JPMorgan Stock Is Rising Monday: What's Going On?

Author: Adam Eckert | July 15, 2024 11:13am

JPMorgan Chase & Co (NYSE:JPM) shares are trading higher Monday. Multiple analysts raised price targets on the heels of the company’s second-quarter financial results. Here’s what you need to know.

What To Know: Several analysts raised price targets on JPMorgan stock on Monday after the company beat analyst estimates for the second quarter on the top and bottom lines last week.

• Piper Sandler analyst Scott Siefers maintained JPMorgan with an Overweight and raised the price target from $220 to $230.

• Morgan Stanley analyst Betsy Graseck maintained JPMorgan with an Overweight and raised the price target from $214 to $221.

• Oppenheimer analyst Chris Kotowski maintained JPMorgan with an Outperform and raised the price target from $215 to $221.

• Barclays analyst Jason Goldberg maintained JPMorgan with an Overweight and raised the price target from $212 to $217.

• Wells Fargo analyst Mike Mayo maintained JPMorgan with an Overweight and raised the price target from $220 to $225.

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Q2 Rundown: JPMorgan on Friday reported second-quarter revenue of $50.2 billion, beating analyst estimates of $42.339 billion, according to Benzinga Pro. The company reported adjusted earnings of $4.40 per share, beating estimates of $4.19 per share.

Banking and payments revenue was up 9% year-over-year, markets revenue was up 10% year-over-year and investment banking revenue surged 46% year-over-year.

"Last month, we announced that the Board intends to increase our common dividend for the second time this year, resulting in a 19% cumulative increase compared with the fourth quarter of 2023. This increase is supported by our strong financial performance and represents a sustainable level of dividends,” said Jamie Dimon, CEO of JPMorgan.

“Our priorities remain unchanged. We continue to invest heavily into our businesses for long-term growth and profitability. We maintain a fortress balance sheet and prepare the Firm for a wide range of potential environments."

JPM Price Action: JPMorgan shares were up 1.52% at $208.03 at the time of publication, according to Benzinga Pro.

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Photo: Shutterstock.

Posted In: JPM