Harvey Capital Management Inc. Decreases Position in JPMorgan Chase & Co. (NYSE:JPM)

Harvey Capital Management Inc. decreased its position in JPMorgan Chase & Co. (NYSE:JPM) by 13.3% in the 3rd quarter, Holdings Channel reports. The fund owned 35,265 shares of the financial services provider’s stock after selling 5,400 shares during the period. JPMorgan Chase & Co. accounts for 1.9% of Harvey Capital Management Inc.’s holdings, making the stock its 17th biggest holding. Harvey Capital Management Inc.’s holdings in JPMorgan Chase & Co. were worth $7,436,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Henrickson Nauta Wealth Advisors Inc. lifted its holdings in JPMorgan Chase & Co. by 1.3% in the third quarter. Henrickson Nauta Wealth Advisors Inc. now owns 3,436 shares of the financial services provider’s stock worth $725,000 after purchasing an additional 45 shares during the period. Sunburst Financial Group LLC lifted its stake in shares of JPMorgan Chase & Co. by 0.8% in the 3rd quarter. Sunburst Financial Group LLC now owns 5,696 shares of the financial services provider’s stock worth $1,201,000 after acquiring an additional 45 shares during the period. West Wealth Group LLC boosted its holdings in shares of JPMorgan Chase & Co. by 3.6% in the third quarter. West Wealth Group LLC now owns 1,327 shares of the financial services provider’s stock valued at $280,000 after acquiring an additional 46 shares in the last quarter. Instrumental Wealth LLC increased its stake in shares of JPMorgan Chase & Co. by 4.5% during the second quarter. Instrumental Wealth LLC now owns 1,101 shares of the financial services provider’s stock valued at $230,000 after acquiring an additional 47 shares during the period. Finally, Prossimo Advisors LLC lifted its position in JPMorgan Chase & Co. by 0.5% in the third quarter. Prossimo Advisors LLC now owns 8,740 shares of the financial services provider’s stock worth $1,843,000 after purchasing an additional 47 shares during the period. 71.55% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently issued reports on JPM. Barclays lifted their price target on JPMorgan Chase & Co. from $217.00 to $257.00 and gave the company an “overweight” rating in a research report on Monday, October 14th. StockNews.com raised shares of JPMorgan Chase & Co. from a “sell” rating to a “hold” rating in a report on Saturday, July 13th. Citigroup upped their price target on JPMorgan Chase & Co. from $205.00 to $215.00 and gave the company a “neutral” rating in a report on Monday, July 15th. Daiwa Capital Markets reduced their price objective on JPMorgan Chase & Co. from $240.00 to $235.00 and set an “overweight” rating for the company in a research note on Thursday, October 10th. Finally, Royal Bank of Canada boosted their target price on JPMorgan Chase & Co. from $211.00 to $230.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $223.38.

JPMorgan Chase & Co. Stock Performance

Shares of JPM opened at $247.06 on Thursday. The firm has a market cap of $695.56 billion, a price-to-earnings ratio of 13.75, a price-to-earnings-growth ratio of 3.25 and a beta of 1.10. The company’s fifty day moving average is $216.71 and its 200-day moving average is $207.71. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 1.27. JPMorgan Chase & Co. has a 12 month low of $142.82 and a 12 month high of $248.00.

JPMorgan Chase & Co. (NYSE:JPM) last posted its earnings results on Friday, October 11th. The financial services provider reported $4.37 earnings per share for the quarter, beating the consensus estimate of $4.02 by $0.35. JPMorgan Chase & Co. had a return on equity of 16.71% and a net margin of 19.64%. The company had revenue of $43.32 billion for the quarter, compared to analyst estimates of $41.43 billion. During the same period last year, the company earned $4.33 earnings per share. The business’s revenue was up 6.5% compared to the same quarter last year. Equities analysts expect that JPMorgan Chase & Co. will post 17.52 EPS for the current fiscal year.

JPMorgan Chase & Co. Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Friday, October 4th were issued a $1.25 dividend. This is a positive change from JPMorgan Chase & Co.’s previous quarterly dividend of $1.15. This represents a $5.00 annualized dividend and a yield of 2.02%. The ex-dividend date was Friday, October 4th. JPMorgan Chase & Co.’s payout ratio is 27.82%.

About JPMorgan Chase & Co.

JPMorgan Chase & Co operates as a financial services company worldwide. It operates through four segments: Consumer & Community Banking (CCB), Corporate & Investment Bank (CIB), Commercial Banking (CB), and Asset & Wealth Management (AWM). The CCB segment offers deposit, investment and lending products, cash management, and payments and services; mortgage origination and servicing activities; residential mortgages and home equity loans; and credit cards, auto loans, leases, and travel services to consumers and small businesses through bank branches, ATMs, and digital and telephone banking.