Riverwater Partners LLC has raised its stake in shares of JPMorgan Chase & Co. (NYSE:JPM) by 12.2% during the second quarter, as reported in a recent filing with the Securities & Exchange Commission. The institutional investor now holds 2,202 shares following the acquisition of an additional 239 shares in the quarter. This increase brings the total value of Riverwater’s holdings in JPMorgan Chase to approximately $638,000.
Several other institutional investors have also adjusted their positions in JPMorgan Chase. Envestnet Asset Management Inc. grew its position by 2.9%, now owning 7,280,489 shares valued at about $2.11 billion after acquiring an additional 202,787 shares. Similarly, Chilton Capital Management LLC increased its holdings by 7.9%, owning 224,912 shares worth $65.2 million after purchasing an additional 16,550 shares.
Other notable increases include Resonant Capital Advisors LLC, which raised its stake by 8.3%, now holding 35,304 shares valued at $10.2 million, and Wealthfront Advisers LLC, which increased its holdings by 10.5% to 351,484 shares worth $101.9 million. Atlatl Advisers LLC also expanded its position by 14.4%, now owning 2,674 shares valued at $775,000. Overall, institutional investors control 71.55% of JPMorgan Chase’s stock.
Analysts’ Insights and Stock Performance
Various analysts have recently assessed the stock’s potential. On October 14, 2023, Royal Bank of Canada reaffirmed a “buy” rating, setting a price target of $343.00. Meanwhile, UBS Group raised its price target from $339.00 to $350.00, maintaining a “buy” rating. Similarly, Daiwa Capital Markets updated its target to $332.00, reflecting an “outperform” rating, while Deutsche Bank Aktiengesellschaft increased its target from $300.00 to $320.00, issuing a “hold” rating.
Currently, the stock has received an average rating of “Moderate Buy” from analysts, with an average price target of $326.38. Notably, two analysts have assigned a “Strong Buy” rating, fourteen a “Buy” rating, nine a “Hold” rating, and three a “Sell” rating.
JPMorgan Chase shares opened at $311.85 on Thursday. The financial institution has a market capitalisation of approximately $857.51 billion, a price-to-earnings (P/E) ratio of 15.45, and a beta of 1.13. The stock has fluctuated between a 12-month low of $202.16 and a 12-month high of $318.01.
On October 14, 2023, JPMorgan Chase reported earnings of $5.07 per share, exceeding analysts’ expectations of $4.83 by $0.24. The firm generated revenue of $46.43 billion during the quarter, surpassing the consensus estimate of $44.42 billion and reflecting an 8.8% year-over-year increase.
Dividends and Insider Trading
Recently, the company declared a quarterly dividend of $1.50 per share, an increase from the previous dividend of $1.40. This dividend was paid on October 31, 2023, to shareholders of record as of October 6, 2023. The annualized dividend now stands at $6.00, yielding 1.9% based on the current stock price, with a payout ratio of 29.72%.
In related news, Linda Bammann, a director at the company, sold 9,500 shares on September 2, 2023, at an average price of $297.94, totaling approximately $2.83 million. Following this transaction, Bammann retained 82,207 shares, valued at about $24.49 million, representing a 10.36% decrease in her ownership.
As of now, 0.47% of JPMorgan Chase’s stock is owned by insiders, reflecting the level of insider investment in the company.
JPMorgan Chase & Co. stands as a leading financial services provider, offering a diversified range of services that include investment banking, consumer banking, commercial banking, and asset management, operating through various segments to meet the needs of its clientele.
