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New York-based JPMorgan Chase & Co. (JPM) is a leading global financial services firm with $4.1 trillion in assets and $337 billion in stockholders’ equity as of March 31, 2024. Valued at $580.82 billion by market cap, the firm provides investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management services. The banking giant is expected to announce its fiscal second-quarter earnings for 2024 before the market opens on Friday, July 12.
Ahead of the event, analysts expect JPM to report a profit of $4.19 per share on a diluted basis, down 4.1% from $4.37 per share in the year-ago quarter. The company has consistently surpassed Wall Street’s EPS estimates in its last four quarterly reports. In the previous quarter, the bank warned of an “uncertain” year ahead amid geopolitical tensions and persistent inflationary pressures.
For fiscal 2024, analysts expect JPM to report EPS of $16.44, down 2.1% from $16.80 in fiscal 2023.
JPM stock has outperformed the S&P 500’s ($SPX) 14.5% gains on a YTD basis, with shares up 18.9% during this period. Similarly, it outshined the S&P 500 Financials Sector SPDR’s (XLF) 10.2% gains over the same time frame.
On May 20, JPM shares fell more than 4% after CEO Jamie Dimon said that the bank would not repurchase much stock at “these prices.”
On Apr. 12, JPM shares closed down more than 6% after the company reported its Q1 results. The bank’s reported revenue and EPS of $41.93 billion and $4.44, surpassing the consensus estimates of $38.50 billion and $3.82, respectively. JPM’s managed net interest income of $23.20 billion came below the consensus estimates of $23.22 billion. JPM forecasted a full-year net interest income of $90 billion, below Wall Street estimates of $90.72 billion.
Analysts’ consensus opinion on JPMorgan stock is bullish, with a “Strong Buy” rating overall. Out of 24 analysts covering the stock, 17 advise a “Strong Buy” rating, one has a “Moderate Buy” rating, and six suggest a “Hold.” The average analyst price target for JPM is $205.25, indicating a marginal potential upside from the current levels.
On the date of publication, Dipanjan Banchur 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.
