Eastern Bank Buys 10,060 Shares of JPMorgan Chase & Co. $JPM

Eastern Bank lifted its stake in JPMorgan Chase & Co. (NYSE:JPM) by 2.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 408,756 shares of the financial services provider’s stock after purchasing an additional 10,060 shares during the quarter. JPMorgan Chase & Co. accounts for approximately 2.0% of Eastern Bank’s holdings, making the stock its 13th biggest position. Eastern Bank’s holdings in JPMorgan Chase & Co. were worth $133,798,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Timmons Wealth Management LLC bought a new stake in JPMorgan Chase & Co. during the 4th quarter valued at about $27,000. Caitong International Asset Management Co. Ltd bought a new position in shares of JPMorgan Chase & Co. in the fourth quarter worth approximately $32,000. MBM Wealth Consultants LLC bought a new position in shares of JPMorgan Chase & Co. in the first quarter worth approximately $29,000. Osbon Capital Management LLC purchased a new stake in shares of JPMorgan Chase & Co. during the fourth quarter valued at approximately $35,000. Finally, Turning Point Benefit Group Inc. purchased a new stake in shares of JPMorgan Chase & Co. during the third quarter valued at approximately $35,000. Institutional investors own 71.55% of the company’s stock.

JPMorgan Chase & Co. News Summary

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

• Positive Sentiment: JPMorgan announced plans to deploy more than $750 billion through 2035 through its American Dream Initiative—nearly 40% more housing capital than during the prior decade. The program targets financing for 1 million affordable housing units and assistance for 500,000 homebuyers, including 200,000 first-time buyers. JPMorganChase Doubles Down on Housing
• Positive Sentiment: The bank plans to increase mortgage lending by more than 40% and hire 850 Home Lending Advisors. Investors may view the expansion as a meaningful growth opportunity if housing supply improves and demand for mortgages, refinancing and affordable-housing finance strengthens. JPMorgan Stock Rises as Housing Plan Unfolds
• Positive Sentiment: Financial stocks advanced broadly, with the NYSE Financial Index rising 0.6%, providing a favorable sector backdrop for JPM. The move follows JPMorgan’s recent strong quarterly results, which exceeded analyst expectations for earnings and revenue. Sector Update: Financial Stocks Advance Late Afternoon
• Neutral Sentiment: JPMorgan economists reportedly brought forward their expectation for a possible year-end Federal Reserve rate increase, citing concerns about Fed credibility. Higher rates could support interest income but also pressure loan demand, bond values and credit quality. JPMorgan Rate Forecast
• Negative Sentiment: Commentary on the housing push warns that the large lending pipeline must pass a profitability test. The scale of the commitment could expose JPMorgan to margin pressure, housing-cycle risk and higher credit losses if returns do not justify the additional capital deployment. JPMorgan Makes Massive Push Into American Housing

Insider Buying and Selling

In other JPMorgan Chase & Co. news, General Counsel Stacey Friedman sold 5,467 shares of the stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $330.73, for a total value of $1,808,100.91. Following the transaction, the general counsel owned 40,961 shares of the company’s stock, valued at approximately $13,547,031.53. This represents a 11.78% 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. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.41% of the company’s stock.

JPMorgan Chase & Co. Stock Up 0.2%

Shares of JPMorgan Chase & Co. stock opened at $352.60 on Tuesday. JPMorgan Chase & Co. has a twelve month low of $279.10 and a twelve month high of $359.30. The company has a quick ratio of 0.86, a current ratio of 0.85 and a debt-to-equity ratio of 1.30. The company’s 50 day moving average is $329.73 and its 200 day moving average is $312.08. The company has a market cap of $944.79 billion, a price-to-earnings ratio of 15.11, a price-to-earnings-growth ratio of 1.45 and a beta of 0.99.

JPMorgan Chase & Co. (NYSE:JPM) last posted its earnings results on Tuesday, July 14th. The financial services provider reported $6.14 EPS for the quarter, topping analysts’ consensus estimates of $5.59 by $0.55. The business had revenue of $58.02 billion during the quarter, compared to the consensus estimate of $50.72 billion. JPMorgan Chase & Co. had a net margin of 21.86% and a return on equity of 18.23%. The firm’s revenue was up 27.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.96 EPS. Research analysts anticipate that JPMorgan Chase & Co. will post 24.27 EPS for the current year.

JPMorgan Chase & Co. Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 31st. Investors of record on Monday, July 6th were issued a $1.50 dividend. The ex-dividend date of this dividend was Monday, July 6th. This represents a $6.00 annualized dividend and a dividend yield of 1.7%. JPMorgan Chase & Co.’s payout ratio is presently 25.71%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Autonomous Res decreased their price objective on shares of JPMorgan Chase & Co. from $360.00 to $324.00 and set a “neutral” rating for the company in a report on Monday, April 6th. Bank of America increased their target price on JPMorgan Chase & Co. from $408.00 to $420.00 and gave the company a “buy” rating in a research note on Thursday, July 16th. Keefe, Bruyette & Woods lifted their target price on JPMorgan Chase & Co. from $370.00 to $384.00 and gave the stock an “outperform” rating in a report on Wednesday, July 15th. Jefferies Financial Group set a $350.00 price target on JPMorgan Chase & Co. in a research note on Tuesday, July 14th. Finally, Daiwa Securities Group lowered their price target on JPMorgan Chase & Co. from $340.00 to $328.00 and set an “outperform” rating on the stock in a report on Tuesday, April 7th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat.com, JPMorgan Chase & Co. presently has a consensus rating of “Moderate Buy” and a consensus price target of $359.33.

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.