Kingdom Financial Group LLC has significantly increased its investment in JPMorgan Chase & Co. (NYSE:JPM), boosting its stake by an impressive 116.5% during the third quarter of 2023. This information comes from the firm’s latest filing with the Securities & Exchange Commission. Following the acquisition of an additional 2,510 shares, Kingdom Financial now holds 4,664 shares of the financial services provider, which represents about 0.9% of its overall investment portfolio, making it the 21st largest position in their holdings. The value of this investment stood at approximately $1,471,000 at the end of the reporting period.
Other institutional investors have also been active in adjusting their stakes in JPMorgan Chase. MOKAN Wealth Management Inc. entered the market with a new position valued at $2,952,000 in the same quarter. Flagship Wealth Advisors LLC increased its holdings by 10.6%, now owning 4,023 shares valued at $1,269,000. Similarly, Parkside Financial Bank & Trust raised its stake by 1.6%, resulting in ownership of 39,808 shares worth about $12,557,000. Facet Wealth Inc. expanded its holdings by 18.5%, bringing its total to 5,998 shares, valued at $1,892,000. Finally, Nadler Financial Group Inc. grew its investment by 4.8%, owning 6,072 shares valued at approximately $1,915,000. Overall, institutional investors and hedge funds now control 71.55% of JPMorgan’s stock.
Recent Developments Affecting JPMorgan Chase
In addition to the investment activity, several significant developments have emerged concerning JPMorgan Chase. The firm recently acquired WealthOS, a pensions platform in the UK, enhancing its wealth management capabilities in Europe. This acquisition is viewed positively, as it is expected to diversify revenue streams in the long term.
Furthermore, JPMorgan has launched a new active international exchange-traded fund (ETF) targeting developed markets. This initiative aims to capture growing asset management fees as investors look to diversify away from U.S. equities.
On a different note, JPMorgan’s involvement in the government’s “Trump Accounts” program could potentially drive deposits, although the political implications and specific details surrounding the program leave its net benefits uncertain.
Market Performance and Analyst Ratings
As of Monday, January 13, 2024, shares of JPMorgan Chase opened at $305.59. The company has demonstrated solid performance, with a 50-day moving average of $314.74 and a 200-day moving average of $306.42. Over the past year, the stock has fluctuated between a low of $202.16 and a high of $337.25. With a market capitalization of $831.90 billion, the company boasts a price-to-earnings ratio of 15.27 and a price-to-earnings-growth ratio of 1.49.
JPMorgan’s financial performance remains robust, with the company reporting $5.23 earnings per share (EPS) for the last quarter, surpassing the consensus estimate of $4.93 by $0.30. Revenue reached $46.77 billion, which was above the expected $45.98 billion and marked a 7.1% increase year-over-year. Analysts project that the company will achieve an EPS of 18.1 for the current year.
The firm also declared a quarterly dividend of $1.50 per share, reflecting an annualized dividend of $6.00 and a dividend yield of 2.0%. The ex-dividend date was set for January 6, 2024, with a dividend payout ratio of 29.99%.
In recent insider activity, Chief Financial Officer Jeremy Barnum sold 2,893 shares at an average price of $312.79, totaling nearly $905,000. This sale reduced his ownership to 26,696 shares, valued at approximately $8.35 million. Chief Operating Officer Jennifer Piepszak also sold 8,571 shares, receiving around $2.68 million in the transaction.
As for analyst ratings, Morgan Stanley has set a target price of $331.00, while TD Cowen maintained a “buy” rating. Other firms, including Royal Bank of Canada, have restated their “outperform” ratings, projecting a target price around $330.00. Currently, fourteen analysts have issued a Buy rating for the stock, with an average target price of $336.82.
Overall, JPMorgan Chase continues to attract substantial institutional investment and maintain a strong market presence, despite fluctuations in investor sentiment and broader market conditions.
