Riverwater Partners LLC has increased its holdings in shares of JPMorgan Chase & Co. (NYSE:JPM) by 12.2% during the second quarter of 2023, according to a recent filing with the Securities and Exchange Commission. The institutional investor now owns 2,202 shares of the financial services provider, having purchased an additional 239 shares in that period. The value of Riverwater Partners’ investment in JPMorgan Chase stood at approximately $638,000 at the quarter’s end.
Other hedge funds have also adjusted their positions in JPMorgan Chase. Envestnet Asset Management Inc. increased its stake by 2.9%, now owning 7,280,489 shares valued at about $2.11 billion after acquiring an additional 202,787 shares. Similarly, Chilton Capital Management LLC raised its holdings by 7.9%, bringing its total to 224,912 shares worth approximately $65.2 million. Other notable changes include Resonant Capital Advisors LLC, which grew its position by 8.3%, and Wealthfront Advisers LLC, which increased its stake by 10.5%.
Analyst Insights and Stock Performance
Several research analysts have provided updates on JPMorgan Chase’s stock. On October 14, 2023, Royal Bank of Canada reiterated a “buy” rating with a target price of $343.00. Meanwhile, UBS Group raised its price target from $339.00 to $350.00, also assigning a “buy” rating. Other analysts, including Daiwa Capital Markets and Deutsche Bank Aktiengesellschaft, have adjusted their price targets to $332.00 and $320.00, respectively. Currently, the stock holds an average rating of “Moderate Buy” with a target price of $326.38.
As of the latest trading session, shares of JPMorgan Chase opened at $311.85. The company boasts a market capitalization of approximately $857.51 billion, with a price-to-earnings (P/E) ratio of 15.45. Its stock has shown resilience, with a 12-month low of $202.16 and a high of $318.01.
On October 14, 2023, JPMorgan Chase released its quarterly earnings report, revealing earnings per share (EPS) of $5.07, surpassing analyst expectations of $4.83 by $0.24. The company reported revenues of $46.43 billion, exceeding the consensus estimate of $44.42 billion, marking an 8.8% year-over-year increase.
Insider Activity and Dividend Increase
In related news, Director Linda Bammann sold 9,500 shares of the company on September 2, 2023, at an average price of $297.94, totaling approximately $2.83 million. Following this transaction, she retained 82,207 shares, valued at around $24.49 million. Insider ownership currently represents 0.47% of the company.
Moreover, JPMorgan Chase has recently declared a quarterly dividend of $1.50 per share, an increase from the previous dividend of $1.40. This dividend was paid on October 31, 2023, to shareholders on record as of October 6, 2023. This adjustment reflects an annualized dividend of $6.00, yielding 1.9% with a payout ratio of 29.72%.
JPMorgan Chase & Co. operates as a financial holding company, providing various financial and investment banking services. Its segments include Consumer and Community Banking, Commercial and Investment Banking, Asset and Wealth Management, and Corporate. As institutional investors continue to show strong interest, the outlook for JPMorgan Chase remains positive as it navigates the financial landscape.
