JP Morgan Chase & Co

JPM-N

NYSE:JPM

104.27
5.34 (5.40%)
JPMorgan Chase & Co. is an American multinational banking and financial services holding company headquartered in New York City.
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Analysis and Opinions about JPM-N

Signal
Opinion
Expert
COMMENT
COMMENT
May 13, 2020

US financials? They own JPM as they have a well diversified business and strong balance sheet. GS is more a capital market sensitive company, which puts more pressure on them. She suggests having Canadian and US banks in your portfolio.

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US financials? They own JPM as they have a well diversified business and strong balance sheet. GS is more a capital market sensitive company, which puts more pressure on them. She suggests having Canadian and US banks in your portfolio.

PAST TOP PICK
PAST TOP PICK
April 16, 2020
(A Top Pick Jun 04/19, Down 17%) He would still stick with US banks. Their results were not a high surprise to markets. He likes it because it is like a bank conglomerate. There may be issues around the dividend but it is a high quality holding. He continues to hold it.
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(A Top Pick Jun 04/19, Down 17%) He would still stick with US banks. Their results were not a high surprise to markets. He likes it because it is like a bank conglomerate. There may be issues around the dividend but it is a high quality holding. He continues to hold it.
BUY
BUY
March 12, 2020
Great company. Incredible balance sheet. Really nice dividend. If you have US dollars, it makes more sense than using Canadian dollars. Not worried about the CEO. It has a great franchise among very diversified areas of the banking industry.
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Great company. Incredible balance sheet. Really nice dividend. If you have US dollars, it makes more sense than using Canadian dollars. Not worried about the CEO. It has a great franchise among very diversified areas of the banking industry.
BUY
BUY
March 9, 2020
It is the cream of the crop in US banks. The CEO has not been well. The day he retires the stock may take a dive. The valuation has dropped in this market so it is certainly worth looking at.
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It is the cream of the crop in US banks. The CEO has not been well. The day he retires the stock may take a dive. The valuation has dropped in this market so it is certainly worth looking at.
TOP PICK
TOP PICK
February 18, 2020

TD his other big bank holding, but JPM has outperformed it. It's held up. They've invested tens of billions in technology. A better management culture than its peers, like Citi. He doesn't expect a US recession. (Analysts’ price target is $139.27)

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TD his other big bank holding, but JPM has outperformed it. It's held up. They've invested tens of billions in technology. A better management culture than its peers, like Citi. He doesn't expect a US recession. (Analysts’ price target is $139.27)

COMMENT
COMMENT
February 14, 2020

Wells Fargo has gone nowhere. There has been poorly managed but they have a new CEO. However, he looks for companies with good organic revenue growth that are not in the penalty box that delivers on growth. He prefers JP Morgan. They keep growing earnings, raising dividends and has a good balance sheet.

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Wells Fargo has gone nowhere. There has been poorly managed but they have a new CEO. However, he looks for companies with good organic revenue growth that are not in the penalty box that delivers on growth. He prefers JP Morgan. They keep growing earnings, raising dividends and has a good balance sheet.

TOP PICK
TOP PICK
February 5, 2020
They just released Q4 2019 earnings, which were $36 billion -- up 12%. Revenue was up 6%. They have transactions with half the US population. A real banking conglomerate. They are spending a lot on technology. A good defensive holding. Yield 2.63% (Analysts’ price target is $139.27)
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They just released Q4 2019 earnings, which were $36 billion -- up 12%. Revenue was up 6%. They have transactions with half the US population. A real banking conglomerate. They are spending a lot on technology. A good defensive holding. Yield 2.63% (Analysts’ price target is $139.27)
COMMENT
COMMENT
January 29, 2020

BAC vs. JPM Driving US banks is a strong economy and flat yield curve. Unlike last year, bank movement now will be on a valuation basis. JPM trades at a 50% premium to book value, and BAC at book value, but Citibank (which he owns) trades at 70% book value and is narrowing that gap. Citi is his choice.

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BAC vs. JPM Driving US banks is a strong economy and flat yield curve. Unlike last year, bank movement now will be on a valuation basis. JPM trades at a 50% premium to book value, and BAC at book value, but Citibank (which he owns) trades at 70% book value and is narrowing that gap. Citi is his choice.

BUY
BUY
January 14, 2020
Long owned this. A well-run company that does all the right things. Today's earnings were tremendous. He'll own this forever, and he bets the US economy will do well. This is a great compounder.
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Long owned this. A well-run company that does all the right things. Today's earnings were tremendous. He'll own this forever, and he bets the US economy will do well. This is a great compounder.
BUY
BUY
January 8, 2020

JPM vs. BAC Both are first-class banks. He owns JPM which trades at a much higher valuation than BAC. Both are tops in their business lines. For the next 5-10 years they'll be in a sweet spot of reducing costs with few regulatory issues to deal with. They'll use tech to drive their business, an advantage for larger banks who can afford that. They will do some small acquisitions. They should be trading at higher multiples. Cash flow allows them to raise dividends and buyback shares. Their payout ratios are much lower than those of Canadian banks.

