/JPMorgan%20Chase%20%26%20Co_%20operations%20center-by%20jetcityimages%20via%20iStock.jpg)
New York-based JPMorgan Chase & Co. (JPM) operates as a financial services company providing global financial services and retail banking. With a market cap of $632.6 billion, the company provides services such as investment banking, treasury and securities services, asset management, private banking, card member services, commercial banking, and home finance.
Companies worth $200 billion or more are generally described as “mega-cap stocks,” and JPM definitely fits that description, with its market cap exceeding this threshold, reflecting its substantial size, influence, and dominance in its industry. JPM stands as a testament to financial resilience and innovation, making it a global leader in financial services.
Despite its notable strengths, JPM has slipped 2.3% from its 52-week high of $225.48, achieved on Aug. 30. Over the past three months, JPM stock gained 9.2%, outperforming the Nasdaq Composite’s ($NASX) 1.8% gains during the same time frame.
In the longer term, shares of JPM rose 29.5% on a YTD basis and climbed 50.1% over the past 52 weeks, outperforming NASX’s 14.2% gains on a YTD basis and 22.1% returns over the last year.
To confirm the bullish trend, JPM has traded above its 100-day and 200-day moving averages since November 2023, with slight fluctuations recently.
JPM has shown strong performance this year, partly due to its strong financial performance. The bank has effectively managed the impact of rising interest rates, leading to significant growth in revenue and earnings in recent years.
However, on Jul. 12, JPM shares fell more than 1% after reporting its Q2 results. The company’s FICC sales and trading revenue of $4.8 billion was weaker than the consensus of $4.9 billion. Its revenue stood at $50.2 million, up 19.7% year over year. Its EPS increased 37.8% year over year to $6.12.
JPM’s rival, Bank of America Corporation (BAC), lagged behind the stock, with a 20.9% uptick on a YTD basis and a 40.4% gain over the past 52 weeks.
Wall Street analysts are highly bullish on JPMorgan’s prospects. The stock has a consensus “Strong Buy” rating from the 23 analysts covering it, and JPM currently trades above its mean price target of $217.88.
On the date of publication, Neha Panjwani did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
