Bank of America Cuts JPMorgan Chase & Co. (NYSE:JPM) Price Target to $284.00

JPMorgan Chase & Co. (NYSE:JPM) had its price objective lowered by Bank of America from $285.00 to $284.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the financial services provider’s stock.

Several other research firms have also commented on JPM. Wolfe Research upgraded JPMorgan Chase & Co. from a “peer perform” rating to an “outperform” rating and set a $269.00 price objective for the company in a research note on Friday, January 3rd. Truist Financial increased their price objective on JPMorgan Chase & Co. from $260.00 to $268.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Piper Sandler lifted their target price on shares of JPMorgan Chase & Co. from $240.00 to $275.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 3rd. UBS Group increased their target price on shares of JPMorgan Chase & Co. from $276.00 to $287.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Finally, Baird R W upgraded shares of JPMorgan Chase & Co. from a “strong sell” rating to a “hold” rating in a research report on Friday, March 7th. Ten research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $254.83.

JPMorgan Chase & Co. Stock Down 8.1 %

Shares of JPM opened at $210.09 on Wednesday. The firm has a market cap of $587.43 billion, a P/E ratio of 10.64, a PEG ratio of 2.83 and a beta of 1.01. JPMorgan Chase & Co. has a 12 month low of $179.20 and a 12 month high of $280.25. The stock’s 50 day moving average is $254.71 and its two-hundred day moving average is $241.29. The company has a current ratio of 0.88, a quick ratio of 0.89 and a debt-to-equity ratio of 1.24.

JPMorgan Chase & Co. (NYSE:JPM) last issued its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $4.81 EPS for the quarter, topping the consensus estimate of $4.03 by $0.78. JPMorgan Chase & Co. had a net margin of 20.96% and a return on equity of 16.99%. The company had revenue of $42.77 billion during the quarter, compared to analyst estimates of $41.90 billion. During the same quarter in the previous year, the firm earned $3.04 EPS. The firm’s revenue was up 10.9% compared to the same quarter last year. Analysts predict that JPMorgan Chase & Co. will post 18.1 earnings per share for the current fiscal year.

JPMorgan Chase & Co. Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Friday, April 4th will be issued a $1.40 dividend. This is a positive change from JPMorgan Chase & Co.’s previous quarterly dividend of $1.25. This represents a $5.60 annualized dividend and a dividend yield of 2.67%. The ex-dividend date is Friday, April 4th. JPMorgan Chase & Co.’s dividend payout ratio is currently 28.37%.

Insiders Place Their Bets

In other news, insider Robin Leopold sold 1,250 shares of the stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $270.09, for a total value of $337,612.50. Following the completion of the sale, the insider now directly owns 50,377 shares of the company’s stock, valued at approximately $13,606,323.93. This represents a 2.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Troy L. Rohrbaugh sold 25,000 shares of JPMorgan Chase & Co. stock in a transaction on Monday, March 24th. The shares were sold at an average price of $247.02, for a total transaction of $6,175,500.00. Following the completion of the transaction, the chief executive officer now directly owns 133,381 shares in the company, valued at $32,947,774.62. The trade was a 15.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 76,848 shares of company stock worth $19,987,908 over the last ninety days. Corporate insiders own 0.79% of the company’s stock.

Institutional Investors Weigh In On JPMorgan Chase & Co.

Hedge funds have recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in JPMorgan Chase & Co. in the fourth quarter valued at $8,310,884,000. Northern Trust Corp grew its stake in JPMorgan Chase & Co. by 15.4% in the 4th quarter. Northern Trust Corp now owns 33,845,676 shares of the financial services provider’s stock valued at $8,113,147,000 after acquiring an additional 4,515,147 shares during the last quarter. Proficio Capital Partners LLC increased its holdings in JPMorgan Chase & Co. by 34,259.3% during the 4th quarter. Proficio Capital Partners LLC now owns 3,499,499 shares of the financial services provider’s stock valued at $838,865,000 after acquiring an additional 3,489,314 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its position in JPMorgan Chase & Co. by 31.4% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 10,684,810 shares of the financial services provider’s stock worth $2,561,256,000 after acquiring an additional 2,551,899 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of JPMorgan Chase & Co. by 16.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 17,550,491 shares of the financial services provider’s stock valued at $4,207,028,000 after purchasing an additional 2,465,572 shares in the last quarter. Institutional investors and hedge funds own 71.55% of the company’s stock.

About JPMorgan Chase & Co.

JPMorgan Chase & Co is a financial holding company, which engages in the provision of financial and investment banking services. It focuses on investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. It operates through the following segments: Consumer and Community Banking (CCB), Commercial and Investment Bank (CIB), Asset and Wealth Management (AWM), and Corporate.