Fisher Funds Management LTD has significantly increased its position in JPMorgan Chase & Co. (NYSE:JPM) by 38.1% during the third quarter of 2023. This information comes from the firm’s latest Form 13F filing with the Securities and Exchange Commission. Following the acquisition of an additional 54,993 shares, Fisher Funds now holds 199,186 shares of the financial services giant, representing 1.7% of its overall investment portfolio, ranking as its 18th largest holding. As of the filing date, Fisher Funds Management’s stake in JPMorgan Chase was valued at approximately $62.83 million.
Several other institutional investors have also adjusted their holdings in JPMorgan Chase. Brighton Jones LLC increased its position by 11.0% in the fourth quarter, now owning 48,732 shares valued at $11.68 million. Similarly, Acorns Advisers LLC raised its stake by 6.9% in the first quarter, bringing its total to 1,547 shares worth $379,000. GenWealth Group Inc. and Investment Partners Asset Management Inc. also reported increases of 13.4% and 6.5% respectively in the second quarter.
Institutional investors and hedge funds collectively own around 71.55% of JPMorgan Chase’s stock, reflecting strong confidence in the company’s performance and outlook.
JPMorgan Chase’s Financial Performance
As of Thursday, JPMorgan Chase shares opened at $300.89. The company holds a market capitalization of $819.09 billion, with a price-to-earnings (PE) ratio of 15.04. Over the past year, the stock has fluctuated between a low of $202.16 and a high of $337.25. The firm reported quarterly earnings on January 13, 2024, announcing earnings per share (EPS) of $5.23, surpassing analyst expectations of $4.93 by $0.30. Revenue for the quarter reached $46.77 billion, exceeding the forecast of $45.98 billion.
The company’s net margin stands at 20.35%, with a return on equity of 17.16%, indicating robust profitability. Year-over-year revenue growth was noted at 7.1%, with EPS from the same quarter last year at $4.81. Analysts predict an EPS of 18.1 for the current fiscal year.
Dividends and Analyst Ratings
In addition to its impressive financials, JPMorgan Chase has announced a quarterly dividend of $1.50, set to be paid on January 31, 2024. Shareholders of record on January 6, 2024 will receive this payment, which represents an annualized dividend of $6.00 and a yield of 2.0%. The company’s payout ratio currently sits at 29.99%.
Recent assessments from various analysts highlight the company’s strong market position. Dbs Bank upgraded its rating to “hold” on October 21, 2023, while Royal Bank of Canada reaffirmed an “outperform” rating with a price target of $330.00. Keefe, Bruyette & Woods increased their price objective from $354.00 to $363.00, maintaining an “outperform” rating. In total, fourteen analysts rate JPMorgan Chase as a Buy, while thirteen hold a Hold rating and one has issued a Sell rating.
The company continues to navigate the financial landscape with strategic initiatives and promising forecasts, reinforcing its stature as a leader in global financial services.
