Mid American Wealth Advisory Group Inc. has acquired a new stake in shares of JPMorgan Chase & Co. (NYSE:JPM), investing approximately $114,000 in the second quarter of the year. The institutional investor purchased 393 shares of the financial services giant, as disclosed in their recent filing with the Securities and Exchange Commission (SEC). This move reflects a growing interest in the company among institutional investors.
Several other significant investors have also adjusted their holdings in JPMorgan Chase recently. For instance, Florida Financial Advisors LLC expanded its stake by 62.5% in the first quarter, acquiring an additional 3,792 shares to bring its total to 9,863 shares, valued at around $2.4 million. Similarly, Crown Wealth Group LLC increased its holdings by 5.4%, now possessing 4,320 shares worth roughly $1.06 million after purchasing 222 additional shares.
In a more modest increase, Mosaic Financial Group LLC grew its stake by 0.8%, holding 9,296 shares valued at $2.28 million. Meanwhile, Morse Asset Management Inc. boosted its position by 19.5%, now owning 2,569 shares worth approximately $630,000. Finally, China Universal Asset Management Co. Ltd. increased its holdings by 11.1% to 15,648 shares valued at around $3.84 million. Overall, institutional investors now control 71.55% of JPMorgan Chase’s stock.
Analysts Adjust Price Targets
Recent reports from analysts have revealed shifts in price targets for JPMorgan Chase shares. DZ Bank maintained a “neutral” rating in a report on October 15, 2023. In contrast, Morgan Stanley raised its price objective from $336.00 to $338.00 while retaining an “equal weight” rating. Additionally, The Goldman Sachs Group reaffirmed a “buy” rating with a price target of $366.00.
Other analysts have also weighed in, with Bank of America increasing its price target from $330.00 to $340.00, and Citigroup adjusting its target from $275.00 to $325.00. Currently, two analysts rate the stock as a Strong Buy, fourteen as a Buy, nine as Hold, and three as Sell. According to data from MarketBeat, the consensus rating stands at “Moderate Buy,” with a target price of $322.27.
Insider Activity and Stock Performance
On September 2, 2023, Linda Bammann, a director at JPMorgan Chase, sold 9,500 shares at an average price of $297.94, amounting to $2.83 million. Post-sale, Bammann holds 82,207 shares valued at approximately $24.49 million, marking a 10.36% decrease in her ownership stake. This transaction was disclosed in a filing with the SEC.
As of the latest trading session, shares of JPMorgan Chase opened at $309.28, representing an increase of 1.2%. The company’s 50-day moving average stands at $304.61, while the 200-day moving average is $283.59. Over the past year, the stock has fluctuated between a low of $202.16 and a high of $318.01.
JPMorgan Chase recently reported robust earnings, posting $5.07 in earnings per share (EPS) for the quarter ending October 14, 2023. This figure surpassed analysts’ expectations of $4.83 by $0.24. The company achieved a net margin of 20.90% and a return on equity of 17.18%, generating revenues of $46.43 billion, exceeding expectations of $44.42 billion. Compared to the same quarter last year, revenues increased by 8.8%.
Additionally, JPMorgan Chase announced an increase in its quarterly dividend, now set at $1.50 per share, up from $1.40. This dividend will be paid on October 31, 2023, to stockholders of record as of October 6, 2023, representing an annualized dividend of $6.00 and a yield of 1.9%. The company’s dividend payout ratio is currently 29.72%.
JPMorgan Chase & Co. operates as a financial holding company, providing a range of financial and investment banking services. Its operations are segmented into Consumer and Community Banking, Commercial and Investment Bank, Asset and Wealth Management, and Corporate.