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JPM vs. BAC Both are first-class banks. He owns JPM which trades at a much higher valuation than BAC. Both are tops in their business lines. For the next 5-10 years they'll be in a sweet spot of reducing costs with few regulatory issues to deal with. They'll use tech to drive their business, an advantage for larger banks who can afford that. They will do some small acquisitions. They should be trading at higher multiples. Cash flow allows them to raise dividends and buyback shares. Their payout ratios are much lower than those of Canadian banks.

HOLD
HOLD
December 5, 2019
He went all in on US banks when Trump was elected. After last year they traced back. He still has positions in two others but there is nothing wrong with this one.
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He went all in on US banks when Trump was elected. After last year they traced back. He still has positions in two others but there is nothing wrong with this one.
COMMENT
COMMENT
November 29, 2019
You want to minimize correlation risk so he would only hold one if you want a US bank. If you want more financials, you should diversify by region.
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You want to minimize correlation risk so he would only hold one if you want a US bank. If you want more financials, you should diversify by region.
DON'T BUY
DON'T BUY
November 27, 2019
When you compare the banks, JPM is twice as expensive as his top pick. JP Morgan is a leader and a bellwether. As an investor, you're concerned with the fundamentals and quality of the company, as well as the price. That creates the value equation, and it's not as strong for JPM.
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When you compare the banks, JPM is twice as expensive as his top pick. JP Morgan is a leader and a bellwether. As an investor, you're concerned with the fundamentals and quality of the company, as well as the price. That creates the value equation, and it's not as strong for JPM.
PAST TOP PICK
PAST TOP PICK
November 22, 2019
(A Top Pick Dec 13/18, Up 33%) A well-run company that he still owns. Of all the banks, it’s starting to look rich but it is a premier company that continues to grow earnings. You can continue to own and buy it. We should continue to see dividend growth and steeper earning growth. A solid long term holding.
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(A Top Pick Dec 13/18, Up 33%) A well-run company that he still owns. Of all the banks, it’s starting to look rich but it is a premier company that continues to grow earnings. You can continue to own and buy it. We should continue to see dividend growth and steeper earning growth. A solid long term holding.
HOLD
HOLD
November 20, 2019
The financial services group looks interesting and he is big into the space. Repricing of commissions will be challenging and it hampers SCHW's margins. If you think the yield curve steepens, this will help them. He would continue to hold, but there are others that he prefers like JPM.
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The financial services group looks interesting and he is big into the space. Repricing of commissions will be challenging and it hampers SCHW's margins. If you think the yield curve steepens, this will help them. He would continue to hold, but there are others that he prefers like JPM.
TOP PICK
TOP PICK
November 20, 2019
After the financial crisis in 2008, they skated through it all. Then they invested like crazy, putting $10 billion into technology. It trades at only 1.2 times book value. They are generating 13% return on capital with dividend growth and they have been buying their own shares. It has 2-3 years of a good run yet to go. Yield 2.77% (Analysts’ price target is $125.42)
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After the financial crisis in 2008, they skated through it all. Then they invested like crazy, putting $10 billion into technology. It trades at only 1.2 times book value. They are generating 13% return on capital with dividend growth and they have been buying their own shares. It has 2-3 years of a good run yet to go. Yield 2.77% (Analysts’ price target is $125.42)
TOP PICK
TOP PICK
November 7, 2019
Low rates are hurting a bit. Great company. Has all the pieces: commercial, personal, investment, asset management. Extremely well run. Dividend increases. US consumer is in a great space right now. Huge cash machine. Yield is 2.77%. (Analysts’ price target is $125.29)
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Low rates are hurting a bit. Great company. Has all the pieces: commercial, personal, investment, asset management. Extremely well run. Dividend increases. US consumer is in a great space right now. Huge cash machine. Yield is 2.77%. (Analysts’ price target is $125.29)
TOP PICK
TOP PICK
November 4, 2019
Sell put JPM Sell 130 put for cost of -$11.55. If JPM is > $130 by Sept. 2021, the puts expire worthless. If JPM is < $130 by Sept. 2021, then buy JPM at $130 with a -$11.55 premium.
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Sell put JPM Sell 130 put for cost of -$11.55. If JPM is > $130 by Sept. 2021, the puts expire worthless. If JPM is < $130 by Sept. 2021, then buy JPM at $130 with a -$11.55 premium.
HOLD
HOLD
October 17, 2019
It is probably the best run bank in the US. It is trading at a premium valuation. The sector is reasonably valued. But this is such a well managed company.
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It is probably the best run bank in the US. It is trading at a premium valuation. The sector is reasonably valued. But this is such a well managed company.
HOLD
HOLD
October 8, 2019
It's near its all-time high. He expects this to lead if the financials get going. He's holding on though it hasn't done much in the last 18 months.
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It's near its all-time high. He expects this to lead if the financials get going. He's holding on though it hasn't done much in the last 18 months.
BUY
BUY
October 7, 2019
North American banks have gone sideways, including JPM. JPM has been rangebound since early 2018. It tends to bounce off $110 and hits a ceiling of $120. That's one approach. Another approach is to see if it breaks-out above $120 and buy it then.
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North American banks have gone sideways, including JPM. JPM has been rangebound since early 2018. It tends to bounce off $110 and hits a ceiling of $120. That's one approach. Another approach is to see if it breaks-out above $120 and buy it then.
COMMENT
COMMENT
October 4, 2019
His favorite US bank. Go big or go home. The best managed and smartest commercial bank. There is room to raise the dividend, although it is in the late part of the cycle. He is not seeing significant loan losses. A solidly capitalized bank making the dividend safer today.
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His favorite US bank. Go big or go home. The best managed and smartest commercial bank. There is room to raise the dividend, although it is in the late part of the cycle. He is not seeing significant loan losses. A solidly capitalized bank making the dividend safer today.
PAST TOP PICK
PAST TOP PICK
October 2, 2019
(A Top Pick Oct 16/18, Up 7%) Still likes it. It's the premier US bank and he's owned it for a long time.
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(A Top Pick Oct 16/18, Up 7%) Still likes it. It's the premier US bank and he's owned it for a long time.
TOP PICK
TOP PICK
August 21, 2019
A partial covered call. Buy 200 shares at $107.25, sell 100 and get $4.55, net $105.08/share. And let the other 100 shares run and enjoy the upside. And you're paid a nice dividend similar to Canadian banks.
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A partial covered call. Buy 200 shares at $107.25, sell 100 and get $4.55, net $105.08/share. And let the other 100 shares run and enjoy the upside. And you're paid a nice dividend similar to Canadian banks.
TOP PICK
TOP PICK
August 20, 2019
Trades at 11x PE and yields almost 3%. One of the best-run banks in the world. (Analysts’ price target is $119.96)
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Trades at 11x PE and yields almost 3%. One of the best-run banks in the world. (Analysts’ price target is $119.96)
BUY
BUY
August 9, 2019

