Canandaigua National Bank & Trust Co. Acquires New Position in JPMorgan Chase & Co. $JPM

Canandaigua National Bank & Trust Co. acquired a new position in shares of JPMorgan Chase & Co. (NYSE:JPM) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 81,950 shares of the financial services provider’s stock, valued at approximately $26,825,000. JPMorgan Chase & Co. accounts for 2.3% of Canandaigua National Bank & Trust Co.’s portfolio, making the stock its 9th biggest position.

Other institutional investors also recently made changes to their positions in the company. Brighton Jones LLC grew its stake in JPMorgan Chase & Co. by 11.0% during the 4th quarter. Brighton Jones LLC now owns 48,732 shares of the financial services provider’s stock worth $11,682,000 after buying an additional 4,841 shares during the last quarter. Acorns Advisers LLC increased its position in JPMorgan Chase & Co. by 6.9% in the first quarter. Acorns Advisers LLC now owns 1,547 shares of the financial services provider’s stock worth $379,000 after buying an additional 100 shares during the period. Ignite Planners LLC lifted its stake in JPMorgan Chase & Co. by 0.7% in the second quarter. Ignite Planners LLC now owns 10,934 shares of the financial services provider’s stock valued at $3,185,000 after buying an additional 78 shares during the last quarter. Jump Financial LLC bought a new stake in JPMorgan Chase & Co. in the second quarter valued at $1,475,000. Finally, Betterment LLC boosted its holdings in shares of JPMorgan Chase & Co. by 27.5% during the second quarter. Betterment LLC now owns 1,970 shares of the financial services provider’s stock valued at $571,000 after acquiring an additional 425 shares during the period. 71.55% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

JPM has been the subject of several recent research reports. Wells Fargo & Company upped their price target on shares of JPMorgan Chase & Co. from $360.00 to $375.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. Robert W. Baird lifted their price objective on shares of JPMorgan Chase & Co. from $295.00 to $305.00 and gave the company a “neutral” rating in a research report on Wednesday, July 15th. Keefe, Bruyette & Woods boosted their target price on shares of JPMorgan Chase & Co. from $370.00 to $384.00 and gave the company an “outperform” rating in a research note on Wednesday, July 15th. Jefferies Financial Group set a $350.00 price target on shares of JPMorgan Chase & Co. in a research note on Tuesday, July 14th. Finally, Evercore reaffirmed an “outperform” rating and set a $360.00 price target on shares of JPMorgan Chase & Co. in a report on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat.com, JPMorgan Chase & Co. presently has an average rating of “Moderate Buy” and a consensus target price of $359.33.

JPMorgan Chase & Co. Price Performance

Shares of JPM opened at $357.75 on Wednesday. JPMorgan Chase & Co. has a one year low of $279.10 and a one year high of $363.00. The stock’s fifty day moving average is $330.75 and its 200-day moving average is $312.43. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.86 and a current ratio of 0.85. The firm has a market capitalization of $958.58 billion, a price-to-earnings ratio of 15.33, a price-to-earnings-growth ratio of 1.45 and a beta of 0.99.

JPMorgan Chase & Co. (NYSE:JPM) last posted its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $6.14 earnings per share for the quarter, topping the consensus estimate of $5.59 by $0.55. The business had revenue of $58.02 billion during the quarter, compared to the consensus estimate of $50.72 billion. JPMorgan Chase & Co. had a net margin of 21.86% and a return on equity of 18.23%. The company’s quarterly revenue was up 27.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $4.96 earnings per share. Equities analysts anticipate that JPMorgan Chase & Co. will post 24.27 EPS for the current year.

JPMorgan Chase & Co. Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 31st. Stockholders of record on Monday, July 6th were paid a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend was Monday, July 6th. JPMorgan Chase & Co.’s dividend payout ratio is currently 25.71%.

Insider Buying and Selling at JPMorgan Chase & Co.

In other news, General Counsel Stacey Friedman sold 5,467 shares of the stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $330.73, for a total value of $1,808,100.91. Following the completion of the transaction, the general counsel directly owned 40,961 shares in the company, valued at $13,547,031.53. This trade represents a 11.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.41% of the company’s stock.

Trending Headlines about JPMorgan Chase & Co.

Here are the key news stories impacting JPMorgan Chase & Co. this week:

• Positive Sentiment: Large housing initiative could expand lending opportunities: JPMorgan plans to deploy more than $750 billion through 2035 through its American Dream Initiative. The program targets financing for 1 million affordable housing units, helping 500,000 people purchase homes, hiring 850 home-lending advisers and increasing mortgage lending by more than 40%. The initiative could support long-term loan growth, although its eventual profitability remains a key question. JPMorganChase Doubles Down on Housing
• Positive Sentiment: Broad financial-sector momentum provides a tailwind: The NYSE Financial Index advanced during Tuesday trading, indicating continued investor interest in banks and other financial companies as markets rotate toward established, value-oriented businesses. Sector Update: Financial Stocks Rise Late Afternoon
• Positive Sentiment: Potential infrastructure-finance transaction: JPMorgan is reportedly nearing a deal to acquire Idex, a French cooling-network provider owned by Antin Infrastructure Partners. The transaction could expand the bank’s investment-banking or infrastructure-finance footprint, though terms and strategic benefits have not been disclosed. JPMorgan Said to Near Deal For Antin’s French Cooling Network Provider
• Neutral Sentiment: Mixed interest-rate signals: JPMorgan economists reportedly moved up their forecast for a potential Federal Reserve rate increase before year-end, citing inflation and concerns about Fed credibility. Higher rates can support banks’ interest income, but they may also weaken loan demand and raise credit-risk concerns. JPMorgan says Warsh failure to buttress Fed credibility may force a rate hike
• Negative Sentiment: Valuation and macro concerns could limit upside: Analysts note that JPM’s strong recent share performance may already reflect much of the housing and earnings optimism. CEO Jamie Dimon has also warned that U.S. stocks and long-duration Treasuries appear expensive, a cautionary message for market valuations and investor sentiment. Jamie Dimon Just Said He Wouldn’t Buy the S&P 500 or Long-Dated Treasuries

JPMorgan Chase & Co. Profile

JPMorgan Chase & Co (NYSE: JPM) is a diversified global financial services firm headquartered in New York City. The company provides a wide range of banking and financial products and services to consumers, small businesses, corporations, governments and institutional investors worldwide. Its operations span retail banking, commercial lending, investment banking, asset management, payments and card services, and treasury and securities services.

The firm’s principal business activities are organized across several core lines: Consumer & Community Banking, which offers deposit accounts, mortgages, auto loans, credit cards and branch and digital banking under the Chase brand; Corporate & Investment Banking, which provides capital markets, advisory, underwriting, trading and risk management services; Commercial Banking, delivering lending, treasury and capital solutions to middle-market and corporate clients; and Asset & Wealth Management, which offers investment management, private banking and retirement services to institutions and high-net-worth individuals.