Bank of America Increases JPMorgan Chase & Co. (NYSE:JPM) Price Target to $420.00

JPMorgan Chase & Co. (NYSE:JPM) had its price objective boosted by stock analysts at Bank of America from $408.00 to $420.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the financial services provider’s stock. Bank of America‘s price objective suggests a potential upside of 22.95% from the stock’s current price.

A number of other research firms have also recently commented on JPM. Evercore reiterated an “outperform” rating and set a $360.00 price objective on shares of JPMorgan Chase & Co. in a research report on Monday, July 6th. Wells Fargo & Company upped their target price on shares of JPMorgan Chase & Co. from $360.00 to $375.00 and gave the company an “overweight” rating in a report on Wednesday. HSBC raised their price target on shares of JPMorgan Chase & Co. from $288.00 to $312.00 and gave the stock a “hold” rating in a research note on Monday, May 4th. DZ Bank reiterated a “neutral” rating on shares of JPMorgan Chase & Co. in a report on Wednesday, April 15th. Finally, Zacks Research lowered shares of JPMorgan Chase & Co. from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, April 8th. Fifteen equities research analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the stock. According to MarketBeat.com, JPMorgan Chase & Co. currently has an average rating of “Moderate Buy” and an average price target of $354.92.

JPMorgan Chase & Co. Price Performance

Shares of NYSE:JPM opened at $341.60 on Thursday. 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 business’s fifty day moving average price is $319.11 and its two-hundred day moving average price is $310.31. The stock has a market cap of $915.33 billion, a PE ratio of 14.64, a price-to-earnings-growth ratio of 1.54 and a beta of 0.99. JPMorgan Chase & Co. has a one year low of $279.10 and a one year high of $351.24.

JPMorgan Chase & Co. (NYSE:JPM) last released its quarterly earnings results on Tuesday, April 14th. The financial services provider reported $5.94 earnings per share for the quarter, topping analysts’ consensus estimates of $5.50 by $0.44. JPMorgan Chase & Co. had a return on equity of 18.23% and a net margin of 21.86%.The company had revenue of $50.54 billion during the quarter, compared to analysts’ expectations of $48.30 billion. During the same period in the previous year, the firm posted $5.07 earnings per share. The business’s revenue for the quarter was up 10.0% compared to the same quarter last year. On average, analysts forecast that JPMorgan Chase & Co. will post 23.24 EPS for the current fiscal year.

Insider Buying and Selling at JPMorgan Chase & Co.

In other news, General Counsel Stacey Friedman sold 5,468 shares of the stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $300.27, for a total value of $1,641,876.36. Following the completion of the sale, the general counsel owned 46,428 shares of the company’s stock, valued at $13,940,935.56. This represents a 10.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer Piepszak sold 4,919 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $309.42, for a total transaction of $1,522,036.98. Following the completion of the sale, the chief operating officer directly owned 85,082 shares of the company’s stock, valued at $26,326,072.44. The trade was a 5.47% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 18,876 shares of company stock valued at $5,907,051 over the last ninety days. Corporate insiders own 0.41% of the company’s stock.

Institutional Trading of JPMorgan Chase & Co.

A number of institutional investors have recently added to or reduced their stakes in the business. Morgan Stanley raised its holdings in shares of JPMorgan Chase & Co. by 1.4% during the 4th quarter. Morgan Stanley now owns 66,385,268 shares of the financial services provider’s stock valued at $21,390,662,000 after buying an additional 939,421 shares during the period. Bank of America Corp DE lifted its position in JPMorgan Chase & Co. by 15.8% during the 1st quarter. Bank of America Corp DE now owns 65,660,460 shares of the financial services provider’s stock worth $19,314,681,000 after acquiring an additional 8,941,351 shares in the last quarter. Norges Bank purchased a new position in JPMorgan Chase & Co. in the 4th quarter worth approximately $11,396,496,000. Bank of New York Mellon Corp boosted its holdings in JPMorgan Chase & Co. by 5.4% in the 4th quarter. Bank of New York Mellon Corp now owns 23,424,482 shares of the financial services provider’s stock worth $7,547,837,000 after acquiring an additional 1,194,583 shares during the period. Finally, Legal & General Group Plc grew its position in JPMorgan Chase & Co. by 0.6% in the fourth quarter. Legal & General Group Plc now owns 19,019,564 shares of the financial services provider’s stock valued at $6,128,484,000 after acquiring an additional 110,586 shares in the last quarter. 71.55% of the stock is owned by hedge funds and other institutional investors.

Key Stories Impacting JPMorgan Chase & Co.

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

• Positive Sentiment: JPMorgan’s blowout Q2 earnings are driving bullish sentiment, with the bank reporting record profits, 41% higher net income, strong trading and investment banking activity, and higher full-year net interest income guidance. JPMorgan Just Reported $21.2 Billion in Q2 Net Income — Up 41% — and CEO Jamie Dimon Said the Economy Is “Close to as Good as It Gets.”
• Positive Sentiment: Analysts have been raising expectations after the results, including multiple higher price targets and upgraded earnings forecasts, signaling confidence that JPMorgan can continue to outperform. JPMorgan Price Target Raised to $380 on Strong Q2 Results, Upgraded Outlook and Capital Strength
• Positive Sentiment: The stock is also benefiting from expectations that JPMorgan may raise its quarterly dividend by 10% after passing the Federal Reserve stress test, reinforcing the bank’s capital strength and shareholder-return story. JPM Stock Just Staged a Record Bull Run. 1 Analyst Thinks It Can Still Soar to $420.
• Neutral Sentiment: JPMorgan was added to several “Strong Buy” and momentum/income stock lists, which adds to positive sentiment but is less directly impactful than earnings or guidance. New Strong Buy Stocks for July 17th
• Neutral Sentiment: JPMorgan also drew attention for major financing activity and a $24 million Philadelphia shipbuilding investment, highlighting ongoing business expansion and capital deployment. JPMorgan Chase (JPM) Puts $24 Million Into Philadelphia Shipbuilding And Defense
• Negative Sentiment: Late-day sector weakness in financial stocks may be limiting JPMorgan’s upside even as company-specific fundamentals remain strong. Sector Update: Financial Stocks Decline Friday Afternoon

About JPMorgan Chase & Co.

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.