Covington Investment Advisors Inc. Decreases Stock Holdings in JPMorgan Chase & Co. (NYSE:JPM)

Covington Investment Advisors Inc. reduced its stake in shares of JPMorgan Chase & Co. (NYSE:JPM) by 11.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 40,554 shares of the financial services provider’s stock after selling 5,126 shares during the period. JPMorgan Chase & Co. accounts for about 1.3% of Covington Investment Advisors Inc.’s portfolio, making the stock its 26th largest holding. Covington Investment Advisors Inc.’s holdings in JPMorgan Chase & Co. were worth $8,202,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in JPM. Gilbert & Cook Inc. increased its position in JPMorgan Chase & Co. by 1.5% during the fourth quarter. Gilbert & Cook Inc. now owns 11,360 shares of the financial services provider’s stock worth $1,932,000 after purchasing an additional 164 shares during the last quarter. Aveo Capital Partners LLC grew its stake in shares of JPMorgan Chase & Co. by 13.0% in the 4th quarter. Aveo Capital Partners LLC now owns 5,151 shares of the financial services provider’s stock valued at $876,000 after buying an additional 591 shares during the period. Prudent Man Advisors LLC increased its holdings in shares of JPMorgan Chase & Co. by 3.4% during the 4th quarter. Prudent Man Advisors LLC now owns 20,752 shares of the financial services provider’s stock worth $3,530,000 after buying an additional 677 shares during the last quarter. Poehling Capital Management INC. raised its position in shares of JPMorgan Chase & Co. by 1.4% during the 4th quarter. Poehling Capital Management INC. now owns 20,991 shares of the financial services provider’s stock valued at $3,571,000 after buying an additional 295 shares during the period. Finally, Jones Financial Companies Lllp lifted its holdings in JPMorgan Chase & Co. by 4.0% in the fourth quarter. Jones Financial Companies Lllp now owns 134,463 shares of the financial services provider’s stock valued at $22,872,000 after acquiring an additional 5,182 shares during the last quarter. 71.55% of the stock is currently owned by hedge funds and other institutional investors.

JPMorgan Chase & Co. Price Performance

JPMorgan Chase & Co. stock opened at $210.50 on Monday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 1.24. The company has a fifty day simple moving average of $211.47 and a 200-day simple moving average of $202.57. The stock has a market cap of $604.49 billion, a P/E ratio of 11.74, a price-to-earnings-growth ratio of 2.39 and a beta of 1.12. JPMorgan Chase & Co. has a 12-month low of $135.19 and a 12-month high of $225.48.

JPMorgan Chase & Co. (NYSE:JPM) last posted its quarterly earnings results on Friday, July 12th. The financial services provider reported $6.12 earnings per share for the quarter, beating analysts’ consensus estimates of $4.19 by $1.93. JPMorgan Chase & Co. had a return on equity of 17.26% and a net margin of 20.32%. The company had revenue of $50.80 billion for the quarter, compared to analysts’ expectations of $42.23 billion. During the same period last year, the firm earned $4.37 earnings per share. Equities analysts expect that JPMorgan Chase & Co. will post 16.72 EPS for the current fiscal year.

JPMorgan Chase & Co. Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, October 4th will be issued a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 2.38%. This is an increase from JPMorgan Chase & Co.’s previous quarterly dividend of $1.15. The ex-dividend date is Friday, October 4th. JPMorgan Chase & Co.’s dividend payout ratio is 27.89%.

Wall Street Analysts Forecast Growth

JPM has been the subject of several recent analyst reports. Barclays raised their target price on JPMorgan Chase & Co. from $212.00 to $217.00 and gave the stock an “overweight” rating in a research note on Monday, July 15th. Morgan Stanley cut their price objective on JPMorgan Chase & Co. from $226.00 to $220.00 and set an “overweight” rating for the company in a research report on Thursday, September 12th. Oppenheimer increased their target price on shares of JPMorgan Chase & Co. from $215.00 to $221.00 and gave the stock an “outperform” rating in a research note on Monday, July 15th. Keefe, Bruyette & Woods lifted their target price on shares of JPMorgan Chase & Co. from $209.00 to $211.00 and gave the company a “market perform” rating in a report on Tuesday, July 9th. Finally, Piper Sandler boosted their price target on shares of JPMorgan Chase & Co. from $220.00 to $230.00 and gave the stock an “overweight” rating in a research note on Monday, July 15th. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $211.06.

About JPMorgan Chase & Co.

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.