Alley Investment Management Company LLC has increased its holdings in JPMorgan Chase & Co. (NYSE:JPM) by 0.2% during the first quarter of 2024, according to its recent 13F filing with the Securities and Exchange Commission (SEC). The firm now owns 129,510 shares of the financial services giant after acquiring an additional 264 shares in the quarter, which represents 4.0% of Alley’s investment portfolio, making it their largest position valued at $31,769,000.
This adjustment comes as other institutional investors have also shown interest in JPMorgan Chase. Notably, Norges Bank established a new position in the company during the fourth quarter, worth an impressive $8.31 billion. Another significant player, GAMMA Investing LLC, dramatically increased its stake by 25,861.9% during the same period, now holding 23,556,011 shares valued at approximately $5.78 billion.
In addition, Northern Trust Corp raised its position by 15.4%, bringing its total to 33,845,676 shares valued at $8.11 billion. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main also increased its holdings by 31.4%, while UBS AM, a unit of UBS Asset Management Americas LLC, boosted its position by 16.3%.
Hedge funds and institutional investors now own approximately 71.55% of JPMorgan Chase’s stock, reflecting a strong institutional confidence in the company.
Insider Activity
In related news, insider activity has seen Jeremy Barnum, Chief Financial Officer of JPMorgan Chase, sell 40,014 shares on May 6, 2024, at an average price of $250.77, totaling approximately $10.03 million. Following this transaction, Barnum’s ownership decreased by 68.95% to 18,017 shares valued at roughly $4.52 million.
Additionally, Chief Operating Officer Jennifer Piepszak sold 6,128 shares on June 5, 2024, for about $1.61 million. Her stake consequently decreased by 8.94% to 62,455 shares worth approximately $16.39 million. Over the last quarter, insiders sold a total of 71,200 shares valued at $18.06 million, leaving only 0.47% of the stock in insider hands.
Analyst Ratings and Performance
JPMorgan Chase has been the focus of various analyst reports recently. Wells Fargo & Company maintained an “overweight” rating in a report on Monday. Meanwhile, Wall Street Zen upgraded the stock from a “sell” to a “hold” rating as of May 14, 2024. KGI Securities initiated coverage with a “hold” rating, while Morgan Stanley set a price target of $240.00 and rated the stock as “equal weight.” Cowen reaffirmed a “buy” rating on May 20, 2024.
Currently, three analysts have a sell rating on the stock, nine have assigned a hold rating, eleven have issued a buy rating, and one has given a strong buy rating. The average rating stands at “Hold” with a price target of $276.80, according to data from MarketBeat.
Financial Performance
As of the latest trading session on Wednesday, shares of JPMorgan Chase opened at $282.86. The company boasts a market capitalization of $786.09 billion, a price-to-earnings ratio of 13.89, and a beta of 1.10. Over the past year, the stock has fluctuated between a low of $190.90 and a high of $296.40.
The company’s recent quarterly earnings report, issued on April 11, 2024, revealed a strong performance with earnings per share of $5.07, exceeding analysts’ expectations of $4.63 by $0.44. The firm reported revenues of $45.30 billion for the quarter, surpassing the forecast of $43.62 billion and reflecting an 8.0% year-over-year increase.
Looking ahead, analysts predict that JPMorgan Chase will achieve earnings of $18.10 per share for the current fiscal year.
Dividends Announced
In a move to reward shareholders, JPMorgan Chase has declared a quarterly dividend of $1.40 per share, set to be paid on July 31, 2024. Shareholders on record as of July 3, 2024, will be eligible for this dividend, which translates to an annualized amount of $5.60 and a dividend yield of 1.98%. The company’s current dividend payout ratio stands at 27.49%.
Company Overview
JPMorgan Chase & Co. is a leading financial holding company offering a wide array of services, including investment banking, consumer financial services, commercial banking, financial transaction processing, and asset management. The firm operates across various segments, including Consumer and Community Banking, Commercial and Investment Banking, Asset and Wealth Management, and Corporate.
The ongoing developments indicate a robust interest in JPMorgan Chase from institutional investors, reflecting confidence in its growth potential and stability in the financial sector.
