Pinnacle Associates Ltd. Has $92.44 Million Stock Holdings in JPMorgan Chase & Co. (NYSE:JPM)

Pinnacle Associates Ltd. cut its stake in JPMorgan Chase & Co. (NYSE:JPM) by 3.1% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 457,014 shares of the financial services provider’s stock after selling 14,784 shares during the quarter. JPMorgan Chase & Co. comprises about 1.4% of Pinnacle Associates Ltd.’s holdings, making the stock its 7th largest position. Pinnacle Associates Ltd.’s holdings in JPMorgan Chase & Co. were worth $92,436,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Retirement Group LLC boosted its holdings in JPMorgan Chase & Co. by 227.1% in the 1st quarter. Retirement Group LLC now owns 157 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 109 shares during the period. Richardson Capital Management LLC bought a new position in shares of JPMorgan Chase & Co. in the first quarter worth $34,000. Bare Financial Services Inc purchased a new stake in shares of JPMorgan Chase & Co. in the fourth quarter worth $35,000. Partnership Wealth Management LLC bought a new stake in JPMorgan Chase & Co. during the fourth quarter valued at $36,000. Finally, Davidson Capital Management Inc. purchased a new position in JPMorgan Chase & Co. during the first quarter worth about $37,000. 71.55% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have weighed in on JPM shares. Citigroup raised their price target on JPMorgan Chase & Co. from $205.00 to $215.00 and gave the company a “neutral” rating in a report on Monday, July 15th. Oppenheimer lifted their target price on shares of JPMorgan Chase & Co. from $215.00 to $221.00 and gave the company an “outperform” rating in a research report on Monday, July 15th. Keefe, Bruyette & Woods increased their price target on shares of JPMorgan Chase & Co. from $209.00 to $211.00 and gave the stock a “market perform” rating in a report on Tuesday, July 9th. UBS Group lifted their price objective on shares of JPMorgan Chase & Co. from $219.00 to $224.00 and gave the stock a “buy” rating in a report on Tuesday, May 21st. Finally, Evercore ISI upped their target price on shares of JPMorgan Chase & Co. from $210.00 to $211.00 and gave the stock an “outperform” rating in a research report on Monday, July 15th. Nine investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, JPMorgan Chase & Co. currently has an average rating of “Moderate Buy” and an average target price of $208.35.

Insider Activity

In related news, insider Ashley Bacon sold 5,086 shares of the firm’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $199.54, for a total value of $1,014,860.44. Following the sale, the insider now directly owns 212,265 shares of the company’s stock, valued at $42,355,358.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.79% of the company’s stock.

JPMorgan Chase & Co. Stock Performance

NYSE:JPM opened at $220.30 on Wednesday. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.91 and a current ratio of 0.91. JPMorgan Chase & Co. has a fifty-two week low of $135.19 and a fifty-two week high of $225.48. The firm has a market cap of $632.63 billion, a PE ratio of 12.29, a price-to-earnings-growth ratio of 2.62 and a beta of 1.12. The business has a 50 day moving average price of $210.24 and a 200-day moving average price of $199.40.

JPMorgan Chase & Co. (NYSE:JPM) last posted its quarterly earnings results on Friday, July 12th. The financial services provider reported $6.12 EPS for the quarter, beating analysts’ consensus estimates of $4.19 by $1.93. The company had revenue of $50.80 billion during the quarter, compared to analyst estimates of $42.23 billion. JPMorgan Chase & Co. had a net margin of 20.32% and a return on equity of 17.26%. During the same period in the prior year, the business posted $4.37 EPS. Equities research analysts predict that JPMorgan Chase & Co. will post 16.78 earnings per share for the current year.

JPMorgan Chase & Co. Company Profile

JPMorgan Chase & Co operates as a financial services company worldwide. It operates through four segments: Consumer & Community Banking (CCB), Corporate & Investment Bank (CIB), Commercial Banking (CB), and Asset & Wealth Management (AWM). The CCB segment offers deposit, investment and lending products, cash management, and payments and services; mortgage origination and servicing activities; residential mortgages and home equity loans; and credit cards, auto loans, leases, and travel services to consumers and small businesses through bank branches, ATMs, and digital and telephone banking.