JPMorgan Chase & Co. Stock Rises 1% After Analyst Upgrade

On October 16th, 2024, JPMorgan Chase & Co. (NYSE:JPM) saw its shares increase by 1% during regular trading hours. This surge followed an upgrade by Barclays, which raised its price target for the stock from $217.00 to $257.00. Currently, Barclays rates JPMorgan Chase as ‘overweight’ due to its perceived potential for growth. During the trading session, the shares reached a high of $224.05 before closing at $223.75. Overall, around 2,334,144 shares changed hands, which is a significant decrease of 74% compared to the average trading volume of 9,114,673 shares. The previous day’s closing price was $221.48.

In addition to Barclays, several other analysts have also shared their insights regarding JPMorgan Chase & Co. Recently, Wells Fargo & Company raised its price target from $220.00 to $225.00 while maintaining an ‘overweight’ rating. On July 9th, Keefe, Bruyette & Woods upgraded their target price from $209.00 to $211.00 with a ‘market perform’ rating. Oppenheimer also increased its target from $221.00 to $234.00 on October 2nd, continuing to rate the stock as ‘outperform.’ Conversely, Morgan Stanley adjusted its rating from ‘overweight’ to ‘equal weight’ with a slight increase in its price target from $220.00 to $224.00 at the end of September. Additionally, Royal Bank of Canada revised its price target from $211.00 to $230.00, also assigning an ‘outperform’ rating. Currently, nine analysts suggest holding the stock, while eleven recommend buying it. Data from MarketBeat indicates that the average rating for the stock is ‘Moderate Buy’ with a consensus target price of $217.94.

Institutional Traders and JPMorgan Chase & Co.

Recent activities among institutional investors show a significant interest in JPMorgan Chase & Co. Swedbank AB established a new position in the company during the first quarter with an investment of approximately $800 million. Capital Research Global Investors increased its stake by 23.3% in the same period, now owning over 17 million shares valued at about $3.45 billion after buying an additional 3.25 million shares. Another notable investor, Wulff Hansen & Co., grew its holdings by a staggering 19,920.7% in the second quarter, acquiring nearly 2.8 million shares worth around $566.6 million. Granite Bay Wealth Management LLC also raised its stake by 6,239.1%, bringing its total to 1.4 million shares valued at $277.5 million. Furthermore, Dimensional Fund Advisors LP grew its investment in the company by 4.8%, obtaining nearly 22.7 million shares worth $4.59 billion. Overall, institutional investors collectively own approximately 71.55% of JPMorgan Chase & Co.’s stock.

Overview of JPMorgan Chase & Co.’s Financial Performance

As for its financial metrics, JPMorgan Chase & Co. has a debt-to-equity ratio of 1.24, a quick ratio of 0.91, and a current ratio that mirrors the quick ratio at 0.91. The company boasts a market capitalization of $638.63 billion, with a price-to-earnings (P/E) ratio of 12.40 and a P/E growth (P/E/G) ratio of 3.28, along with a beta of 1.11, indicating it’s slightly more volatile than the market. The stock has a 50-day moving average of $212.76 and a 200-day average of $204.04.

JPMorgan Chase & Co. recently reported its earnings on October 11th, showing an earnings per share (EPS) of $4.37 for the quarter, surpassing the consensus estimate of $4.02 by $0.35. The company recorded a return on equity of 17.26% and a net margin of 20.32%, with total revenue hitting $43.32 billion, exceeding analysts’ expectations of $41.43 billion. Comparatively, this revenue reflects a 6.5% increase from the same quarter last year. Analysts predict that JPMorgan Chase & Co. will have an EPS of 16.75 for the current fiscal year.

Dividend Increase Announced by JPMorgan Chase & Co.

Moreover, JPMorgan Chase & Co. declared a quarterly dividend that will be paid on October 31st. Shareholders recorded as of October 4th will receive a dividend of $1.25 per share, which represents an annualized dividend of $5.00, yielding 2.25%. This dividend has increased from the previous quarterly rate of $1.15. The ex-dividend date was set for October 4th. Currently, the company maintains a dividend payout ratio of 27.89%, indicating its commitment to returning value to shareholders.

About JPMorgan Chase & Co.

JPMorgan Chase & Co. operates globally as a major financial services institution. It is divided into four primary segments: Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking, and Asset & Wealth Management. Each division provides an array of services, including deposit accounts, lending products, cash management, and payment services, alongside mortgage and credit card offerings through various channels such as bank branches, online banking, and mobile platforms.

JPMorgan, Stock, Upgrade