Cherry Creek Investment Advisors recently reduced their stake in JP Morgan Chase. According to its most recent filing with the US Securities and Exchange Commission (SEC), the investment firm has reduced its stock by 15.5% in the first quarter.
The investor’s holdings in JP Morgan Chase & Co. were worth $778,00, but it divested itself of 1,048 shares during the first quarter. At the time of the filing, it owned 5,705 shares of the financial services provider.
In November 2021, the institutional investor upped its stake in JP Morgan Chase. It added to its holding in the JP Morgan Equity Premium Income ETF by 368.14%. At the time, the purchase prices were between $59.27 and $62.07, with an estimated average price of $60.87.
Incorporated in Colorado, Cherry Creek helps individuals manage their wealth. They also assist companies with managing their 401(k) and pension plans.
JP Morgan Chase Shares
In recent times, many investors and hedge funds have modified their holdings of JPM stock.
State Street Corporation from Boston upped their stake in by buying 1.6% JPMorgan Chase shares during the fourth quarter. The financial firm now owns 141,720,090 shares of the JPM stock valued at $22,441,376,000 after acquiring an additional 2,277,065 shares during the last quarter.
Carolina Wealth Advisors LLC also followed the same route as they purchased additional JPMorgan Chase & Co. shares in the fourth quarter. Currently, they own 235 shares of the financial service provider.
Geode Capital Management LLC increased its position in JPMorgan by 1.5% in the fourth quarter. The company now owns 47,806,506 shares of the financial services provider’s stock valued at $7,548,705,000 after purchasing an additional 687,571 shares in the last quarter.
Norges Bank purchased JPMorgan Chase & Co. shares valued at around $4,092,843,000.
Charles Schwab Investment Management Inc. upped its stake in JPMorgan Chase by 1.6% in the 4th quarter. The firm portfolio now comprises of 17,802,465 shares of the JPM stock valued at $2,819,021,000 after adding 273,693 shares in the last quarter.
Finally, Parametric Portfolio Associates LLC increased its position in JPMorgan Chase & Co. by 1.4% in the 4th quarter. Parametric Portfolio Associates LLC now owns 11,276,722 shares of the financial services provider’s stock valued at $1,785,669,000 after purchasing an additional 160,698 shares in the last quarter. Institutional investors own 70.35% of the company’s shares.
JPM Stock Performance
On the other hand, CFO Jennifer Piepszak sold 4,668 shares of the company’s stock in a transaction on April 14th. She sold JPM stock at an average price of $126.19, for a total transaction of $589,054.92. The details of the transaction were disclosed in a regulatory filing with the SEC. As of July 2022, she owns 11,135 shares of JPMorgan Chase & Co. In terms of revenue, JP Morgan Chase’s quarterly revenue was down 4.8% compared to the same quarter last year.
In March 2022, CEO Jamie Dimon came under heavy criticism after he laid out ambiguous multibillion-dollar plans to modernize the group’s technology. Shareholders expressed their concern as the bank was unable to provide concrete details about their move. They had also cautioned against JP Morgan Chase’s plans to enter the highly competitive UK banking market. Later, in May, stockholders vetoed a $52.6 million bonus for Dimon.
On July 11, JP share price opened at $114.36, an average position considering its 52-week high of $172.96 and a low of $109.30. The American financial services company headquartered in New York also announced a quarterly dividend that will be paid out at the end of July. Stockholders will receive a dividend of $1.00 per share. The company had revenue of $30.72 billion for the quarter, marginally surpassing analyst estimates of $30.53 billion.
