Cary Street Partners Asset Management LLC Reduces Stake in JPMorgan Chase & Co. (NYSE:JPM)

Cary Street Partners Asset Management LLC cut its position in shares of JPMorgan Chase & Co. (NYSE:JPM) by 1.6% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 30,812 shares of the financial services provider’s stock after selling 489 shares during the period. JPMorgan Chase & Co. accounts for 0.8% of Cary Street Partners Asset Management LLC’s holdings, making the stock its 29th biggest position. Cary Street Partners Asset Management LLC’s holdings in JPMorgan Chase & Co. were worth $6,497,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of JPM. Catalyst Capital Advisors LLC acquired a new stake in shares of JPMorgan Chase & Co. in the third quarter valued at approximately $27,000. Fairway Wealth LLC purchased a new stake in JPMorgan Chase & Co. in the 2nd quarter valued at approximately $32,000. Anfield Capital Management LLC acquired a new stake in JPMorgan Chase & Co. during the 2nd quarter valued at $34,000. Davidson Capital Management Inc. purchased a new position in JPMorgan Chase & Co. during the first quarter worth $37,000. Finally, West Financial Advisors LLC acquired a new position in shares of JPMorgan Chase & Co. in the third quarter worth $37,000. 71.55% of the stock is currently owned by hedge funds and other institutional investors.

JPMorgan Chase & Co. Stock Performance

NYSE:JPM opened at $237.06 on Friday. JPMorgan Chase & Co. has a twelve month low of $143.70 and a twelve month high of $248.00. The firm has a market capitalization of $667.40 billion, a price-to-earnings ratio of 13.19, a PEG ratio of 3.21 and a beta of 1.10. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 1.27. The firm’s fifty day simple moving average is $217.24 and its 200 day simple moving average is $208.24.

JPMorgan Chase & Co. (NYSE:JPM) last issued its earnings results on Friday, October 11th. The financial services provider reported $4.37 earnings per share for the quarter, topping the consensus estimate of $4.02 by $0.35. JPMorgan Chase & Co. had a return on equity of 16.71% and a net margin of 19.64%. The company had revenue of $43.32 billion during the quarter, compared to the consensus estimate of $41.43 billion. During the same quarter in the prior year, the business earned $4.33 earnings per share. The company’s revenue was up 6.5% compared to the same quarter last year. As a group, equities research analysts expect that JPMorgan Chase & Co. will post 17.52 earnings per share for the current fiscal year.

JPMorgan Chase & Co. Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 4th were given a $1.25 dividend. This is an increase from JPMorgan Chase & Co.’s previous quarterly dividend of $1.15. The ex-dividend date of this dividend was Friday, October 4th. This represents a $5.00 annualized dividend and a yield of 2.11%. JPMorgan Chase & Co.’s dividend payout ratio (DPR) is 27.82%.

Analyst Ratings Changes

JPM has been the topic of a number of analyst reports. Piper Sandler increased their price objective on JPMorgan Chase & Co. from $220.00 to $230.00 and gave the company an “overweight” rating in a research note on Monday, July 15th. Robert W. Baird downgraded shares of JPMorgan Chase & Co. from a “neutral” rating to an “underperform” rating and set a $200.00 price target for the company. in a report on Thursday. Citigroup upped their price objective on shares of JPMorgan Chase & Co. from $205.00 to $215.00 and gave the company a “neutral” rating in a research note on Monday, July 15th. Barclays raised their target price on shares of JPMorgan Chase & Co. from $217.00 to $257.00 and gave the stock an “overweight” rating in a research report on Monday, October 14th. Finally, Royal Bank of Canada boosted their price target on JPMorgan Chase & Co. from $211.00 to $230.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $224.31.

About JPMorgan Chase & Co.

JPMorgan Chase & Co operates as a financial services company worldwide. It operates through four segments: Consumer & Community Banking (CCB), Corporate & Investment Bank (CIB), Commercial Banking (CB), and Asset & Wealth Management (AWM). The CCB segment offers deposit, investment and lending products, cash management, and payments and services; mortgage origination and servicing activities; residential mortgages and home equity loans; and credit cards, auto loans, leases, and travel services to consumers and small businesses through bank branches, ATMs, and digital and telephone banking.