Park National Reduces JPMorgan Chase Stake Amid Institutional Shifts
Park National Corp OH reduced its stake in JPMorgan Chase & Co. (NYSE: JPM) by 3.3% during the third quarter, according to its latest 13F filing with the SEC. The institution sold 9,833 shares, leaving it with 289,493 shares valued at $95,773,000. JPMorgan Chase now represents approximately 2.6% of Park National Corp OH's holdings, making it the fund's 10th largest position.
Several other institutional investors adjusted their positions in JPMorgan Chase during the second quarter. Concorde Asset Management LLC, Elevation Wealth Management LLC, Henrickson Nauta Wealth Advisors Inc., Arkansas Financial Group Inc., and Flynn Zito Capital Management LLC all increased their stakes by small margins, typically adding around 29 to 30 shares. Institutional investors collectively own 71.55% of JPMorgan Chase's stock.
In related news, JPMorgan Chase insider Robin Leopold sold 2,500 shares on September 10th at an average price of $352.81, totaling $882,025. This transaction reduced Leopold's ownership by 3.4%, leaving him with 71,047 shares worth approximately $25,066,092. Corporate insiders own 0.41% of the company's stock.
JPMorgan Chase's stock price rose slightly by $0.47 on Monday, reaching $332.86. The company reported strong quarterly earnings of $6.14 per share, exceeding analyst estimates of $5.59. Revenue for the quarter was $58.02 billion, surpassing expectations of $50.72 billion. The company also recently increased its quarterly dividend from $1.50 to $1.65, reflecting a 2% annual yield.