Pinnacle West Asset Management Inc. Sells 125 Shares of JPMorgan Chase & Co. (NYSE:JPM)

Pinnacle West Asset Management Inc. cut its position in shares of JPMorgan Chase & Co. (NYSE:JPM) by 0.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 15,455 shares of the financial services provider’s stock after selling 125 shares during the quarter. JPMorgan Chase & Co. makes up 2.3% of Pinnacle West Asset Management Inc.’s investment portfolio, making the stock its 9th largest position. Pinnacle West Asset Management Inc.’s holdings in JPMorgan Chase & Co. were worth $3,259,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Fiduciary Planning LLC grew its position in shares of JPMorgan Chase & Co. by 1.2% in the third quarter. Fiduciary Planning LLC now owns 4,693 shares of the financial services provider’s stock valued at $990,000 after purchasing an additional 57 shares during the period. Commonwealth Financial Services LLC grew its holdings in JPMorgan Chase & Co. by 13.0% in the 3rd quarter. Commonwealth Financial Services LLC now owns 15,243 shares of the financial services provider’s stock valued at $3,156,000 after buying an additional 1,756 shares during the period. Greystone Financial Group LLC increased its stake in shares of JPMorgan Chase & Co. by 1.7% during the 3rd quarter. Greystone Financial Group LLC now owns 59,039 shares of the financial services provider’s stock valued at $12,449,000 after acquiring an additional 975 shares during the last quarter. Hennion & Walsh Asset Management Inc. lifted its holdings in shares of JPMorgan Chase & Co. by 24.7% during the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 31,974 shares of the financial services provider’s stock worth $6,742,000 after acquiring an additional 6,337 shares during the period. Finally, Global Assets Advisory LLC acquired a new stake in shares of JPMorgan Chase & Co. in the third quarter worth approximately $794,000. Institutional investors and hedge funds own 71.55% of the company’s stock.

JPMorgan Chase & Co. Stock Performance

Shares of JPM stock opened at $222.31 on Friday. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.91 and a quick ratio of 0.91. The company’s fifty day moving average price is $215.39 and its two-hundred day moving average price is $205.45. The firm has a market capitalization of $638.40 billion, a P/E ratio of 12.40, a P/E/G ratio of 3.28 and a beta of 1.11. JPMorgan Chase & Co. has a 12 month low of $135.19 and a 12 month high of $225.92.

JPMorgan Chase & Co. (NYSE:JPM) last announced its earnings results on Friday, October 11th. The financial services provider reported $4.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.02 by $0.35. The business had revenue of $43.32 billion for the quarter, compared to analyst estimates of $41.43 billion. JPMorgan Chase & Co. had a return on equity of 17.26% and a net margin of 20.32%. The company’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same period in the previous year, the company earned $4.33 earnings per share. On average, research analysts anticipate that JPMorgan Chase & Co. will post 16.75 earnings per share for the current fiscal year.

JPMorgan Chase & Co. Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 4th will be given a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.25%. This is a positive change from JPMorgan Chase & Co.’s previous quarterly dividend of $1.15. The ex-dividend date is Friday, October 4th. JPMorgan Chase & Co.’s dividend payout ratio is presently 27.89%.

Analyst Ratings Changes

JPM has been the subject of several research analyst reports. Piper Sandler upped their price target on shares of JPMorgan Chase & Co. from $220.00 to $230.00 and gave the stock an “overweight” rating in a research report on Monday, July 15th. Oppenheimer cut their target price on JPMorgan Chase & Co. from $234.00 to $232.00 and set an “outperform” rating on the stock in a research report on Monday, October 14th. Barclays lifted their target price on JPMorgan Chase & Co. from $217.00 to $257.00 and gave the company an “overweight” rating in a report on Monday, October 14th. Evercore ISI upped their price target on JPMorgan Chase & Co. from $217.00 to $230.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. Finally, BMO Capital Markets lifted their price objective on JPMorgan Chase & Co. from $195.00 to $205.00 and gave the company a “market perform” rating in a research note on Thursday, July 11th. Nine research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $217.94.

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.