MassMutual Trims JPMorgan Chase Stake Amid Strong Earnings
MassMutual Private Wealth & Trust FSB reduced its stake in JPMorgan Chase & Co. (NYSE:JPM) by 4.5% during the third quarter, according to its latest Form 13F filing with the SEC. The firm sold 11,852 shares, bringing its total holdings to 251,739 shares. These shares are valued at $83,283,000, making JPMorgan Chase the ninth-largest position in MassMutual’s portfolio, representing 2.1% of its total holdings.
Other institutional investors have made adjustments to their positions in JPMorgan Chase. Concorde Asset Management LLC, Elevation Wealth Management LLC, and Henrickson Nauta Wealth Advisors Inc. all increased their stakes by small percentages in the second quarter. Arkansas Financial Group Inc. and Flynn Zito Capital Management LLC also raised their holdings, with institutional investors collectively owning 71.55% of the company’s stock.
JPMorgan Chase’s stock opened at $332.18 on Monday, with a market capitalization of $882.99 billion. The company reported strong earnings for the quarter ending July 14, with $6.14 earnings per share, beating analyst estimates of $5.59. Revenue for the quarter was $58.02 billion, up 27.7% year-over-year.
The company recently declared a quarterly dividend of $1.65 per share, an increase from the previous $1.50. The dividend is payable on October 31st to shareholders of record on October 6th, representing a 2.0% dividend yield. Analysts maintain a “Moderate Buy” recommendation, with target prices ranging from $305.00 to $390.00.