JPMorgan Chase & Co.
) reached a new 52-week high, touching $54.96 in the first hour
of the trading session on May 22, 2013. The closing price of this
major global bank reflected a solid year-to-date return of 20.8%.
The trading volume for the session was 46.71 million shares,
significantly higher than the average 24.60 million shares over
the last 3 months.
Despite the strong price appreciation, this Zacks Rank #2 (Buy)
stock has plenty of upside left, given its strong estimate
revisions over the last 60 days and expected year-over-year
earnings growth of 9.19% for 2013.
A rise in the quarterly cash dividend, impressive first-quarter
2013 results - including an earnings surprise of 15.2% and the
underlying strength in its business segments - as well as a
strong capital position were the primary growth drivers for
On May 21, JPMorgan announced a 26.7% hike in its quarterly
dividend to 38 cents per share. The dividend will be paid on Jul
31 to shareholders of record as of Jul 5. This pegged the
company's quarterly dividend at its highest level.
On Apr 12, the company reported record earnings per share of
$1.59, surpassing the Zacks Consensus Estimate of $1.37 and the
year-ago figure of $1.19. This marked the fifth straight quarter
with a positive earnings surprise for JPMorgan. Results were
mainly attributable to reduced non-interest expenses and
provision for credit losses, partly offset by a fall in net
Estimate Revisions Show Strength
Over the last 60 days, 17 out of 21 estimates for 2013 have been
revised upward, lifting the Zacks Consensus Estimate by 4.6% to
$5.68 per share. For 2014, 13 out of 20 estimates moved higher
over the same time frame, helping the Zacks Consensus Estimate
advance 3.1% to $5.97 per share.
Other well performing banks include
Fifth Third Bancorp
The Goldman Sachs Group, Inc.
), all of which carry the same Zacks Rank as JPMorgan.
FIFTH THIRD BK (FITB): Free Stock Analysis
GOLDMAN SACHS (GS): Free Stock Analysis
JPMORGAN CHASE (JPM): Free Stock Analysis
ZIONS BANCORP (ZION): Free Stock Analysis
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