Parnassus Investments LLC Decreases Stock Holdings in JPMorgan Chase & Co. $JPM

Parnassus Investments LLC decreased its holdings in shares of JPMorgan Chase & Co. (NYSE:JPM) by 4.3% during the fourth quarter, Holdings Channel.com reports. The firm owned 500,909 shares of the financial services provider’s stock after selling 22,749 shares during the period. Parnassus Investments LLC’s holdings in JPMorgan Chase & Co. were worth $161,403,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Turning Point Benefit Group Inc. purchased a new stake in JPMorgan Chase & Co. during the third quarter valued at $35,000. Merrithew & Thorsten Inc purchased a new stake in JPMorgan Chase & Co. during the fourth quarter valued at $40,000. WHI TRUST Co LLC purchased a new stake in JPMorgan Chase & Co. during the fourth quarter valued at $45,000. Cresta Advisors Ltd. bought a new position in JPMorgan Chase & Co. during the fourth quarter valued at $48,000. Finally, Miller Global Investments LLC purchased a new stake in shares of JPMorgan Chase & Co. in the fourth quarter valued at $52,000. Hedge funds and other institutional investors own 71.55% of the company’s stock.

More JPMorgan Chase & Co. News

Here are the key news stories impacting JPMorgan Chase & Co. this week:

• Positive Sentiment: JPMorgan’s global expansion remains a positive, including reports that it has deployed $20 billion in the Gulf and doubled its private bankers in Singapore, signaling continued growth in wealth management and international banking. Article: JP Morgan deploys $20bn in Gulf and says postwar rebuild may cost hundreds of billions
• Positive Sentiment: The company continues to benefit from investor optimism around higher-for-longer rates after hotter inflation data, which can support bank lending margins and trading activity. Article: May Inflation Hits 4.2% as Energy Prices Surge, Raising Pressure on Federal Reserve
• Positive Sentiment: JPMorgan’s involvement in tokenized treasuries and digital-asset market infrastructure suggests it is positioned to benefit if regulated crypto adoption continues to grow. Article: Tokenized Treasuries Are Moving Onto the XRP Ledger
• Neutral Sentiment: Jamie Dimon’s comments on Mexico’s economy and trade highlight JPMorgan’s active role in global corporate and sovereign banking, but the direct stock impact is limited. Article: JPMorgan’s Jamie Dimon Praises the Mexican Economy
• Neutral Sentiment: JPMorgan also had several analyst-related headlines on other companies, but these are mostly read-throughs and do not materially change the bank’s own outlook. Article: Coherent and Lumentum just got more attractive, according to J.P. Morgan
• Negative Sentiment: The DOJ has subpoenaed JPMorgan in a widening “debanking” investigation, creating a potential legal and reputational risk for the bank. Article: US Justice Department subpoenas major banks over alleged ‘debanking’
• Negative Sentiment: JPMorgan and other banks also lost a lawsuit over alleged missed red flags at Tricolor, which may keep credit-risk concerns in focus. Article: JPMorgan, Barclays, Fifth Third defeat lawsuit over missed ‘red flags’ at Tricolor

JPMorgan Chase & Co. Trading Up 1.5%

Shares of JPM opened at $313.85 on Friday. The company’s fifty day simple moving average is $305.78 and its 200-day simple moving average is $306.87. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 1.30. The company has a market cap of $840.97 billion, a P/E ratio of 15.03, a P/E/G ratio of 1.51 and a beta of 1.00. JPMorgan Chase & Co. has a twelve month low of $262.71 and a twelve month high of $337.25.

JPMorgan Chase & Co. (NYSE:JPM) last posted its quarterly earnings results on Tuesday, April 14th. The financial services provider reported $5.94 EPS for the quarter, topping analysts’ consensus estimates of $5.50 by $0.44. The firm had revenue of $50.54 billion for the quarter, compared to analysts’ expectations of $48.30 billion. JPMorgan Chase & Co. had a net margin of 20.66% and a return on equity of 17.54%. The business’s revenue for the quarter was up 10.0% on a year-over-year basis. During the same period in the prior year, the business posted $5.07 earnings per share. As a group, analysts expect that JPMorgan Chase & Co. will post 22.4 EPS for the current year.

JPMorgan Chase & Co. Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Monday, July 6th will be issued a $1.50 dividend. The ex-dividend date is Monday, July 6th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 1.9%. JPMorgan Chase & Co.’s dividend payout ratio is presently 28.74%.

Analyst Ratings Changes

Several brokerages have recently weighed in on JPM. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of JPMorgan Chase & Co. in a research note on Tuesday, February 24th. Robert W. Baird set a $295.00 target price on shares of JPMorgan Chase & Co. in a research note on Wednesday, April 15th. Zacks Research downgraded shares of JPMorgan Chase & Co. from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, April 8th. Argus increased their target price on shares of JPMorgan Chase & Co. from $340.00 to $355.00 and gave the company a “buy” rating in a research note on Wednesday, April 15th. Finally, Wells Fargo & Company reduced their target price on shares of JPMorgan Chase & Co. from $360.00 to $350.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 17th. Fourteen equities research analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the company’s stock. According to MarketBeat, JPMorgan Chase & Co. has an average rating of “Hold” and a consensus target price of $339.08.

Insider Activity at JPMorgan Chase & Co.

In other news, General Counsel Stacey Friedman sold 5,468 shares of the company’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $300.27, for a total value of $1,641,876.36. Following the transaction, the general counsel directly owned 46,428 shares in the company, valued at approximately $13,940,935.56. This represents a 10.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jeremy Barnum sold 5,611 shares of the company’s stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $306.55, for a total transaction of $1,720,052.05. Following the completion of the transaction, the chief financial officer owned 35,460 shares in the company, valued at approximately $10,870,263. The trade was a 13.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 28,589 shares of company stock valued at $8,747,496. Company insiders own 0.41% of the company’s stock.

JPMorgan Chase & Co. Profile

JPMorgan Chase & Co (NYSE: JPM) is a diversified global financial services firm headquartered in New York City. The company provides a wide range of banking and financial products and services to consumers, small businesses, corporations, governments and institutional investors worldwide. Its operations span retail banking, commercial lending, investment banking, asset management, payments and card services, and treasury and securities services.

The firm’s principal business activities are organized across several core lines: Consumer & Community Banking, which offers deposit accounts, mortgages, auto loans, credit cards and branch and digital banking under the Chase brand; Corporate & Investment Banking, which provides capital markets, advisory, underwriting, trading and risk management services; Commercial Banking, delivering lending, treasury and capital solutions to middle-market and corporate clients; and Asset & Wealth Management, which offers investment management, private banking and retirement services to institutions and high-net-worth individuals.