Canadian vs. American banks (BAC, JPM) The Canadians trade at a premium (in book and PE terms) vs. Americans, and the 12-month outlook is better for Americans. BAC is cheaper than JPM and more domestically focused. Also, Citibank is cheaper than both of these, trading below book value with better protection to the down side.

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Canadian vs. American banks (BAC, JPM) The Canadians trade at a premium (in book and PE terms) vs. Americans, and the 12-month outlook is better for Americans. BAC is cheaper than JPM and more domestically focused. Also, Citibank is cheaper than both of these, trading below book value with better protection to the down side.

PAST TOP PICK
PAST TOP PICK
August 6, 2019
(A Top Pick Sep 20/18, Down 5%) He still owns this. The best bank in the US with a 15% dividend growth. He would buy again here. Yield 3%
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(A Top Pick Sep 20/18, Down 5%) He still owns this. The best bank in the US with a 15% dividend growth. He would buy again here. Yield 3%
WAIT
WAIT
July 18, 2019

Great company, best of breed. Benefiting from diversified global business, healthy consumer, job creation. Increased dividend, share buybacks. Model 7% EPS growth. You can't go wrong with the near 3% dividend. More opportunity in other names, like CitiGroup trading at 8x earnings.

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Great company, best of breed. Benefiting from diversified global business, healthy consumer, job creation. Increased dividend, share buybacks. Model 7% EPS growth. You can't go wrong with the near 3% dividend. More opportunity in other names, like CitiGroup trading at 8x earnings.

