JPMorgan Chase & Co. (JPM) Upgraded to “Buy” by Zacks Investment Research
Zacks Investment Research upgraded shares of JPMorgan Chase & Co. (NYSE:JPM) from a hold rating to a buy rating in a research note issued to investors on Friday morning. They currently have $127.00 target price on the financial services provider’s stock.
According to Zacks, “JPMorgan's shares have outperformed the industry over the past three months. Also, the company has an impressive earnings surprise history, having surpassed the Zacks Consensus Estimate in each of the trailing four quarters. Expansion into new markets, focus on strengthening the card business, higher interest rates and rising loan demand will benefit the bank’s financials. While dismal mortgage banking performance (as originations continue to decline) remains a major concern, lower tax rates and easing of stringent regulations are expected to offer some support. Also, the company's enhanced capital deployment plans reflect strong balance sheet.”
Other equities research analysts have also recently issued reports about the company. Keefe, Bruyette & Woods reaffirmed a $111.53 rating and issued a $127.00 target price on shares of JPMorgan Chase & Co. in a report on Wednesday, July 18th. BMO Capital Markets lifted their target price on JPMorgan Chase & Co. from $110.00 to $118.00 and gave the stock a market perform rating in a report on Monday, July 16th. Royal Bank of Canada reissued a buy rating and set a $120.00 price objective on shares of JPMorgan Chase & Co. in a research note on Monday, July 16th. Goldman Sachs Group set a $128.00 price objective on JPMorgan Chase & Co. and gave the stock a neutral rating in a research note on Monday, July 23rd. Finally, UBS Group raised JPMorgan Chase & Co. from a hold rating to a buy rating in a research note on Thursday, July 19th. Eleven equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. JPMorgan Chase & Co. has an average rating of Buy and a consensus target price of $120.13.
JPMorgan Chase & Co. (NYSE:JPM) last issued its earnings results on Friday, July 13th. The financial services provider reported $2.29 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.22 by $0.07. JPMorgan Chase & Co. had a return on equity of 13.18% and a net margin of 22.80%. The firm had revenue of $27.75 billion for the quarter, compared to analysts’ expectations of $27.62 billion. analysts predict that JPMorgan Chase & Co. will post 9.15 EPS for the current year.
In other JPMorgan Chase & Co. news, CEO Gordon Smith sold 30,725 shares of the business’s stock in a transaction that occurred on Monday, July 23rd. The stock was sold at an average price of $114.01, for a total transaction of $3,502,957.25. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.73% of the company’s stock.
Several large investors have recently made changes to their positions in JPM. Keeler Thomas Management LLC purchased a new stake in shares of JPMorgan Chase & Co. in the fourth quarter valued at approximately $112,000. Quad Cities Investment Group LLC purchased a new stake in shares of JPMorgan Chase & Co. in the second quarter valued at approximately $124,000. Ballew Advisors Inc boosted its holdings in shares of JPMorgan Chase & Co. by 104.2% in the second quarter. Ballew Advisors Inc now owns 1,213 shares of the financial services provider’s stock valued at $126,000 after purchasing an additional 619 shares during the period. Financial Gravity Wealth Inc. purchased a new stake in shares of JPMorgan Chase & Co. in the first quarter valued at approximately $150,000. Finally, Kwmg LLC purchased a new stake in shares of JPMorgan Chase & Co. in the second quarter valued at approximately $158,000. Institutional investors and hedge funds own 70.72% of the company’s stock.
JPMorgan Chase & Co. Company Profile
JPMorgan Chase & Co operates as a financial services company worldwide. It operates through four segments: Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking, and Asset & Wealth Management. The Consumer & Community Banking segment offers deposit and investment products and services to consumers; lending, deposit, and cash management and payment solutions to small businesses; residential mortgages and home equity loans; and credit cards, payment processing services, auto loans and leases.
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