Essex Financial Services Inc. Sells 1,950 Shares of JPMorgan Chase & Co. (NYSE:JPM)

Essex Financial Services Inc. decreased its position in shares of JPMorgan Chase & Co. (NYSE:JPM) by 2.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 66,238 shares of the financial services provider’s stock after selling 1,950 shares during the quarter. JPMorgan Chase & Co. makes up approximately 1.2% of Essex Financial Services Inc.’s portfolio, making the stock its 16th biggest position. Essex Financial Services Inc.’s holdings in JPMorgan Chase & Co. were worth $16,248,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Blue Bell Private Wealth Management LLC increased its stake in JPMorgan Chase & Co. by 1.5% during the 4th quarter. Blue Bell Private Wealth Management LLC now owns 2,594 shares of the financial services provider’s stock worth $622,000 after buying an additional 38 shares in the last quarter. Hurlow Wealth Management Group Inc. grew its position in shares of JPMorgan Chase & Co. by 0.7% in the fourth quarter. Hurlow Wealth Management Group Inc. now owns 5,538 shares of the financial services provider’s stock valued at $1,328,000 after purchasing an additional 40 shares in the last quarter. Wimmer Associates 1 LLC grew its position in shares of JPMorgan Chase & Co. by 1.0% in the fourth quarter. Wimmer Associates 1 LLC now owns 4,114 shares of the financial services provider’s stock valued at $986,000 after purchasing an additional 40 shares in the last quarter. Twin Lakes Capital Management LLC grew its position in shares of JPMorgan Chase & Co. by 0.3% in the fourth quarter. Twin Lakes Capital Management LLC now owns 13,932 shares of the financial services provider’s stock valued at $3,340,000 after purchasing an additional 40 shares in the last quarter. Finally, Rockbridge Investment Management LCC grew its position in shares of JPMorgan Chase & Co. by 2.3% in the fourth quarter. Rockbridge Investment Management LCC now owns 1,838 shares of the financial services provider’s stock valued at $441,000 after purchasing an additional 41 shares in the last quarter. Institutional investors and hedge funds own 71.55% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on JPM shares. Wall Street Zen upgraded JPMorgan Chase & Co. from a “sell” rating to a “hold” rating in a research report on Wednesday, May 14th. Truist Financial upped their price target on JPMorgan Chase & Co. from $270.00 to $280.00 and gave the company a “hold” rating in a research report on Monday, June 2nd. Piper Sandler restated a “hold” rating on shares of JPMorgan Chase & Co. in a research report on Monday, June 2nd. Morgan Stanley upped their price target on JPMorgan Chase & Co. from $236.00 to $240.00 and gave the company an “equal weight” rating in a research report on Monday, June 23rd. Finally, Citigroup reiterated a “neutral” rating and issued a $275.00 price objective (up from $250.00) on shares of JPMorgan Chase & Co. in a report on Wednesday, June 25th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $277.74.

Insider Activity at JPMorgan Chase & Co.

In other JPMorgan Chase & Co. news, COO Jennifer Piepszak sold 6,129 shares of the company’s stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $250.76, for a total value of $1,536,908.04. Following the completion of the transaction, the chief operating officer owned 68,583 shares in the company, valued at $17,197,873.08. This represents a 8.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Linda Bammann sold 9,500 shares of the company’s stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $250.00, for a total value of $2,375,000.00. Following the completion of the sale, the director directly owned 91,539 shares of the company’s stock, valued at approximately $22,884,750. This trade represents a 9.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 71,200 shares of company stock valued at $18,060,015. Corporate insiders own 0.47% of the company’s stock.

JPMorgan Chase & Co. Stock Performance

Shares of JPM stock opened at $296.13 on Friday. The company has a market cap of $822.96 billion, a P/E ratio of 14.54, a PEG ratio of 2.75 and a beta of 1.10. The firm has a fifty day moving average price of $266.97 and a 200 day moving average price of $254.56. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 1.23. JPMorgan Chase & Co. has a 12 month low of $190.90 and a 12 month high of $296.40.

JPMorgan Chase & Co. (NYSE:JPM) last announced its quarterly earnings results on Friday, April 11th. The financial services provider reported $5.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.63 by $0.44. JPMorgan Chase & Co. had a return on equity of 16.88% and a net margin of 21.21%. The company had revenue of $45.30 billion during the quarter, compared to the consensus estimate of $43.62 billion. During the same period in the previous year, the business earned $4.44 EPS. JPMorgan Chase & Co.’s revenue for the quarter was up 8.0% on a year-over-year basis. Sell-side analysts predict that JPMorgan Chase & Co. will post 18.1 earnings per share for the current fiscal year.

JPMorgan Chase & Co. Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Thursday, July 3rd will be issued a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 1.89%. The ex-dividend date of this dividend is Thursday, July 3rd. JPMorgan Chase & Co.’s payout ratio is 27.49%.

About JPMorgan Chase & Co.

JPMorgan Chase & Co is a financial holding company, which engages in the provision of financial and investment banking services. It focuses on investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. It operates through the following segments: Consumer and Community Banking (CCB), Commercial and Investment Bank (CIB), Asset and Wealth Management (AWM), and Corporate.