Sigma Investment Increases Stake in JPMorgan Chase to $15.27 Million

Sigma Investment Counselors Inc. has enhanced its investment in JPMorgan Chase & Co. (NYSE:JPM) by 4.1%, raising its stake to a total of approximately $15.27 million as of the end of the second quarter. This expansion follows the acquisition of an additional 2,060 shares, bringing the fund’s total holdings to 52,654 shares.

Several other institutional investors have also modified their stakes in JPMorgan Chase recently. For instance, Harbor Asset Planning Inc. acquired a new stake valued at $26,000, while MJT & Associates Financial Advisory Group Inc. and University of Illinois Foundation bought stakes worth $28,000 and $30,000, respectively, in the first quarter. Ryan Investment Management Inc. purchased shares for approximately $37,000 during the second quarter. Notably, Christopher J. Hasenberg Inc. significantly increased its holdings by 212.0%, now owning 156 shares worth around $45,000.

Institutional investors currently own about 71.55% of JPMorgan Chase’s stock, indicating strong confidence in the financial services sector.

Analyst Ratings and Stock Performance

JPMorgan Chase has attracted attention from various analysts, resulting in a mix of ratings. HSBC Global Research downgraded the stock from a “hold” to a “moderate sell” on July 8, 2023. In contrast, the Royal Bank of Canada maintained a “buy” rating while setting a price target of $343.00. Other institutions have provided varying perspectives, with two analysts issuing a “Strong Buy” rating, fourteen recommending a “Buy,” nine suggesting a “Hold,” and three advising a “Sell.” Presently, the consensus rating stands at “Moderate Buy” with a target price of $322.27.

JPMorgan Chase opened at $305.29 on October 14, 2023, boasting a market capitalization of $839.48 billion. The company’s price-to-earnings (P/E) ratio is 15.12, with a price-to-earnings-growth (PEG) ratio of 1.83. The stock has experienced fluctuations, with a 12-month low of $202.16 and a high of $318.01.

Recent Earnings and Dividend Announcement

In its latest earnings report, JPMorgan Chase reported earnings per share of $5.07, surpassing analysts’ expectations of $4.83 by $0.24. The company generated $46.43 billion in revenue for the quarter, exceeding the forecast of $44.42 billion. The net margin stood at 20.90%, and the return on equity reached 17.18%. This performance marks an increase in revenue by 8.8% compared to the same quarter last year.

In a positive development for shareholders, JPMorgan Chase announced a quarterly dividend of $1.50 per share, payable on October 31, 2023, to investors of record as of October 6, 2023. This dividend represents an increase from the previous $1.40 per share, translating to an annualized dividend of $6.00 and a yield of 2.0%. The company’s current dividend payout ratio stands at 29.72%.

JPMorgan Chase & Co. continues to solidify its position as a leading financial holding company, providing a range of services including investment banking and asset management. As institutional investors enhance their stakes, the market watches closely for future developments in the company’s performance and strategic direction.