Guardian Investment Management has significantly reduced its stake in JPMorgan Chase & Co. (NYSE:JPM), cutting its position by 36.2% in the second quarter of 2023. This information was disclosed in the firm’s recent 13F filing with the U.S. Securities and Exchange Commission (SEC). Following the sale of 4,800 shares, the investment management company now holds 8,449 shares of the financial services provider, which constitutes approximately 2.4% of Guardian’s overall portfolio, making it the firm’s 11th largest holding.
As of the end of the second quarter, Guardian Investment Management’s holdings in JPMorgan Chase & Co. were valued at $2,449,000. Other institutional investors have also adjusted their stakes in the company. For instance, Clay Northam Wealth Management LLC increased its holdings by 1.7%, now owning 2,437 shares worth about $707,000. Similarly, Worth Financial Advisory Group LLC raised its position by 0.4%, bringing its total to 17,488 shares valued at $5,070,000.
Willow Creek Wealth Management Inc. and Avior Wealth Management LLC also made modest increases to their stakes, with Willow Creek acquiring an additional 71 shares to reach 3,475 shares worth $1,008,000, and Avior adding 329 shares for a total of 38,484 shares valued at $11,157,000. Meanwhile, XY Planning Network Inc. entered a new position worth approximately $656,000 during the same quarter. Currently, institutional investors hold about 71.55% of JPMorgan’s stock.
Analyst Ratings and Stock Performance
Several financial institutions have recently updated their outlooks on JPMorgan Chase & Co. Morgan Stanley raised its target price from $298.00 to $336.00, maintaining an “equal weight” rating. In contrast, Keefe, Bruyette & Woods increased its target from $327.00 to $330.00, giving the company an “outperform” rating.
On the other hand, HSBC Global Research downgraded JPMorgan from a “hold” to a “moderate sell” rating, while Phillip Securities shifted its view from a “moderate buy” to a “hold” rating. Bank of America, however, raised its target from $330.00 to $340.00, issuing a “buy” rating. Overall, thirteen investment analysts rate the stock as a Buy, eight as a Hold, and three as a Sell, leading to an average rating of “Hold” and a consensus target price of $303.45 according to MarketBeat.com.
Shares of JPMorgan Chase & Co. opened at $307.65 recently, with a 52-week low of $202.16 and a high of $318.01. The company has a market capitalization of $845.96 billion and reported earnings of $4.96 per share, exceeding analysts’ expectations by $0.48 in its latest quarterly earnings report.
Dividend Announcement and Insider Trading
JPMorgan Chase & Co. also confirmed a quarterly dividend of $1.50, set to be paid on October 31, 2023. Shareholders on record as of October 6 will receive this dividend, reflecting an annualized dividend of $6.00 and a yield of 2.0%. This increase from the previous dividend of $1.40 indicates a positive outlook for the company, with a payout ratio of 28.73%.
In related news, Director Linda Bammann recently sold 9,500 shares of JPMorgan stock at an average price of $297.94, totaling approximately $2,830,430. Following this transaction, Bammann retains 82,207 shares, valued at around $24,492,753.58, marking a 10.36% reduction in her position. Insider ownership stands at 0.47% of the company’s stock.
JPMorgan Chase & Co. remains a key player in the financial sector, providing a range of services including investment banking, commercial banking, and asset management. The company continues to attract the attention of investors and analysts alike, reflecting its significant role in global finance.
