JPMorgan Chase & Co. (NYSE:JPM) Trading Up 4.5% After Strong Earnings

JPMorgan Chase & Co. (NYSE:JPM) was up 4.5% during trading on Friday following a stronger than expected earnings report. The company traded as high as $223.87 and last traded at $222.40. Approximately 6,867,133 shares changed hands during mid-day trading, a decline of 24% from the average daily volume of 9,091,286 shares. The stock had previously closed at $212.84.

The financial services provider reported $4.37 earnings per share for the quarter, topping analysts’ consensus estimates of $4.02 by $0.35. The firm had revenue of $43.32 billion during the quarter, compared to the consensus estimate of $41.43 billion. JPMorgan Chase & Co. had a return on equity of 17.26% and a net margin of 20.32%. The firm’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.33 earnings per share.

JPMorgan Chase & Co. Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 4th will be given a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 2.25%. This is an increase from JPMorgan Chase & Co.’s previous quarterly dividend of $1.15. The ex-dividend date of this dividend is Friday, October 4th. JPMorgan Chase & Co.’s dividend payout ratio is 27.89%.

Analyst Ratings Changes

A number of research firms have weighed in on JPM. Morgan Stanley downgraded JPMorgan Chase & Co. from an “overweight” rating to an “equal weight” rating and upped their target price for the stock from $220.00 to $224.00 in a research report on Monday, September 30th. Wells Fargo & Company upped their price target on JPMorgan Chase & Co. from $220.00 to $225.00 and gave the company an “overweight” rating in a report on Monday, July 15th. Jefferies Financial Group upped their price target on JPMorgan Chase & Co. from $230.00 to $239.00 and gave the company a “buy” rating in a report on Wednesday, July 3rd. StockNews.com raised JPMorgan Chase & Co. from a “sell” rating to a “hold” rating in a report on Saturday, July 13th. Finally, Keefe, Bruyette & Woods upped their price target on JPMorgan Chase & Co. from $209.00 to $211.00 and gave the company a “market perform” rating in a report on Tuesday, July 9th. Nine research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $213.47.

Hedge Funds Weigh In On JPMorgan Chase & Co.

Hedge funds have recently modified their holdings of the stock. Retirement Group LLC increased its stake in shares of JPMorgan Chase & Co. by 227.1% in the first quarter. Retirement Group LLC now owns 157 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 109 shares during the last quarter. Fairway Wealth LLC bought a new stake in JPMorgan Chase & Co. in the second quarter worth $32,000. Richardson Capital Management LLC bought a new stake in JPMorgan Chase & Co. in the first quarter worth $34,000. Anfield Capital Management LLC bought a new stake in JPMorgan Chase & Co. in the second quarter worth $34,000. Finally, West Financial Advisors LLC bought a new stake in JPMorgan Chase & Co. in the third quarter worth $37,000. 71.55% of the stock is owned by institutional investors and hedge funds.

JPMorgan Chase & Co. Price Performance

The stock has a market capitalization of $632.45 billion, a P/E ratio of 12.40, a PEG ratio of 3.28 and a beta of 1.11. The stock’s fifty day moving average is $211.79 and its 200-day moving average is $203.70. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.91 and a quick ratio of 0.91.

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.