State of New Jersey Common Pension Fund D Sells 596,775 Shares of JPMorgan Chase & Co. (NYSE:JPM)

State of New Jersey Common Pension Fund D decreased its position in JPMorgan Chase & Co. (NYSE:JPM) by 36.1% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,055,798 shares of the financial services provider’s stock after selling 596,775 shares during the quarter. JPMorgan Chase & Co. accounts for approximately 0.9% of State of New Jersey Common Pension Fund D’s holdings, making the stock its 13th biggest holding. State of New Jersey Common Pension Fund D’s holdings in JPMorgan Chase & Co. were worth $213,546,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in JPM. Bahl & Gaynor Inc. boosted its stake in JPMorgan Chase & Co. by 15.4% in the second quarter. Bahl & Gaynor Inc. now owns 1,933,591 shares of the financial services provider’s stock worth $391,088,000 after purchasing an additional 258,603 shares in the last quarter. Hazlett Burt & Watson Inc. increased its position in JPMorgan Chase & Co. by 1.0% in the 2nd quarter. Hazlett Burt & Watson Inc. now owns 10,914 shares of the financial services provider’s stock valued at $2,207,000 after acquiring an additional 111 shares in the last quarter. Capital Management Associates NY raised its stake in shares of JPMorgan Chase & Co. by 22.7% in the second quarter. Capital Management Associates NY now owns 13,093 shares of the financial services provider’s stock worth $2,648,000 after acquiring an additional 2,422 shares during the last quarter. Trifecta Capital Advisors LLC lifted its position in shares of JPMorgan Chase & Co. by 2.5% during the second quarter. Trifecta Capital Advisors LLC now owns 23,201 shares of the financial services provider’s stock worth $4,693,000 after purchasing an additional 565 shares in the last quarter. Finally, Sentry Investment Management LLC grew its stake in shares of JPMorgan Chase & Co. by 6.0% during the second quarter. Sentry Investment Management LLC now owns 14,076 shares of the financial services provider’s stock valued at $2,847,000 after purchasing an additional 803 shares during the last quarter. Institutional investors and hedge funds own 71.55% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $235.00 price objective on shares of JPMorgan Chase & Co. in a research report on Tuesday, September 3rd. Evercore ISI lifted their target price on shares of JPMorgan Chase & Co. from $210.00 to $211.00 and gave the stock an “outperform” rating in a report on Monday, July 15th. Keefe, Bruyette & Woods increased their price target on shares of JPMorgan Chase & Co. from $209.00 to $211.00 and gave the company a “market perform” rating in a research report on Tuesday, July 9th. Royal Bank of Canada restated an “outperform” rating and issued a $211.00 price objective on shares of JPMorgan Chase & Co. in a research report on Tuesday, May 21st. Finally, Oppenheimer lifted their price objective on JPMorgan Chase & Co. from $215.00 to $221.00 and gave the company an “outperform” rating in a report on Monday, July 15th. Eight research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, JPMorgan Chase & Co. presently has a consensus rating of “Moderate Buy” and an average price target of $211.06.

JPMorgan Chase & Co. Stock Performance

JPM opened at $207.86 on Tuesday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 1.24. JPMorgan Chase & Co. has a 12-month low of $135.19 and a 12-month high of $225.48. The business has a 50 day moving average of $211.40 and a 200-day moving average of $201.19. The stock has a market cap of $596.90 billion, a price-to-earnings ratio of 11.59, a PEG ratio of 2.33 and a beta of 1.12.

JPMorgan Chase & Co. (NYSE:JPM) last announced its quarterly earnings results on Friday, July 12th. The financial services provider reported $6.12 EPS for the quarter, beating analysts’ consensus estimates of $4.19 by $1.93. The business had revenue of $50.80 billion for the quarter, compared to analyst estimates of $42.23 billion. JPMorgan Chase & Co. had a net margin of 20.32% and a return on equity of 17.26%. During the same quarter in the prior year, the business earned $4.37 EPS. On average, equities research analysts expect that JPMorgan Chase & Co. will post 16.78 earnings per share for the current year.

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.