Beese Fulmer Investment Management Inc. Grows Position in J P Morgan Chase & Co (JPM)

Beese Fulmer Investment Management Inc. increased its stake in J P Morgan Chase & Co (NYSE:JPM) by 0.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,549 shares of the financial services provider’s stock after buying an additional 447 shares during the period. J P Morgan Chase & Co accounts for 1.3% of Beese Fulmer Investment Management Inc.’s portfolio, making the stock its 26th largest position. Beese Fulmer Investment Management Inc.’s holdings in J P Morgan Chase & Co were worth $5,260,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently added to or reduced their stakes in the stock. Pacific Center for Financial Services increased its stake in shares of J P Morgan Chase & Co by 14.5% during the first quarter. Pacific Center for Financial Services now owns 1,401 shares of the financial services provider’s stock valued at $123,000 after purchasing an additional 177 shares in the last quarter. Ullmann Financial Group Inc. bought a new position in shares of J P Morgan Chase & Co during the first quarter valued at approximately $148,000. Northwest Investment Counselors LLC bought a new position in shares of J P Morgan Chase & Co during the second quarter valued at approximately $165,000. Cordasco Financial Network increased its stake in shares of J P Morgan Chase & Co by 496.7% during the second quarter. Cordasco Financial Network now owns 2,333 shares of the financial services provider’s stock valued at $213,000 after purchasing an additional 1,942 shares in the last quarter. Finally, Mascoma Wealth Management LLC increased its stake in shares of J P Morgan Chase & Co by 3.1% during the second quarter. Mascoma Wealth Management LLC now owns 2,440 shares of the financial services provider’s stock valued at $223,000 after purchasing an additional 73 shares in the last quarter. 77.89% of the stock is owned by institutional investors.

Several equities research analysts recently weighed in on JPM shares. Buckingham Research reissued a “neutral” rating and set a $100.00 price target (up previously from $94.00) on shares of J P Morgan Chase & Co in a research report on Monday, July 10th. Bank of America Corporation reissued an “outperform” rating and set a $99.00 price target on shares of J P Morgan Chase & Co in a research report on Wednesday, June 21st. Keefe, Bruyette & Woods set a $96.00 price target on shares of J P Morgan Chase & Co and gave the company a “hold” rating in a research report on Saturday, August 19th. Credit Suisse Group reissued a “buy” rating and set a $110.00 price target (up previously from $103.00) on shares of J P Morgan Chase & Co in a research report on Monday. They noted that the move was a valuation call. Finally, Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of J P Morgan Chase & Co in a research report on Thursday. Three investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and seventeen have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $88.87.

Shares of J P Morgan Chase & Co (NYSE:JPM) traded down 0.72% during midday trading on Thursday, hitting $96.14. 13,110,455 shares of the stock traded hands. The stock has a 50-day moving average of $93.22 and a 200-day moving average of $89.65. J P Morgan Chase & Co has a 52-week low of $66.74 and a 52-week high of $97.64. The company has a market cap of $338.27 billion, a price-to-earnings ratio of 14.18 and a beta of 1.18.

J P Morgan Chase & Co (NYSE:JPM) last posted its quarterly earnings data on Thursday, October 12th. The financial services provider reported $1.76 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.66 by $0.10. J P Morgan Chase & Co had a net margin of 24.13% and a return on equity of 11.53%. The business had revenue of $25.33 billion during the quarter, compared to analyst estimates of $24.91 billion. During the same quarter last year, the firm posted $1.58 earnings per share. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. On average, equities analysts predict that J P Morgan Chase & Co will post $6.79 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 31st. Stockholders of record on Friday, October 6th will be paid a $0.56 dividend. This is a positive change from J P Morgan Chase & Co’s previous quarterly dividend of $0.50. The ex-dividend date is Thursday, October 5th. This represents a $2.24 annualized dividend and a dividend yield of 2.31%. J P Morgan Chase & Co’s dividend payout ratio (DPR) is presently 33.14%.

In related news, insider Nicole Giles sold 1,000 shares of J P Morgan Chase & Co stock in a transaction that occurred on Tuesday, July 18th. The shares were sold at an average price of $91.29, for a total value of $91,290.00. Following the completion of the transaction, the insider now owns 3,783 shares in the company, valued at $345,350.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Marianne Lake sold 17,596 shares of J P Morgan Chase & Co stock in a transaction that occurred on Monday, July 17th. The stock was sold at an average price of $91.58, for a total transaction of $1,611,441.68. The disclosure for this sale can be found here. In the last three months, insiders sold 28,564 shares of company stock valued at $2,605,334. Insiders own 0.88% of the company’s stock.

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About J P Morgan Chase & Co

JPMorgan Chase & Co is a financial holding company. The Company is engaged in investment banking, financial services. It operates in four segments, as well as a Corporate segment. Its segments are Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking and Asset Management. The Consumer & Community Banking segment offers services to consumers and businesses through bank branches, automatic teller machines (ATMs), online, mobile and telephone banking.

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Institutional Ownership by Quarter for J P Morgan Chase & Co (NYSE:JPM)

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