TOP PICK
TOP PICK
July 10, 2019
It has not participated in this rebound. 11 times earnings and 3% yield. They are number 1 in retail deposits. They feel they can expand and grow their share by targeting high net worth individuals. (Analysts’ price target is $118.44)
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It has not participated in this rebound. 11 times earnings and 3% yield. They are number 1 in retail deposits. They feel they can expand and grow their share by targeting high net worth individuals. (Analysts’ price target is $118.44)
PAST TOP PICK
PAST TOP PICK
June 11, 2019
(A Top Pick Jun 08/18, Up 3%) The US banks have not rebounded as well as the Canadian ones. The US economy continues to grow and consumers are in an improving state. The stock trades at 11 times PE with a yield of 3%. She expects the dividend to continue to grow and expects them to buy back stock.
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(A Top Pick Jun 08/18, Up 3%) The US banks have not rebounded as well as the Canadian ones. The US economy continues to grow and consumers are in an improving state. The stock trades at 11 times PE with a yield of 3%. She expects the dividend to continue to grow and expects them to buy back stock.
PAST TOP PICK
PAST TOP PICK
June 4, 2019
(A Top Pick Jun 05/18, Up 4%) The banks have come under pressure lately, but he continues to recommend it.
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(A Top Pick Jun 05/18, Up 4%) The banks have come under pressure lately, but he continues to recommend it.
TOP PICK
TOP PICK
June 4, 2019
A high quality US bank. Economically things continue to look good in the US. They have worked had to improve the balance sheet. Capital is managed well and it appears to be a good defensive holding. Yield 2.9% (Analysts’ price target is $118.04)
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A high quality US bank. Economically things continue to look good in the US. They have worked had to improve the balance sheet. Capital is managed well and it appears to be a good defensive holding. Yield 2.9% (Analysts’ price target is $118.04)
COMMENT
COMMENT
May 27, 2019
Best of the US banks. Continue to take market share. Growth is harder to come by, as we're late in the credit cycle. Investment banking is improving. Loan book is doing well. Stock has run up. He prefers to hold TD bank, and that gives him US exposure.
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Best of the US banks. Continue to take market share. Growth is harder to come by, as we're late in the credit cycle. Investment banking is improving. Loan book is doing well. Stock has run up. He prefers to hold TD bank, and that gives him US exposure.
COMMENT
COMMENT
May 22, 2019
He likes the US banks in general. However, he has pared back on some of his US bank holdings. His concern is that interest rates are staying low. He might tend toward some of the Canadian insurance companies, because later stage in the economic cycle with the banks.
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He likes the US banks in general. However, he has pared back on some of his US bank holdings. His concern is that interest rates are staying low. He might tend toward some of the Canadian insurance companies, because later stage in the economic cycle with the banks.
PAST TOP PICK
PAST TOP PICK
May 17, 2019
(A Top Pick Jul 10/18, Up 7%) It has one of the best CEOs in the world. Cheap valuation. Good if you think the US economy will continue to grow. A great operation.
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(A Top Pick Jul 10/18, Up 7%) It has one of the best CEOs in the world. Cheap valuation. Good if you think the US economy will continue to grow. A great operation.
BUY
BUY
May 13, 2019
Very well run, decent dividend, trades at fair valuations. May or may not get back down to $100, but doesn't think it likely. His time frame to own is 5-10 years. Well diversified international bank.
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Very well run, decent dividend, trades at fair valuations. May or may not get back down to $100, but doesn't think it likely. His time frame to own is 5-10 years. Well diversified international bank.
WAIT
WAIT
April 25, 2019
Regulatory environment for US banks has been difficult. Doing a lot with blockchain, one of the leaders in trying to get it into bank strategies. Interest margins are going to be tough with the flat curve, so he's taken money out of US banks. Can't find a higher quality name than this. Best CEO in the game. Just doesn't like it at these levels.
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Regulatory environment for US banks has been difficult. Doing a lot with blockchain, one of the leaders in trying to get it into bank strategies. Interest margins are going to be tough with the flat curve, so he's taken money out of US banks. Can't find a higher quality name than this. Best CEO in the game. Just doesn't like it at these levels.
BUY
BUY
April 24, 2019
One of the three US banks he owns. Financials have lagged in this rally of the last three months. Latest earnings are very positive.
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One of the three US banks he owns. Financials have lagged in this rally of the last three months. Latest earnings are very positive.
PAST TOP PICK
PAST TOP PICK
April 15, 2019
(A Top Pick Oct 16/18, Up 3%) Got hammered in December but has recovered well. It's the best American bank. Its peers have disappointed him. Can't go wrong with it.
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(A Top Pick Oct 16/18, Up 3%) Got hammered in December but has recovered well. It's the best American bank. Its peers have disappointed him. Can't go wrong with it.
BUY
BUY
March 26, 2019
The cream of the crop, with fine products and managers. They rose their dividend which has room to grown. Loves JPM. PB and PE are cheap. It's his favourite US bank.
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The cream of the crop, with fine products and managers. They rose their dividend which has room to grown. Loves JPM. PB and PE are cheap. It's his favourite US bank.