Alley Investment Management Company LLC has increased its investment in JPMorgan Chase & Co. (NYSE:JPM) by 0.2% during the first quarter of 2024. According to the firm’s latest 13F filing with the Securities and Exchange Commission (SEC), Alley now holds 129,510 shares of the financial services giant after acquiring an additional 264 shares. This investment represents approximately 4.0% of Alley’s total portfolio, making JPMorgan Chase its largest holding, valued at about $31.77 million.
Several institutional investors have also been active in the shares of JPMorgan Chase recently. Notably, Norges Bank invested $8.31 billion in the fourth quarter, while GAMMA Investing LLC significantly increased its stake by an astonishing 25,861.9%, adding over 23 million shares and bringing its total to approximately $5.78 billion.
Additionally, Northern Trust Corp raised its holdings by 15.4%, acquiring more than 4.5 million shares for a total value of $8.11 billion. DZ BANK AG also increased its position by 31.4%, and UBS AMERICAS boosted its stake by 16.3% during the same period. Collectively, hedge funds and institutional investors now own approximately 71.55% of JPMorgan Chase’s stock.
Insider Trading Activity
In related news, JPMorgan Chase’s Chief Financial Officer, Jeremy Barnum, sold 40,014 shares on May 6, 2024, at an average price of $250.77, resulting in a transaction valued at approximately $10.03 million. Following this sale, Barnum holds 18,017 shares worth around $4.52 million, indicating a significant reduction of 68.95% in his position.
Moreover, Chief Operating Officer Jennifer Piepszak sold 6,128 shares on June 5, 2024, at an average price of $262.47, totaling about $1.61 million. Piepszak now owns 62,455 shares, valued at approximately $16.39 million, reflecting an 8.94% decrease in her ownership. Over the past quarter, insiders have sold 71,200 shares, amounting to a total value of $18.06 million. Currently, company insiders hold 0.47% of JPMorgan Chase’s stock.
Analyst Ratings and Financial Performance
JPMorgan Chase has attracted significant attention from analysts. Wells Fargo has maintained an “overweight” rating, while Wall Street Zen upgraded the stock from “sell” to “hold.” KGI Securities initiated coverage with a “hold” rating, and Morgan Stanley set a price target of $240.00 with an “equal weight” rating. A total of three analysts have issued a sell rating, while nine have rated the stock as a hold and eleven as a buy, contributing to an average rating of “Hold” with a target price of $276.80 according to MarketBeat data.
On April 11, 2024, JPMorgan Chase reported a strong quarterly performance, with earnings per share of $5.07, surpassing analysts’ expectations of $4.63 by $0.44. The company’s revenue reached $45.30 billion, exceeding the forecast of $43.62 billion. This marks an 8.0% increase in revenue year-over-year, while the firm’s net margin stands at 21.21% and return on equity at 16.88%.
In addition to its robust earnings, JPMorgan Chase has declared a quarterly dividend of $1.40 per share, payable on July 31, 2024, to shareholders of record as of July 3, 2024. This annualizes to $5.60 per share, yielding 1.98% based on the current stock price, with a payout ratio of 27.49%.
JPMorgan Chase & Co. continues to be a major player in the financial sector, providing a wide range of services including investment banking, consumer and small business financial services, commercial banking, and asset management. The company operates through various segments, ensuring its position as a leader in the global financial market.
