JPMorgan Chase & Co. (NYSE:JPM) Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System lowered its holdings in shares of JPMorgan Chase & Co. (NYSE:JPM) by 3.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,278,243 shares of the financial services provider’s stock after selling 40,742 shares during the period. JPMorgan Chase & Co. makes up 1.1% of State of Michigan Retirement System’s holdings, making the stock its 15th largest position. State of Michigan Retirement System’s holdings in JPMorgan Chase & Co. were worth $120,232,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in JPM. Capital World Investors lifted its stake in shares of JPMorgan Chase & Co. by 9.9% in the 1st quarter. Capital World Investors now owns 91,033,221 shares of the financial services provider’s stock worth $8,195,754,000 after acquiring an additional 8,187,609 shares during the period. Geode Capital Management LLC lifted its position in JPMorgan Chase & Co. by 1.5% in the first quarter. Geode Capital Management LLC now owns 45,078,060 shares of the financial services provider’s stock worth $4,050,836,000 after purchasing an additional 666,292 shares during the period. Morgan Stanley lifted its position in JPMorgan Chase & Co. by 6.4% in the first quarter. Morgan Stanley now owns 37,812,884 shares of the financial services provider’s stock worth $3,404,295,000 after purchasing an additional 2,262,845 shares during the period. Bank of New York Mellon Corp boosted its stake in JPMorgan Chase & Co. by 0.6% during the 1st quarter. Bank of New York Mellon Corp now owns 31,592,855 shares of the financial services provider’s stock valued at $2,844,306,000 after purchasing an additional 175,979 shares in the last quarter. Finally, Legal & General Group Plc increased its position in shares of JPMorgan Chase & Co. by 2.2% during the 1st quarter. Legal & General Group Plc now owns 19,233,532 shares of the financial services provider’s stock valued at $1,735,777,000 after purchasing an additional 409,477 shares during the period. Institutional investors own 71.35% of the company’s stock.

JPM has been the topic of a number of research analyst reports. ValuEngine raised JPMorgan Chase & Co. from a “sell” rating to a “hold” rating in a report on Thursday, April 9th. UBS Group lifted their price objective on shares of JPMorgan Chase & Co. from $82.00 to $96.00 and gave the stock a “neutral” rating in a research note on Monday, May 4th. Credit Suisse Group set a $122.00 target price on shares of JPMorgan Chase & Co. and gave the company a “buy” rating in a research note on Monday, May 18th. Royal Bank of Canada set a $99.00 price target on shares of JPMorgan Chase & Co. and gave the stock a “buy” rating in a research report on Tuesday, April 14th. Finally, Berenberg Bank increased their price objective on JPMorgan Chase & Co. from $77.00 to $80.00 and gave the company a “sell” rating in a research report on Monday, July 20th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and fifteen have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $110.89.

Shares of JPM opened at $96.64 on Friday. The company has a market capitalization of $294.46 billion, a price-to-earnings ratio of 13.04, a P/E/G ratio of 3.24 and a beta of 1.19. JPMorgan Chase & Co. has a fifty-two week low of $76.91 and a fifty-two week high of $141.10. The company has a debt-to-equity ratio of 1.35, a current ratio of 0.88 and a quick ratio of 0.89. The business’s 50-day moving average is $96.77 and its 200-day moving average is $105.48.

JPMorgan Chase & Co. (NYSE:JPM) last released its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.38 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.34 by $0.04. JPMorgan Chase & Co. had a net margin of 18.16% and a return on equity of 10.75%. The firm had revenue of $32.98 billion for the quarter, compared to analyst estimates of $30.23 billion. During the same quarter in the prior year, the business earned $2.82 EPS. The company’s revenue for the quarter was up 14.7% compared to the same quarter last year. Equities research analysts expect that JPMorgan Chase & Co. will post 5.96 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, July 31st. Stockholders of record on Monday, July 6th were paid a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 3.73%. The ex-dividend date was Thursday, July 2nd. JPMorgan Chase & Co.’s dividend payout ratio (DPR) is presently 34.35%.

In related news, CEO Mary E. Erdoes sold 24,554 shares of JPMorgan Chase & Co. stock in a transaction on Wednesday, July 15th. The stock was sold at an average price of $99.52, for a total transaction of $2,443,614.08. 0.78% of the stock is currently owned by company insiders.

JPMorgan Chase & Co. Company 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 and investment products and services to consumers; lending, deposit, and cash management and payment solutions to small businesses; mortgage origination and servicing activities; residential mortgages and home equity loans; and credit card, payment processing, auto loan, and leasing services.

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Institutional Ownership by Quarter for JPMorgan Chase & Co. (NYSE:JPM)

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