Flputnam Investment Management Co. has reduced its holdings in JPMorgan Chase & Co. (NYSE: JPM) by 1.6% during the third quarter of 2023. The firm now owns 325,448 shares after selling 5,282 shares during this period. This adjustment positions JPMorgan Chase as approximately 1.5% of Flputnam’s investment portfolio, making it the firm’s 12th largest position. As of the latest filing with the U.S. Securities and Exchange Commission (SEC), the value of Flputnam’s holdings in JPMorgan Chase is estimated at $102.66 million.
Several institutional investors have also recently altered their positions in JPMorgan Chase. Harbor Asset Planning Inc. acquired a new stake valued at around $26,000 in the second quarter. Additionally, Mizuho Securities Co. Ltd. increased its holdings by an impressive 450% during the same period, now owning 110 shares valued at approximately $32,000. Family Legacy Financial Solutions LLC raised its stake by 92.6% in the third quarter, bringing its total to 104 shares worth around $33,000.
Other notable movements include Ryan Investment Management Inc., which entered a new position valued at about $37,000, and Christopher J. Hasenberg Inc., which increased its stake by 212% to own 156 shares worth approximately $45,000. Currently, hedge funds and institutional investors collectively own 71.55% of JPMorgan Chase’s stock.
Wall Street Analysts Weigh In
Market analysts have provided mixed ratings for JPMorgan Chase. According to various brokerages, Piper Sandler has increased its price target from $332.00 to $336.00 and assigned the stock an “overweight” rating. In contrast, Robert W. Baird has raised its price target from $250.00 to $260.00, giving it an “underperform” rating in a recent report.
Fifteen analysts rank the stock with a Buy rating, while nine have assigned a Hold rating and three have issued a Sell rating. According to data from MarketBeat.com, the consensus price target stands at $329.19.
Recent Insider Activity and Stock Performance
In another development, insider Robin Leopold sold 966 shares of JPMorgan Chase on November 7, 2023, at an average price of $311.92, totaling about $301,314.72. Following this transaction, Leopold retains 58,479 shares valued at approximately $18.24 million, indicating a decrease of 1.63% in their position. Insiders currently hold 0.47% of the company’s stock.
As of November 8, 2023, shares of JPMorgan Chase opened at $325.94. The stock’s fifty-day moving average is $308.60, while the two-hundred-day moving average stands at $299.52. Over the past year, JPMorgan Chase has experienced a low of $202.16 and a high of $327.78. The company boasts a market capitalization of approximately $887.29 billion and reports a price-to-earnings ratio of 16.14.
On October 14, 2023, JPMorgan Chase reported quarterly earnings that surpassed expectations, with earnings per share (EPS) of $5.07, exceeding the consensus estimate of $4.83. The firm recorded a revenue of $47.12 billion, significantly higher than the anticipated $44.42 billion. Year-over-year, revenue increased by 8.8%, with a net margin of 20.90% and a return on equity of 17.18%. Analysts forecast an EPS of 18.1 for the current fiscal year.
Additionally, JPMorgan Chase has declared a quarterly dividend of $1.50 per share, payable on January 31, 2024, to shareholders of record on January 6, 2024. This dividend yields 1.8% based on an annualized payout of $6.00 and reflects a dividend payout ratio of 29.72%.
JPMorgan Chase & Co. continues to be a diversified global financial services firm headquartered in New York City, offering a wide range of banking and financial products to consumers, businesses, and institutions worldwide.
