Summit Asset Management LLC Trims Stock Position in JPMorgan Chase & Co. (NYSE:JPM)

Summit Asset Management LLC trimmed its holdings in JPMorgan Chase & Co. (NYSE:JPM) by 2.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 6,011 shares of the financial services provider’s stock after selling 145 shares during the quarter. Summit Asset Management LLC’s holdings in JPMorgan Chase & Co. were worth $1,022,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in JPM. Beach Investment Counsel Inc. PA boosted its stake in shares of JPMorgan Chase & Co. by 3.1% during the 3rd quarter. Beach Investment Counsel Inc. PA now owns 111,052 shares of the financial services provider’s stock worth $16,105,000 after acquiring an additional 3,313 shares in the last quarter. Simon Quick Advisors LLC increased its position in shares of JPMorgan Chase & Co. by 16.6% in the third quarter. Simon Quick Advisors LLC now owns 19,333 shares of the financial services provider’s stock valued at $2,804,000 after buying an additional 2,750 shares in the last quarter. Foster & Motley Inc. increased its position in shares of JPMorgan Chase & Co. by 9.0% in the third quarter. Foster & Motley Inc. now owns 68,207 shares of the financial services provider’s stock valued at $9,891,000 after buying an additional 5,608 shares in the last quarter. Sippican Capital Advisors lifted its position in shares of JPMorgan Chase & Co. by 3.1% during the 3rd quarter. Sippican Capital Advisors now owns 7,018 shares of the financial services provider’s stock valued at $1,018,000 after buying an additional 210 shares in the last quarter. Finally, VeraBank N.A. lifted its position in shares of JPMorgan Chase & Co. by 0.4% during the 3rd quarter. VeraBank N.A. now owns 21,697 shares of the financial services provider’s stock valued at $3,146,000 after buying an additional 80 shares in the last quarter. 71.55% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. UBS Group reduced their price objective on shares of JPMorgan Chase & Co. from $226.00 to $219.00 and set a “buy” rating for the company in a research report on Tuesday, April 16th. BMO Capital Markets decreased their price target on shares of JPMorgan Chase & Co. from $196.00 to $195.00 and set a “market perform” rating on the stock in a research note on Monday, April 15th. Piper Sandler cut their price objective on JPMorgan Chase & Co. from $220.00 to $215.00 and set an “overweight” rating for the company in a research note on Monday, April 15th. Wells Fargo & Company increased their target price on JPMorgan Chase & Co. from $200.00 to $220.00 and gave the company an “overweight” rating in a report on Wednesday, March 20th. Finally, Oppenheimer lowered their price target on JPMorgan Chase & Co. from $219.00 to $217.00 and set an “outperform” rating on the stock in a research note on Monday, April 15th. Eight research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $192.05.

Insider Activity

In related news, General Counsel Stacey Friedman sold 6,030 shares of the stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $182.73, for a total transaction of $1,101,861.90. Following the completion of the transaction, the general counsel now owns 59,456 shares of the company’s stock, valued at approximately $10,864,394.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other JPMorgan Chase & Co. news, Vice Chairman Peter Scher sold 1,810 shares of the business’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $178.96, for a total transaction of $323,917.60. Following the sale, the insider now directly owns 44,956 shares in the company, valued at $8,045,325.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Stacey Friedman sold 6,030 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $182.73, for a total transaction of $1,101,861.90. Following the completion of the transaction, the general counsel now directly owns 59,456 shares of the company’s stock, valued at approximately $10,864,394.88. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,063,506 shares of company stock valued at $195,024,605. Company insiders own 0.79% of the company’s stock.

JPMorgan Chase & Co. Stock Up 2.0 %

JPM stock opened at $195.63 on Thursday. JPMorgan Chase & Co. has a one year low of $133.13 and a one year high of $200.94. The firm has a market cap of $561.78 billion, a PE ratio of 11.81, a PEG ratio of 2.38 and a beta of 1.13. The firm’s 50 day moving average price is $191.74 and its 200-day moving average price is $173.16. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.92 and a current ratio of 0.92.

JPMorgan Chase & Co. (NYSE:JPM) last posted its earnings results on Friday, April 12th. The financial services provider reported $4.63 EPS for the quarter, beating analysts’ consensus estimates of $4.18 by $0.45. The company had revenue of $41.93 billion for the quarter, compared to the consensus estimate of $40.90 billion. JPMorgan Chase & Co. had a return on equity of 17.79% and a net margin of 20.05%. On average, equities research analysts anticipate that JPMorgan Chase & Co. will post 15.98 EPS for the current year.

JPMorgan Chase & Co. Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 30th. Shareholders of record on Friday, April 5th were given a dividend of $1.15 per share. The ex-dividend date of this dividend was Thursday, April 4th. This is a boost from JPMorgan Chase & Co.’s previous quarterly dividend of $1.05. This represents a $4.60 dividend on an annualized basis and a dividend yield of 2.35%. JPMorgan Chase & Co.’s dividend payout ratio (DPR) is currently 27.78%.

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.