Eastern Bank Raises Position in JPMorgan Chase & Co. (NYSE:JPM)

Eastern Bank increased its position in shares of JPMorgan Chase & Co. (NYSE:JPM) by 153.4% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 455,764 shares of the financial services provider’s stock after purchasing an additional 275,904 shares during the period. JPMorgan Chase & Co. makes up approximately 1.7% of Eastern Bank’s portfolio, making the stock its 11th largest position. Eastern Bank’s holdings in JPMorgan Chase & Co. were worth $96,102,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Henrickson Nauta Wealth Advisors Inc. lifted its stake in shares of JPMorgan Chase & Co. by 1.3% during the third quarter. Henrickson Nauta Wealth Advisors Inc. now owns 3,436 shares of the financial services provider’s stock valued at $725,000 after buying an additional 45 shares during the period. Instrumental Wealth LLC lifted its stake in shares of JPMorgan Chase & Co. by 4.5% during the 2nd quarter. Instrumental Wealth LLC now owns 1,101 shares of the financial services provider’s stock worth $230,000 after purchasing an additional 47 shares during the period. Gemmer Asset Management LLC boosted its holdings in shares of JPMorgan Chase & Co. by 1.6% during the second quarter. Gemmer Asset Management LLC now owns 3,135 shares of the financial services provider’s stock worth $634,000 after purchasing an additional 48 shares during the last quarter. Great Point Wealth Advisors LLC grew its position in shares of JPMorgan Chase & Co. by 0.9% in the second quarter. Great Point Wealth Advisors LLC now owns 5,690 shares of the financial services provider’s stock valued at $1,151,000 after purchasing an additional 48 shares during the period. Finally, Braun Bostich & Associates Inc. increased its stake in JPMorgan Chase & Co. by 1.4% in the third quarter. Braun Bostich & Associates Inc. now owns 3,530 shares of the financial services provider’s stock valued at $744,000 after purchasing an additional 48 shares during the last quarter. Institutional investors and hedge funds own 71.55% of the company’s stock.

JPMorgan Chase & Co. Stock Up 0.7 %

Shares of NYSE:JPM opened at $224.98 on Friday. The company has a market capitalization of $646.07 billion, a price-to-earnings ratio of 12.55, a price-to-earnings-growth ratio of 3.28 and a beta of 1.11. The company has a 50 day moving average of $214.96 and a two-hundred day moving average of $205.09. JPMorgan Chase & Co. has a 52-week low of $135.19 and a 52-week high of $225.92. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 1.24.

JPMorgan Chase & Co. (NYSE:JPM) last released its quarterly earnings results on Friday, October 11th. The financial services provider reported $4.37 earnings per share for the quarter, beating analysts’ consensus estimates of $4.02 by $0.35. JPMorgan Chase & Co. had a net margin of 20.32% and a return on equity of 17.26%. The business had revenue of $43.32 billion during the quarter, compared to analyst estimates of $41.43 billion. During the same period last year, the business earned $4.33 EPS. The business’s revenue was up 6.5% on a year-over-year basis. As a group, analysts forecast that JPMorgan Chase & Co. will post 16.75 earnings per share 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 paid a $1.25 dividend. This is a boost from JPMorgan Chase & Co.’s previous quarterly dividend of $1.15. The ex-dividend date of this dividend is Friday, October 4th. This represents a $5.00 annualized dividend and a dividend yield of 2.22%. JPMorgan Chase & Co.’s payout ratio is 27.89%.

Wall Street Analysts Forecast Growth

Several analysts have commented on JPM shares. Wolfe Research cut JPMorgan Chase & Co. from an “outperform” rating to a “peer perform” rating in a report on Monday, July 8th. Oppenheimer lowered their target price on shares of JPMorgan Chase & Co. from $234.00 to $232.00 and set an “outperform” rating for the company in a report on Monday, October 14th. Daiwa Capital Markets decreased their price target on shares of JPMorgan Chase & Co. from $240.00 to $235.00 and set an “overweight” rating on the stock in a report on Thursday, October 10th. Piper Sandler upped their price objective on JPMorgan Chase & Co. from $220.00 to $230.00 and gave the stock an “overweight” rating in a report on Monday, July 15th. Finally, Jefferies Financial Group lifted their target price on JPMorgan Chase & Co. from $230.00 to $239.00 and gave the company a “buy” rating in a report on Wednesday, July 3rd. Nine analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, JPMorgan Chase & Co. currently has an average rating of “Moderate Buy” and a consensus target price of $217.94.

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.