Summit Financial Strategies Inc. Reduces Stake in JPMorgan Chase & Co. (NYSE:JPM)

Summit Financial Strategies Inc. reduced its stake in JPMorgan Chase & Co. (NYSE:JPM) by 3.4% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,833 shares of the financial services provider’s stock after selling 387 shares during the quarter. Summit Financial Strategies Inc.’s holdings in JPMorgan Chase & Co. were worth $2,191,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Stone House Investment Management LLC lifted its stake in JPMorgan Chase & Co. by 132.8% during the 4th quarter. Stone House Investment Management LLC now owns 156 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 89 shares in the last quarter. Retirement Group LLC increased its holdings in shares of JPMorgan Chase & Co. by 227.1% in the 1st quarter. Retirement Group LLC now owns 157 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 109 shares during the last quarter. Richardson Capital Management LLC purchased a new position in shares of JPMorgan Chase & Co. in the 1st quarter valued at about $34,000. Bare Financial Services Inc purchased a new position in shares of JPMorgan Chase & Co. in the 4th quarter valued at about $35,000. Finally, Partnership Wealth Management LLC purchased a new position in JPMorgan Chase & Co. during the 4th quarter worth approximately $36,000. Institutional investors and hedge funds own 71.55% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Wolfe Research cut JPMorgan Chase & Co. from an “outperform” rating to a “peer perform” rating in a research report on Monday, July 8th. Morgan Stanley increased their price objective on JPMorgan Chase & Co. from $221.00 to $226.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Oppenheimer raised their price target on JPMorgan Chase & Co. from $215.00 to $221.00 and gave the company an “outperform” rating in a report on Monday, July 15th. StockNews.com raised JPMorgan Chase & Co. from a “sell” rating to a “hold” rating in a report on Saturday, July 13th. Finally, UBS Group raised their price target on JPMorgan Chase & Co. from $219.00 to $224.00 and gave the company a “buy” rating in a report on Tuesday, May 21st. Eight investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $205.71.

Insider Transactions at JPMorgan Chase & Co.

In related news, insider Lori A. Beer sold 5,298 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $200.64, for a total value of $1,062,990.72. Following the completion of the sale, the insider now owns 46,375 shares of the company’s stock, valued at $9,304,680. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other JPMorgan Chase & Co. news, insider Lori A. Beer sold 5,298 shares of JPMorgan Chase & Co. stock in a transaction on Monday, May 20th. The shares were sold at an average price of $200.64, for a total transaction of $1,062,990.72. Following the completion of the sale, the insider now owns 46,375 shares of the company’s stock, valued at approximately $9,304,680. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Stacey Friedman sold 4,415 shares of JPMorgan Chase & Co. stock in a transaction on Monday, May 20th. The stock was sold at an average price of $200.65, for a total transaction of $885,869.75. Following the sale, the general counsel now directly owns 42,124 shares of the company’s stock, valued at approximately $8,452,180.60. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 14,799 shares of company stock valued at $2,963,721. Corporate insiders own 0.79% of the company’s stock.

JPMorgan Chase & Co. Stock Performance

JPM stock traded up $2.42 during mid-day trading on Friday, reaching $213.97. 7,931,234 shares of the stock traded hands, compared to its average volume of 9,221,095. The company has a quick ratio of 0.92, a current ratio of 0.91 and a debt-to-equity ratio of 1.24. JPMorgan Chase & Co. has a 52 week low of $135.19 and a 52 week high of $217.56. The business has a 50-day moving average of $204.67 and a two-hundred day moving average of $195.56. The firm has a market capitalization of $614.45 billion, a PE ratio of 11.93, a P/E/G ratio of 2.42 and a beta of 1.12.

JPMorgan Chase & Co. (NYSE:JPM) last announced its quarterly earnings results on Friday, July 12th. The financial services provider reported $6.12 EPS for the quarter, topping analysts’ consensus estimates of $4.19 by $1.93. The firm had revenue of $50.80 billion during the quarter, compared to analysts’ expectations of $42.23 billion. JPMorgan Chase & Co. had a net margin of 20.32% and a return on equity of 17.26%. During the same quarter last year, the company earned $4.37 earnings per share. As a group, equities analysts predict that JPMorgan Chase & Co. will post 16.78 EPS for the current fiscal year.

JPMorgan Chase & Co. Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 31st. Stockholders of record on Friday, July 5th were issued a dividend of $1.15 per share. This represents a $4.60 annualized dividend and a dividend yield of 2.15%. The ex-dividend date was Friday, July 5th. JPMorgan Chase & Co.’s payout ratio is 25.66%.

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.