Whalerock Point Partners LLC has reduced its stake in JPMorgan Chase & Co. (NYSE: JPM) by a significant 47.0% during the third quarter of 2023. According to data from Holdings Channel, the institutional investor now holds 51,804 shares of the financial services giant after divesting 45,949 shares in the period. This reduction means that JPMorgan Chase now constitutes approximately 3.3% of Whalerock Point Partners’ total holdings, making it the firm’s seventh largest investment.
As of the end of the recent reporting period, Whalerock Point Partners’ stake in JPMorgan Chase is valued at $16,341,000. The firm is not alone in its investment adjustments, as several other large investors have also modified their positions in the company.
Brighton Jones LLC has increased its stake in JPMorgan Chase by 11.0% during the fourth quarter. They now own 48,732 shares valued at $11,682,000, following the purchase of an additional 4,841 shares. Similarly, Acorns Advisers LLC raised its holdings by 6.9% in the first quarter, bringing its total to 1,547 shares worth $379,000 after the acquisition of another 100 shares.
Ignite Planners LLC also expanded its position by 0.7% in the second quarter, now owning 10,934 shares valued at $3,185,000. United Bank increased its stake by 5.2%, holding 28,014 shares worth $8,122,000 after purchasing an additional 1,392 shares. Additionally, Schnieders Capital Management LLC enhanced its holdings by 0.9%, now owning 60,730 shares valued at $17,606,000. Overall, institutional investors and hedge funds currently own 71.55% of JPMorgan Chase’s stock.
In related news, Troy L. Rohrbaugh, the CEO of JPMorgan Chase, sold 50,000 shares on February 19, 2024, at an average price of $307.11, totalling $15,355,500. Following this transaction, Rohrbaugh retains 111,279 shares valued at approximately $34,174,893.69, representing a 31.00% decrease in his ownership. The transaction was reported in a filing with the Securities and Exchange Commission.
Similarly, Jennifer Piepszak, Chief Operating Officer, sold 8,571 shares on January 16, 2024, for a total of $2,680,923.09, which resulted in a 10.77% decrease in her stake. In total, insiders have sold 71,596 shares of JPMorgan Chase stock valued at $22,067,932 over the past ninety days, with insiders now owning 0.47% of the company’s stock.
JPMorgan Chase’s stock has recently experienced a slight decline, down 0.3%. The company announced its earnings results on January 13, 2024, reporting earnings per share of $5.23, surpassing analysts’ estimates of $4.93 by $0.30. The company achieved a net margin of 20.35% and a return on equity of 17.16%, with revenue reaching $45.80 billion, slightly below the consensus estimate of $45.98 billion. This represents a 7.1% increase in revenue compared to the same quarter in the previous year.
JPMorgan Chase also announced a quarterly dividend of $1.50 per share, which was paid on January 31, 2024. Shareholders of record on January 6, 2024, received the payment, resulting in an annualized dividend of $6.00 and a dividend yield of 2.0%. The firm’s dividend payout ratio stands at 29.99%.
Analysts have recently provided mixed reviews on JPMorgan Chase. Piper Sandler upgraded their price target from $336.00 to $345.00 and maintained an “overweight” rating. Conversely, Wells Fargo & Company lowered their price objective from $360.00 to $350.00, while HSBC set a target of $319.00 with a “hold” rating. Currently, fourteen analysts rate the stock as a Buy and thirteen as a Hold, leading to a consensus rating of “Moderate Buy” with an average price target of $339.55.
JPMorgan Chase & Co. is a diversified global financial services firm headquartered in New York City. It provides a wide array of banking and financial services to various clients, including consumers, small businesses, corporations, and governments. Its operations cover retail banking, investment banking, asset management, and more, structured across several core business lines to serve its diverse clientele effectively.
