JPMorgan Chase & Co. (JPM) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of JPMorgan Chase & Co. (NYSE:JPM) from a hold rating to a buy rating in a report released on Wednesday. Zacks Investment Research currently has $126.00 price target on the financial services provider’s stock.

According to Zacks, “JPMorgan's shares have outperformed the industry over the past six months. Also, the company has an impressive earnings surprise history, having surpassed the Zacks Consensus Estimate in each of the trailing four quarters. Expansion into new markets, focus on strengthening the card business, rising rate environment and increasing loan demand will benefit the bank’s financials. Also, lower tax rates, strong balance sheet position and easing of stringent regulations are expected to offer some support. However, dismal mortgage banking performance (as originations continue to decline) remains a major concern. This is expected to hurt the bank's non-interest income growth to some extent. Nevertheless, JPMorgan's steady capital deployment activities continue to enhance investors' confidence in the stock.”

Several other brokerages have also weighed in on JPM. Wolfe Research began coverage on JPMorgan Chase & Co. in a report on Tuesday, September 25th. They set an outperform rating on the stock. Citigroup boosted their price target on JPMorgan Chase & Co. from $115.00 to $125.00 and gave the company a neutral rating in a research note on Wednesday, September 26th. Bank of America boosted their price target on JPMorgan Chase & Co. from $126.00 to $132.00 and gave the company a buy rating in a research note on Monday, September 17th. Wells Fargo & Co set a $130.00 price target on JPMorgan Chase & Co. and gave the company a buy rating in a research note on Thursday, November 15th. Finally, Vining Sparks reaffirmed a buy rating and issued a $125.00 price target on shares of JPMorgan Chase & Co. in a research note on Friday, October 12th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and sixteen have assigned a buy rating to the company. The company currently has a consensus rating of Buy and a consensus price target of $123.64.

Shares of NYSE:JPM opened at $103.29 on Wednesday. JPMorgan Chase & Co. has a 1-year low of $102.20 and a 1-year high of $119.33. The company has a market cap of $361.01 billion, a PE ratio of 15.03, a PEG ratio of 1.70 and a beta of 1.10. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 1.17.

JPMorgan Chase & Co. (NYSE:JPM) last announced its quarterly earnings data on Friday, October 12th. The financial services provider reported $2.34 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.24 by $0.10. JPMorgan Chase & Co. had a return on equity of 13.90% and a net margin of 23.39%. The company had revenue of $27.26 billion for the quarter, compared to analyst estimates of $27.20 billion. During the same quarter last year, the firm earned $1.76 EPS. Research analysts expect that JPMorgan Chase & Co. will post 9.26 EPS for the current year.

In other JPMorgan Chase & Co. news, Director Mellody L. Hobson acquired 1,150 shares of the business’s stock in a transaction on Friday, October 19th. The stock was purchased at an average price of $108.94 per share, for a total transaction of $125,281.00. Following the transaction, the director now owns 2,632 shares in the company, valued at approximately $286,730.08. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.73% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of JPM. Elite Wealth Management Inc. raised its position in shares of JPMorgan Chase & Co. by 4.1% during the first quarter. Elite Wealth Management Inc. now owns 17,891 shares of the financial services provider’s stock worth $1,967,000 after acquiring an additional 701 shares during the last quarter. Eagle Global Advisors LLC raised its position in shares of JPMorgan Chase & Co. by 0.6% during the second quarter. Eagle Global Advisors LLC now owns 175,550 shares of the financial services provider’s stock worth $18,292,000 after acquiring an additional 1,114 shares during the last quarter. Retirement Income Solutions Inc raised its position in shares of JPMorgan Chase & Co. by 18.0% during the second quarter. Retirement Income Solutions Inc now owns 4,650 shares of the financial services provider’s stock worth $485,000 after acquiring an additional 708 shares during the last quarter. Nuveen Asset Management LLC raised its position in shares of JPMorgan Chase & Co. by 2.7% during the first quarter. Nuveen Asset Management LLC now owns 1,124,172 shares of the financial services provider’s stock worth $123,625,000 after acquiring an additional 29,540 shares during the last quarter. Finally, Syntal Capital Partners LLC raised its position in shares of JPMorgan Chase & Co. by 11.3% during the first quarter. Syntal Capital Partners LLC now owns 9,963 shares of the financial services provider’s stock worth $1,095,000 after acquiring an additional 1,013 shares during the last quarter. Hedge funds and other institutional investors own 70.26% of the company’s stock.

JPMorgan Chase & Co. Company Profile

JPMorgan Chase & Co operates as a financial services company worldwide. It operates through four segments: Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking, and Asset & Wealth Management. The Consumer & Community Banking segment offers deposit and investment products and services to consumers; lending, deposit, and cash management and payment solutions to small businesses; residential mortgages and home equity loans; and credit cards, payment processing services, auto loans and leases.

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