Shares of JPMorgan Chase & Co. were traded with no consequential volume change. The stock concluded the last trading session up by 1.52 percent at $65.52, with a total volume of 18,935,995 shares against an average amount for the past three months of 15,820,800.
On Thursday, the stock has traded 7.21 percent below its 52 week high, and 30.86 percent above its 52 week low. JPMorgan’s one year stock price history ranges between $50.07 and $70.61. The US banking institution has a current price to earnings ratio of 11.1, against a financial sector average of 15.9. JPMorgan stock price has underperformed the S&P 500 by 2.6 percent. Meanwhile, the leading global financial services company is currently valued at $239.55 billion. The JPMorgan stock has a 50 day moving average of $61.95 and a 200-day moving average of $61.62.
JPMorgan Chase & Co.’s existing short interest stands at 24.47 million shares, indicating a 1 percent increase from the same period last month. Nearly 23 percent of the company’s shares, which are float, are short sold. The total of days needed to cover the short positions stand at 1.8 days, with a 10-day average volume of 14.04 million shares.
The finance company is expected to post earnings of $1.41 per share and a revenue of $23.97 billion for the second quarter of the fiscal year 2016. JPMorgan Chase & Co. announced its last quarterly earnings on April 13, posting earnings of $1.35 per share against a consensus estimate of $1.26. The company disclosed a revenue of $35.41 billion, beating forecasts of $23.4 billion.
Among 32 analysts that cover JPMorgan Chase & Co. stock, 27 have a Buy rating, while five have a Hold rating. On average, this returns an Overweight rating. The consensus target price is set at $71.
JPMorgan Chase & Co. Is Cutting Nearly 100 Jobs
According to reports, JPMorgan’s private bank is planning to trim around 100 jobs as the segment turns focus to a more condensed faction of ultra-high-net-worth clients.
The layoffs, which will impact employees in various locations and departments, come after a recent round of job cuts in the past months. The company has been eliminated underperforming employees, including financial advisers and support personnels in locations across the United States, in its private banking segment.
The private bank also shreds as many as 30 staff, or nearly 5 percent of its employment in Asia wealth-management unit. The cuts affected a majority of relationship managers and investment consultants who serves clients at JPMorgan’s regional private bank.
Within the past couple of months, the unit also made layoffs of more than 100 employees in New York, London, Washington, and Boston.
However, JPMorgan has been heavily hiring as well. The private bank currently handles approximately 12,000 individuals.
The recent layoffs follow JPMorgan’s plan to restructure its private banking division to manage a smaller pool of higher-net-worth clients, who tend to require less exposure and generate more fees. As a result, the firm has increased its minimum investible assets from $5 million to $10 million, which is expected to take effect this year. Moreover, new regulations outlined to reduce riskier activities have hit investment banking and trading sectors than wealth management and private banking.
The changes in JPMorgan’s private banking sector is assumed to affect roughly 10 percent of its clients, who will be shifted from JPMorgan’s private bank over to an offering with personalization, known as Private Client Direct.