ABN Amro Boosts Stake in JPMorgan Chase Amid Analyst Optimism
ABN Amro Investment Solutions has increased its stake in JPMorgan Chase & Co. (NYSE:JPM) by 18.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission.
The firm purchased an additional 60,034 shares of the financial services provider's stock, bringing its total holdings to 383,145 shares worth $125,415,000 at the end of the quarter. This represents approximately 1.1% of ABN Amro Investment Solutions' portfolio, making JPMorgan Chase & Co. its 19th largest holding.
This is not an isolated move, as several other institutional investors have also modified their holdings in JPMorgan Chase & Co. during the quarter. Norges Bank acquired a new position in the company valued at approximately $11,396,496,000 in the fourth quarter, while Viking Global Investors LP increased its holdings by 86.1% to 4,042,034 shares worth $1,171,826,000.
Wall Street analysts have also weighed in on JPMorgan Chase & Co., with several research firms issuing positive ratings and price targets. Morgan Stanley reiterated a 'positive' rating and set a $370.00 target price on the company's stock, while Zacks Research upgraded shares of JPMorgan Chase & Co. from a 'hold' rating to a 'strong-buy' rating.