Penney Financial LLC Takes $202,000 Position in JPMorgan Chase & Co. $JPM

Penney Financial LLC bought a new stake in shares of JPMorgan Chase & Co. (NYSE:JPM) during the 2nd quarter, Holdings Channel reports. The fund bought 698 shares of the financial services provider’s stock, valued at approximately $202,000.

Several other hedge funds have also recently made changes to their positions in JPM. MJT & Associates Financial Advisory Group Inc. purchased a new position in shares of JPMorgan Chase & Co. during the first quarter valued at approximately $28,000. University of Illinois Foundation purchased a new stake in JPMorgan Chase & Co. in the first quarter worth $30,000. Ryan Investment Management Inc. purchased a new stake in JPMorgan Chase & Co. in the second quarter worth $37,000. Christopher J. Hasenberg Inc grew its stake in JPMorgan Chase & Co. by 212.0% in the second quarter. Christopher J. Hasenberg Inc now owns 156 shares of the financial services provider’s stock worth $45,000 after purchasing an additional 106 shares during the period. Finally, Goodman Advisory Group LLC purchased a new stake in JPMorgan Chase & Co. in the first quarter worth $76,000. 71.55% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other JPMorgan Chase & Co. news, Director Linda Bammann sold 9,500 shares of the stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $297.94, for a total value of $2,830,430.00. Following the transaction, the director owned 82,207 shares of the company’s stock, valued at approximately $24,492,753.58. This represents a 10.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.47% of the company’s stock.

JPMorgan Chase & Co. Trading Up 1.3%

Shares of NYSE:JPM opened at $305.94 on Thursday. The company has a market cap of $841.24 billion, a P/E ratio of 15.15, a PEG ratio of 1.94 and a beta of 1.13. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.86 and a quick ratio of 0.88. JPMorgan Chase & Co. has a 1 year low of $202.16 and a 1 year high of $318.01. The stock’s fifty day moving average price is $302.40 and its 200-day moving average price is $277.80.

JPMorgan Chase & Co. (NYSE:JPM) last announced its quarterly earnings results on Tuesday, October 14th. The financial services provider reported $5.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.83 by $0.24. JPMorgan Chase & Co. had a return on equity of 17.18% and a net margin of 20.90%.The firm had revenue of $46.43 billion for the quarter, compared to the consensus estimate of $44.42 billion. During the same period in the prior year, the company posted $4.37 earnings per share. The company’s quarterly revenue was up 8.8% on a year-over-year basis. Sell-side analysts expect that JPMorgan Chase & Co. will post 18.1 earnings per share for the current year.

JPMorgan Chase & Co. Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Monday, October 6th will be issued a $1.50 dividend. This is a positive change from JPMorgan Chase & Co.’s previous quarterly dividend of $1.40. This represents a $6.00 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Monday, October 6th. JPMorgan Chase & Co.’s dividend payout ratio is currently 30.79%.

Analysts Set New Price Targets

Several brokerages recently weighed in on JPM. Barclays upped their price target on JPMorgan Chase & Co. from $330.00 to $342.00 and gave the stock an “overweight” rating in a research note on Wednesday. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $343.00 price target on shares of JPMorgan Chase & Co. in a research note on Tuesday. TD Cowen upped their price target on JPMorgan Chase & Co. from $350.00 to $370.00 and gave the stock a “buy” rating in a research note on Friday, October 3rd. Wells Fargo & Company boosted their target price on JPMorgan Chase & Co. from $325.00 to $345.00 and gave the stock an “overweight” rating in a report on Tuesday, September 16th. Finally, Morgan Stanley boosted their target price on JPMorgan Chase & Co. from $336.00 to $338.00 and gave the stock an “equal weight” rating in a report on Wednesday. Fifteen equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, JPMorgan Chase & Co. presently has a consensus rating of “Hold” and a consensus price target of $319.40.

JPMorgan Chase & Co. Company Profile

JPMorgan Chase & Co is a financial holding company, which engages in the provision of financial and investment banking services. It focuses on investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. It operates through the following segments: Consumer and Community Banking (CCB), Commercial and Investment Bank (CIB), Asset and Wealth Management (AWM), and Corporate.