Summit Asset Management LLC Boosts Holdings in JPMorgan Chase & Co. (NYSE:JPM)

Summit Asset Management LLC raised its holdings in JPMorgan Chase & Co. (NYSE:JPM) by 15.5% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 8,958 shares of the financial services provider’s stock after acquiring an additional 1,200 shares during the period. Summit Asset Management LLC’s holdings in JPMorgan Chase & Co. were worth $1,889,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Mizuho Securities Co. Ltd. purchased a new stake in JPMorgan Chase & Co. in the 3rd quarter valued at about $25,000. Catalyst Capital Advisors LLC purchased a new stake in shares of JPMorgan Chase & Co. during the 3rd quarter worth about $27,000. Fairway Wealth LLC purchased a new stake in shares of JPMorgan Chase & Co. during the 2nd quarter worth about $32,000. Anfield Capital Management LLC purchased a new stake in shares of JPMorgan Chase & Co. during the 2nd quarter worth about $34,000. Finally, West Financial Advisors LLC purchased a new stake in shares of JPMorgan Chase & Co. during the 3rd quarter worth about $37,000. Hedge funds and other institutional investors own 71.55% of the company’s stock.

JPMorgan Chase & Co. Stock Performance

Shares of JPM opened at $245.18 on Tuesday. The business’s 50 day moving average is $220.06 and its two-hundred day moving average is $210.55. JPMorgan Chase & Co. has a 52-week low of $151.92 and a 52-week high of $248.00. The firm has a market cap of $690.27 billion, a price-to-earnings ratio of 13.64, a PEG ratio of 3.56 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.

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, beating analysts’ consensus estimates of $4.02 by $0.35. The company 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 16.71% and a net margin of 19.64%. JPMorgan Chase & Co.’s quarterly revenue was up 6.5% on a year-over-year basis. During the same period in the prior year, the company posted $4.33 EPS. Analysts forecast that JPMorgan Chase & Co. will post 17.62 EPS for the current fiscal year.

JPMorgan Chase & Co. Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Friday, October 4th were given a dividend of $1.25 per share. This is a positive change from JPMorgan Chase & Co.’s previous quarterly dividend of $1.15. This represents a $5.00 annualized dividend and a dividend yield of 2.04%. The ex-dividend date of this dividend was Friday, October 4th. JPMorgan Chase & Co.’s dividend payout ratio is currently 27.82%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on JPM shares. Wells Fargo & Company boosted their target price on JPMorgan Chase & Co. from $240.00 to $270.00 and gave the stock an “overweight” rating in a report on Friday. Daiwa Capital Markets decreased their target price on JPMorgan Chase & Co. from $240.00 to $235.00 and set an “overweight” rating for the company in a report on Thursday, October 10th. Baird R W cut JPMorgan Chase & Co. from a “hold” rating to a “strong sell” rating in a report on Thursday, November 7th. Robert W. Baird cut JPMorgan Chase & Co. from a “neutral” rating to an “underperform” rating and set a $200.00 target price for the company. in a report on Thursday, November 7th. Finally, Royal Bank of Canada boosted their price target on JPMorgan Chase & Co. from $211.00 to $230.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $227.13.

JPMorgan Chase & Co. Profile

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.