JPMorgan Chase & Co. $JPM Stake Decreased by Principal Financial Group Inc.

Principal Financial Group Inc. cut its holdings in shares of JPMorgan Chase & Co. (NYSE:JPM) by 2.8% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 4,823,651 shares of the financial services provider’s stock after selling 137,945 shares during the period. JPMorgan Chase & Co. accounts for approximately 0.8% of Principal Financial Group Inc.’s portfolio, making the stock its 23rd biggest holding. Principal Financial Group Inc.’s holdings in JPMorgan Chase & Co. were worth $1,578,926,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Arkansas Financial Group Inc. grew its stake in shares of JPMorgan Chase & Co. by 1.1% in the second quarter. Arkansas Financial Group Inc. now owns 2,667 shares of the financial services provider’s stock worth $873,000 after purchasing an additional 30 shares in the last quarter. Flynn Zito Capital Management LLC raised its stake in shares of JPMorgan Chase & Co. by 1.1% during the second quarter. Flynn Zito Capital Management LLC now owns 2,830 shares of the financial services provider’s stock valued at $926,000 after purchasing an additional 30 shares in the last quarter. Wedgewood Investors Inc. PA raised its stake in shares of JPMorgan Chase & Co. by 1.5% during the second quarter. Wedgewood Investors Inc. PA now owns 2,059 shares of the financial services provider’s stock valued at $674,000 after purchasing an additional 30 shares in the last quarter. WealthBridge Capital Management LLC lifted its holdings in JPMorgan Chase & Co. by 0.3% in the second quarter. WealthBridge Capital Management LLC now owns 10,503 shares of the financial services provider’s stock worth $3,438,000 after purchasing an additional 31 shares during the period. Finally, LightSquare Wealth Management LLC grew its position in JPMorgan Chase & Co. by 1.1% in the 2nd quarter. LightSquare Wealth Management LLC now owns 2,952 shares of the financial services provider’s stock valued at $966,000 after buying an additional 31 shares in the last quarter. 71.55% of the stock is owned by institutional investors.

Key JPMorgan Chase & Co. News

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

• Positive Sentiment: Hiring strengthens JPMorgan’s healthcare investment-banking franchise. The bank reportedly hired senior healthcare banker David Blais from Guggenheim Securities, adding industry expertise and potentially supporting advisory and capital-markets revenue. JPMorgan hires healthcare banker David Blais from Guggenheim
• Positive Sentiment: Persistent inflation could keep interest rates elevated. JPMorgan and BNP Paribas now expect another European Central Bank rate increase in December. Higher rates can support net interest income, although they may also weigh on loan demand and markets activity. JPMorgan and BNP Paribas expect ECB rate hike
• Neutral Sentiment: JPMorgan’s rate outlook conflicts with market pricing. A senior JPMorgan strategist expects no U.S. rate increase for the remainder of the year, while futures markets reportedly assign meaningful odds to a hike. The disagreement increases uncertainty around bank valuations, bond trading and interest income. No increase in interest rates anytime this year
• Neutral Sentiment: A strong labor market is a mixed development. Reports of 162,000 new jobs may support loan demand and interest income, but they also raise the possibility of higher-for-longer rates, increased credit costs and valuation pressure for financial stocks. JPMorgan falls even as 162,000 jobs revive higher rates
• Negative Sentiment: Reduced financing for Jane Street highlights competitive pressure. JPMorgan reportedly scaled back financing to the quantitative trading firm as Jane Street expands in U.S. Treasury market-making, underscoring competition from nonbank firms in fixed-income markets. JPMorgan scales back Jane Street financing
• Negative Sentiment: Legal exposure remains an overhang. JPMorgan is seeking to stay a $20 million fee order related to the Javice litigation, keeping attention on litigation costs and reputational risk. JPMorgan seeks stay of $20M Javice, Amar fee order

Analysts Set New Price Targets

Several research firms have commented on JPM. Robert W. Baird raised their target price on shares of JPMorgan Chase & Co. from $295.00 to $305.00 and gave the company a “neutral” rating in a research note on Wednesday, July 15th. Jefferies Financial Group set a $350.00 price objective on shares of JPMorgan Chase & Co. in a report on Tuesday, July 14th. Royal Bank Of Canada raised their price objective on shares of JPMorgan Chase & Co. from $330.00 to $370.00 and gave the company an “outperform” rating in a research note on Wednesday, July 15th. Evercore reissued an “outperform” rating and set a $360.00 target price on shares of JPMorgan Chase & Co. in a report on Monday, July 6th. Finally, Keefe, Bruyette & Woods increased their price target on JPMorgan Chase & Co. from $370.00 to $384.00 and gave the company an “outperform” rating in a research note on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eleven have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $359.96.

Insider Activity at JPMorgan Chase & Co.

In other JPMorgan Chase & Co. news, insider Robin Leopold sold 2,500 shares of JPMorgan Chase & Co. stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $361.41, for a total value of $903,525.00. Following the transaction, the insider owned 73,547 shares in the company, valued at approximately $26,580,621.27. The trade was a 3.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Stacey Friedman sold 5,467 shares of the company’s stock in a transaction 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 represents a 11.78% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.41% of the stock is owned by corporate insiders.

JPMorgan Chase & Co. Price Performance

Shares of NYSE JPM opened at $358.21 on Monday. JPMorgan Chase & Co. has a twelve month low of $279.10 and a twelve month high of $366.50. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.30. The company has a market capitalization of $952.19 billion, a price-to-earnings ratio of 15.35, a PEG ratio of 1.48 and a beta of 0.98. The firm has a 50-day moving average of $349.89 and a two-hundred day moving average of $320.56.

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, beating the consensus estimate of $5.59 by $0.55. The company had revenue of $58.02 billion during the quarter, compared to analyst estimates of $50.72 billion. JPMorgan Chase & Co. had a net margin of 21.86% and a return on equity of 18.23%. The business’s revenue for the quarter was up 27.7% on a year-over-year basis. During the same quarter last year, the firm posted $4.96 EPS. As a group, analysts expect that JPMorgan Chase & Co. will post 24.28 earnings per share for the current fiscal year.

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.