Ferguson Wellman Trims JPMorgan Chase Stake by 16.3 Percent

Ferguson Wellman Capital Management Inc. has reduced its stake in JPMorgan Chase & Co. (NYSE:JPM) by 16.3% during the third quarter, according to its latest SEC filing. The firm sold 118,758 shares, bringing its total holdings down to 609,443 shares. These shares now represent 2.4% of Ferguson Wellman's overall portfolio, making JPMorgan its eighth-largest holding.

Other institutional investors have also adjusted their positions in JPMorgan Chase. State Street Corp increased its stake by 0.8% during the second quarter, while Bank of America Corp DE raised its holdings by 6.1%. Norges Bank made a significant entry by acquiring a new position worth $11,396,496,000 in the fourth quarter. Bank of New York Mellon Corp and Dimensional Fund Advisors LP also expanded their stakes by 2.6% and 3.3%, respectively.

On the insider front, Robin Leopold, an executive at JPMorgan Chase, sold 2,500 shares on September 10th at an average price of $352.81, totaling $882,025. This transaction reduced Leopold's holdings by 3.4%, leaving him with 71,047 shares valued at $25,066,092.07. The sale was conducted under a pre-arranged Rule 10b5-1 trading plan.

Wall Street analysts have mixed opinions on JPMorgan Chase's stock. Zacks Research downgraded the stock from a "strong-buy" to a "hold" rating, while Barclays increased its target price to $420.00 with an "overweight" rating. Other analysts, including Robert W. Baird, Jefferies Financial Group, and Citigroup, have issued varying target prices and ratings. Currently, the stock has a consensus "Moderate Buy" rating with an average target price of $363.08.

JPMorgan Chase's stock has shown resilience, trading up $0.56 to $332.94 on Monday. The company reported strong earnings for the second quarter, beating estimates with $6.14 earnings per share and $58.02 billion in revenue. The firm also announced an increased quarterly dividend of $1.65, payable on October 31st, representing a 2.0% dividend yield.