moving average is $223.93. 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 stock has a market capitalization of $730.47 billion, a price-to-earnings ratio of 14.44, a P/E/G ratio of 3.16 and a beta of 1.11.

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.