Monday, 25 September, 2017

JPMorgan Chase profits up

Jamie Dimon chief executive officer of JPMorgan Chase & Co TE Connectivity Ltd (TEL) Analysts See $1.16 EPS, Jarislowsky Fraser LTD Has Lifted Jpmorgan Chase & Co. (JPM
Spencer Simpson | 16 July, 2017, 00:42

The biggest institutional shareholders in J P Morgan Chase & Co include Vanguard Group Inc which owns 246 million shares in the company valued at $21.62 B million.

On a call with media, Chief Executive James Dimon reiterated several times the importance of changing US policy, such as infrastructure reform, regulatory reform, corporate tax reform and education reform.

The CEO of JPMorgan Chase slammed Washington D.C. politicians for the gridlock and "stupid sh**" that is going on in the nation and impacting the US economy.

American businesses are strong enough to continue to grow without progress in Washington, said Mr Dimon, who has taken U.S. politicians to task before. "We have become one of the most bureaucratic, confusing, litigious societies on the planet", he said.

"It's nearly an embarrassment being an American traveling around the world and listening to the stupid shit Americans have to deal with in this country", Dimon told journalists after the bank released its latest quarterly results on Friday. The company had revenue of $25.50 billion during the quarter, compared to analyst estimates of $24.38 billion. Lejeune Puetz Investment Counsel LLC divested its investment by selling 1,200 shares a decrease of 3.1% from 03/31/2017 to 06/30/2017.

Republicans have proposed cutting corporate income taxes, which would directly benefit JPMorgan's bottom line, and infrastructure spending would add to US gross domestic product. Although firmwide expense added up to $61 million, the settlement benefit helped boost earnings per share by 11 cents. Finally, Deutsche Bank AG reiterated a "buy" rating on shares of J P Morgan Chase & Co in a research report on Monday, July 3rd. Analysts polled by Thomson Reuters had expected earnings of $1.58 a share.

Overall profit at the corporate and investment bank was $2.71 billion, an 8.7% increase from $2.49 billion in the same period previous year. JPMorgan's Consumer and Business Banking revenue jumped 13% year over year to $5.2 billion, while its Mortgage Banking net revenue tumbled 26% to $1.4 billion. Total markets revenues of $4.8bn were down 14%, the bank said. The decline was due to reduced flows driven by sustained low volatility and tighter credit spreads. He blamed bad policy for "holding back and hurting the average American" and financial journalists for concentrating on the bank's trading results when they should be focusing on policy. Ms. Lake said it is too early to comment on July trading.

Trading revenue was a dark spot for JPMorgan as volatility hit multi-year lows.

General American Investors Company Inc, which manages about $989.26M US Long portfolio, upped its stake in Universal Display Corporation (NASDAQ:OLED) by 45,100 shares to 283,309 shares, valued at $15.95 million in 2016Q4, according to the filing. State Street upped its stake in J P Morgan Chase & Co by 7.5% in the Q4. Fisher Asset Management Limited holds 13.95 million shares or 2.1% of its portfolio. Both were record profits for those businesses.

In his view, the biggest USA bank has been growing since the financial crisis in spite of "stupidity" in Washington, but it would be doing even better if policymakers were more committed to making "intelligent" decisions. Profits fell to $2.22 billion in the quarter, down from $2.66 billion a year ago. On average, equities research analysts forecast that J P Morgan Chase & Co will post $6.62 earnings per share for the current year.

Yet Friday's deluge of results, the unofficial start of the second-quarter corporate earnings period, drew a lacklustre reaction from Wall Street, with shares of all three banks falling after the reports. The company has market cap of $1.73 billion. That compares with $1.4 billion in the second quarter of 2016 and $1.32 billion in the first quarter of 2017. Firm LT growth rate is estimated as 1.84 %.

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