JPMorgan Chase & Co. (NYSE:JPM) Shares Up 2.5% Following Earnings Beat

JPMorgan Chase & Co. (NYSE:JPM) traded up 2.5% on Tuesday following a better than expected earnings announcement. The stock traded as high as $344.73 and last traded at $342.7440. 14,165,624 shares changed hands during trading, an increase of 40% from the average session volume of 10,134,136 shares. The stock had previously closed at $334.53.

The financial services provider reported $6.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.59 by $0.55. The business had revenue of $58.02 billion for the quarter, compared to the consensus estimate of $51.09 billion. JPMorgan Chase & Co. had a return on equity of 17.54% and a net margin of 20.66%.The business’s revenue was up 27.7% compared to the same quarter last year. During the same period last year, the business posted $4.96 EPS.

JPMorgan Chase & Co. Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Monday, July 6th will be given a dividend of $1.50 per share. The ex-dividend date of this dividend is Monday, July 6th. This represents a $6.00 dividend on an annualized basis and a yield of 1.8%. JPMorgan Chase & Co.’s dividend payout ratio (DPR) is presently 28.74%.

Trending Headlines about JPMorgan Chase & Co.

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

• Positive Sentiment: Investment banking and trading drove results, with dealmaking activity, equities revenue, and market volatility all boosting earnings. Reuters article
• Positive Sentiment: Management pointed to resilient consumer spending and solid credit performance, suggesting the U.S. consumer remains healthy despite higher rates and inflation. PYMNTS article
• Positive Sentiment: Analysts and market commentary are turning more bullish, with reports of higher price targets, strong loan growth, and expectations for a likely dividend increase later this year. MarketBeat article
• Positive Sentiment: Broader sector sentiment improved as investors viewed JPMorgan’s results as evidence that the consumer and economy are holding up better than feared. Yahoo Finance article

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Morgan Stanley boosted their target price on shares of JPMorgan Chase & Co. from $336.00 to $362.00 and gave the stock an “equal weight” rating in a report on Monday, June 29th. HSBC raised their price target on shares of JPMorgan Chase & Co. from $288.00 to $312.00 and gave the company a “hold” rating in a report on Monday, May 4th. Piper Sandler lifted their price objective on shares of JPMorgan Chase & Co. from $325.00 to $345.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 15th. Dbs Bank upgraded shares of JPMorgan Chase & Co. to a “hold” rating in a research note on Tuesday, May 12th. Finally, Barclays reissued a “buy” rating on shares of JPMorgan Chase & Co. in a research report on Wednesday, May 6th. Fourteen research analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $345.33.

Insider Activity at JPMorgan Chase & Co.

In other JPMorgan Chase & Co. news, COO Jennifer Piepszak sold 9,136 shares of the firm’s stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $306.56, for a total value of $2,800,732.16. Following the completion of the sale, the chief operating officer owned 90,001 shares of the company’s stock, valued at approximately $27,590,706.56. This trade represents a 9.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Stacey Friedman sold 5,468 shares of the business’s stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $300.27, for a total value of $1,641,876.36. Following the sale, the general counsel owned 46,428 shares in the company, valued at $13,940,935.56. The trade was a 10.54% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 33,623 shares of company stock valued at $10,427,835 in the last ninety days. Corporate insiders own 0.41% of the company’s stock.

Institutional Trading of JPMorgan Chase & Co.

Several large investors have recently bought and sold shares of JPM. Norges Bank acquired a new stake in shares of JPMorgan Chase & Co. during the fourth quarter worth $11,396,496,000. Bank of America Corp DE increased its position in shares of JPMorgan Chase & Co. by 15.8% in the 1st quarter. Bank of America Corp DE now owns 65,660,460 shares of the financial services provider’s stock valued at $19,314,681,000 after acquiring an additional 8,941,351 shares during the period. Cardano Risk Management B.V. increased its position in shares of JPMorgan Chase & Co. by 889.3% in the 4th quarter. Cardano Risk Management B.V. now owns 8,673,530 shares of the financial services provider’s stock valued at $2,794,785,000 after acquiring an additional 7,796,814 shares during the period. Danske Bank A S acquired a new position in shares of JPMorgan Chase & Co. in the 3rd quarter valued at $696,885,000. Finally, American Assets Investment Management LLC raised its stake in JPMorgan Chase & Co. by 1,172.2% in the 4th quarter. American Assets Investment Management LLC now owns 2,259,400 shares of the financial services provider’s stock worth $728,024,000 after acquiring an additional 2,081,800 shares during the last quarter. Hedge funds and other institutional investors own 71.55% of the company’s stock.

JPMorgan Chase & Co. Price Performance

The stock has a 50 day moving average of $316.28 and a 200-day moving average of $309.76. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.86 and a current ratio of 0.86. The company has a market cap of $918.39 billion, a PE ratio of 16.41, a price-to-earnings-growth ratio of 1.53 and a beta of 0.99.

About JPMorgan Chase & Co.

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.