Guardian Investment Management has significantly reduced its investment in JPMorgan Chase & Co. (NYSE:JPM) by 36.2% during the second quarter of 2023. This information comes from the firm’s latest 13F filing with the Securities and Exchange Commission (SEC). Following the sale of 4,800 shares, Guardian now holds 8,449 shares of the financial services provider, representing approximately 2.4% of its overall portfolio, making it the firm’s 11th largest holding. The remaining shares were valued at about $2,449,000 at the end of the quarter.
Several other institutional investors have also adjusted their positions in JPMorgan Chase recently. Clay Northam Wealth Management LLC increased its shareholding by 1.7%, bringing its total to 2,437 shares, valued at $707,000. Worth Financial Advisory Group LLC raised its holdings by 0.4% to 17,488 shares, worth about $5,070,000. Additionally, Willow Creek Wealth Management Inc. increased its stake by 2.1% to 3,475 shares, valued at $1,008,000, while Avior Wealth Management LLC raised its position by 0.9% to 38,484 shares, worth $11,157,000. Furthermore, XY Planning Network Inc. established a new position valued at around $656,000.
Currently, approximately 71.55% of JPMorgan Chase’s stock is owned by hedge funds and other institutional investors.
Analyst ratings for JPMorgan Chase have also seen activity. Morgan Stanley adjusted their target price from $298.00 to $336.00 while maintaining an “equal weight” rating. Keefe, Bruyette & Woods raised their target from $327.00 to $330.00 with an “outperform” rating. Conversely, HSBC Global Research downgraded the stock from “hold” to “moderate sell,” and Phillip Securities also downgraded it from “moderate buy” to “hold.” Bank of America, on the other hand, increased its target price from $330.00 to $340.00 and issued a “buy” rating. Overall, analysts have rated JPMorgan Chase with 13 buy ratings, 8 hold ratings, and 3 sell ratings, leading to a consensus target price of $303.45.
In terms of price performance, shares of JPMorgan Chase opened at $307.65 on Friday. The stock has experienced a fifty-two week range, with a low of $202.16 and a high of $318.01. The company boasts a market capitalization of approximately $845.96 billion, with a price-to-earnings (PE) ratio of 15.79 and a price-to-earnings-growth (PEG) ratio of 2.05.
In its latest quarterly earnings report, issued on July 15, 2023, JPMorgan Chase reported earnings per share (EPS) of $4.96, surpassing analysts’ expectations of $4.48. Total revenue for the quarter reached $44.91 billion, exceeding the forecast of $43.76 billion. Despite this positive performance, the company noted a 10.5% decline in quarterly revenue compared to the previous year.
In another significant development, JPMorgan Chase recently announced a quarterly dividend of $1.50, set to be paid on October 31, 2023, to shareholders on record as of October 6, 2023. This marks an increase from the previous dividend of $1.40, representing an annualized dividend of $6.00 and a yield of 2.0%.
On the insider trading front, Director Linda Bammann sold 9,500 shares of JPMorgan Chase stock on September 2, 2023, for a total value of approximately $2,830,430. Following this transaction, she holds 82,207 shares, valued at around $24,492,753.58, reflecting a decrease in her position by 10.36%.
JPMorgan Chase & Co. is a leading financial holding company that offers a wide range of financial and investment banking services, including consumer banking, commercial banking, asset management, and more. As the company continues to adapt to market conditions, both its performance and insider activity will remain closely scrutinized by investors and analysts alike.