Riverwater Partners LLC has increased its stake in JPMorgan Chase & Co. (NYSE:JPM) by 12.2% during the second quarter of 2023, as reported in its latest filing with the Securities & Exchange Commission. The institutional investor now holds 2,202 shares of the financial services giant, following the purchase of an additional 239 shares in the quarter. This investment was valued at approximately $638,000 at the end of the period.
The surge in Riverwater’s holdings is part of a broader trend among institutional investors and hedge funds adjusting their positions in JPMorgan. For example, Envestnet Asset Management Inc. expanded its shares in JPMorgan by 2.9% during the same quarter, bringing its total to 7,280,489 shares, valued at over $2.1 billion. Similarly, Chilton Capital Management LLC increased its position by 7.9%, now owning 224,912 shares worth approximately $65.2 million.
Other notable increases include Resonant Capital Advisors LLC, which raised its holdings by 8.3%, and Wealthfront Advisers LLC, which expanded its stake by 10.5%. The latter now possesses 351,484 shares valued at around $101.9 million. Overall, institutional investors and hedge funds control 71.55% of JPMorgan’s stock.
Analysts have also expressed optimism regarding JPMorgan’s stock performance. On October 14, 2023, the Royal Bank of Canada reaffirmed a “buy” rating with a price target of $343.00. Meanwhile, UBS Group raised its target from $339.00 to $350.00, maintaining a “buy” rating. Other analysts have similarly adjusted their price targets, reflecting a generally positive outlook on the financial institution.
In insider trading news, Director Linda Bammann sold 9,500 shares on September 2, 2023, at an average price of $297.94, totaling $2.83 million. Following the transaction, Bammann retains 82,207 shares, valued at approximately $24.5 million, indicating a 10.36% decline in her ownership.
JPMorgan’s stock opened at $311.85 on Thursday, reflecting strong performance indicators. The company reported a current ratio of 0.86, a quick ratio of 0.88, and a debt-to-equity ratio of 1.26. Over the past 12 months, the stock has fluctuated between a low of $202.16 and a high of $318.01.
On October 14, 2023, JPMorgan announced impressive earnings, reporting $5.07 earnings per share (EPS) that exceeded analysts’ expectations of $4.83. The company’s revenue for the quarter reached $46.43 billion, surpassing the consensus estimate of $44.42 billion. This marks an 8.8% year-over-year increase in revenue.
In addition to strong earnings, JPMorgan announced a dividend increase. Shareholders received a dividend of $1.50 per share on October 31, 2023, up from the previous $1.40. This new dividend reflects an annualized amount of $6.00 and a yield of 1.9%, with a payout ratio of 29.72%.
JPMorgan Chase & Co. operates as a financial holding company providing a range of financial services including investment banking, consumer and commercial banking, asset management, and financial transaction processing. The firm is segmented into Consumer and Community Banking, Commercial and Investment Banking, Asset and Wealth Management, and Corporate.
As institutional interest in JPMorgan continues to grow, the company’s financial health and strategic position within the market remain strong, reinforcing its status as a key player in the financial services industry.
