JPMorgan Chase & Co. (NYSE:JPM) Sees 1% Rise After Analyst Upgrade

On October 16, 2024, JPMorgan Chase & Co. (NYSE:JPM) experienced a 1% increase in its stock price after Barclays announced an upgrade of their price target from $217.00 to $257.00. Barclays has given the stock an overweight rating, indicating a positive outlook.

During trading, JPMorgan Chase reached a high of $224.05 before closing at $223.75. Approximately 2,334,144 shares changed hands, a significant decline of 74% from the average trading volume of 9,114,673 shares. Prior to this, the stock had closed at $221.48.

Analyst Ratings Overview

Other analysts have also recently weighed in on JPMorgan Chase. On July 15, Wells Fargo & Company raised their price target from $220.00 to $225.00, maintaining an “overweight” rating. Similarly, Keefe, Bruyette & Woods increased their target from $209.00 to $211.00, giving it a “market perform” rating on July 9. Oppenheimer raised their price target from $221.00 to $234.00, granting the stock an “outperform” rating on October 2. In contrast, Morgan Stanley lowered their rating from “overweight” to “equal weight” while raising their target from $220.00 to $224.00 as of September 30. Additionally, Royal Bank of Canada lifted its price target from $211.00 to $230.00, also giving it an “outperform” rating. Currently, nine research analysts have rated JPMorgan Chase with a hold rating, while eleven have given it a buy rating. According to MarketBeat data, the company has an average rating of “Moderate Buy” with a consensus target price of $217.94.

Institutional Holdings

Institutional trading activity has also impacted the stock. Swedbank AB acquired a new position valued at approximately $800 million during the first quarter. Capital Research Global Investors raised its position by 23.3%, now owning over 17 million shares worth around $3.45 billion after purchasing an additional 3.25 million shares. Wulff Hansen & CO. reported a staggering increase of 19,920.7% in their holdings, amounting to 2.8 million shares valued at approximately $566.6 million after acquiring 2.78 million more shares. Granite Bay Wealth Management LLC also increased their position by over 6,239.1%, owning 1.4 million shares worth around $277.4 million. Dimensional Fund Advisors LP raised their stake by 4.8%, holding nearly 22.7 million shares valued at about $4.59 billion. Overall, institutional investors now control 71.55% of the company’s stock.

Financial Performance Highlights

JPMorgan Chase & Co. has a debt-to-equity ratio of 1.24 and a quick and current ratio of 0.91. The company boasts a market capitalization of $638.63 billion, with a price-to-earnings (P/E) ratio of 12.40, a PEG ratio of 3.28, and a beta of 1.11. Its 50-day moving average stands at $212.76 while the 200-day moving average is $204.04.

On October 11, JPMorgan Chase announced its latest earnings results, reporting an earnings per share (EPS) of $4.37, surpassing consensus estimates of $4.02 by $0.35. The company achieved a return on equity of 17.26% with a net margin of 20.32%. Revenue for the quarter reached $43.32 billion, exceeding estimates of $41.43 billion and reflecting a year-over-year increase of 6.5%. Analysts foresee JPMorgan Chase posting an annual EPS of 16.75 for the current year.

Dividend Announcement

In addition to stock performance, JPMorgan Chase recently declared a quarterly dividend of $1.25 per share, scheduled for payment on October 31. Shareholders of record as of October 4 will receive this dividend, up from the previous quarterly payout of $1.15. This equates to an annual dividend of $5.00 and a yield of 2.25%. The ex-dividend date was also set for October 4, with the company maintaining a dividend payout ratio of 27.89%.

Company Overview

JPMorgan Chase & Co. is a leading financial services firm operating globally. It has four main segments: Consumer & Community Banking (CCB), Corporate & Investment Bank (CIB), Commercial Banking (CB), and Asset & Wealth Management (AWM). The CCB segment provides various services, including deposit and investment products, mortgage origination, credit cards, auto loans, and more, catering to both consumers and small businesses through numerous channels.

JPMorgan, Stock, Analyst