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Jpmorgan Chase & Co Bloomsburg Investment Group Equity Analysis: J.P. Morgan Chase (JPM) Analyst: Caleb Putnam, Class of 2022 Kevin Benkovic, Class of 2020 Jon Bibby, Class of 2023 Jacob Bodenschatz, Class 2023 Aaron Best, Class of 2023 Bloomsburg Investment Group Opinion: We as the Financial Sector believe the JPMorgan Chase should be Partially liquidated from the portfolio for the following reasons. With slowing global economy and slowing U.S. economy with recession looming, the group believes it is time to capitalize on the earnings that JPM has accumulated in our portfolio before the markets have a volatile down turn. If JPMorgan has a volatile downturn, the weight and risk it carries in our portfolio can pull value of the portfolio down. Despite all the economic uncertainty, JPM has performed much better than its competitors and maintains good levels of profitability despite industry headwinds. The leadership of JPM gives the group confidence in the long-term future of the Bank as a whole. JPMorgan still remains the best bank for our portfolio Corporate Summary: Corporate Details: Name JPMorgan Chase & Co JPMorgan Chase & Co. operates as a financial services company worldwide. It operates through Consumer & Community Banking, Corporate & Investment Bank, Commercial Ticker JPM Banking, and Asset & Wealth Management segments. The Consumer & Community Domicile United States Banking segment offers deposit and investment products and services to consumers; lending, deposit, and cash management and payment solutions to small businesses; Sector Financial Services residential mortgages and home equity loans; and credit cards, payment services, payment processing services, auto loans and leases, and student loans. The Corporate & Investment Industry IG000DA340 Bank segment provides investment banking products and services, including advising on Exchange NEW YORK STOCK EXCHANGE, INC. corporate strategy and structure, and capital-raising in equity and debt markets, as well as loan origination and syndication; treasury services, such as cash management and liquidity Last Close 127.80 solutions; and cash securities and derivative instruments, risk management solutions, prime brokerage, and research services. It also offers securities services, including custody, Price 52 Wk High 127.99 fund accounting and administration, and securities lending products for asset managers, Price 52 Wk Low 91.11 insurance companies, and public and private investment funds. The Commercial Banking segment offers financial solutions, including lending, treasury, investment banking, and Latest Dividend 0.90 asset management to corporations, municipalities, financial institutions, and nonprofit entities, as well as financing to real estate investors and owners. The Asset & Wealth Dividend Yield % TTM 2.58 Management segment provides investment and wealth management services across Beta 5 Yr (Mo­End) 1.21 various asset classes, such as equities, fixed income, alternatives, and money market funds; multi asset investment management services; retirement services; and brokerage and Avg Daily Volume (3 Mo) 11,520,754.95 banking services comprising trusts, estates, loans, mortgages, and deposits. JPMorgan Chase & Co. was founded in 1799 and is headquartered in New York, New York Shares Outstanding (mil) 3,136.50 Number of Analysts 7 11/3/2019 JPMorgan Chase & Co US Dollar Page 1 of 10 Source: Morningstar Direct JPMorgan Chase & Co JPM Corporate Governance: Board of Directors Linda B. Bammann (age: 63) James A. Bell (age: 71) Stephen B. Burke (age: 61) Todd A. Combs (age: 48) James S. Crown (age: 66) James Dimon (age: 63) Timothy P. Flynn (age: 63) Mellody Hobson (age: 50) Laban P. Jackson, Jr. (age: 76) Michael A. Neal (age: 66) Lee R. Raymond (age: 81) William C. Weldon (age: 70) Corporate Governance: Top Management James Dimon: Chairman and Chief Executive Officer- 63 years old Ashley Bacon: Chief Risk Officer- 49 years old Lori A. Beer: Chief Information Officer- 51 years old Mary Callahan Erdoes: Asset & Wealth Management CEO- 52 years old Stacey Friedman: General Counsel- 50 years old Marianne Lake: Consumer Lending CEO- 49 years old Robin Leopold: Head of Human Resources- 54 years old Douglas B. Petno: Commercial Banking CEO- 53 years old 11/3/2019 JPMorgan Chase & Co US Dollar Page 2 of 10 Source: Morningstar Direct JPMorgan Chase & Co JPM Corporate Governance: Top Shareholders & Insider Transactions Top Institutional Shareholders Vanguard Group Inc 252,550,479 7.9% Black Rock Inc 216,451,270 6.7% State Street Corp 149,533,773 4.68% Capital Group Companies Inc 128,274,515 4.01% FMR LLC 61,707,459 1.93% Insider Transactions Gordon Smith -83,289 10/16/2019 Eduardo Pinto -53,000 10/17/2019 Mellody Hobson 16,000 10/23/2019 Lori Beer -13,341 7/17/2019 Mellody Hobson 18,200 08/08/2019 Top Individual Shareholders 1 Jamie Dimon 7,867,414 2. James Crown 576,125 3) Pinto Daniel Eduardo 530,891 4) Gordon Smith 450,248 5) Mary Callahan Erdoes 448,459 11/3/2019 JPMorgan Chase & Co US Dollar Page 3 of 10 Source: Morningstar Direct JPMorgan Chase & Co JPM Financial Summary, Year End 2016 (in millions) Financial Highlights Market Capitaliza�on 400,844.70 Quarter 3 Financial Highlights Total Revenue 109,029.00 30.1 Billion in Revenue and 9.1 Billion on Net income Gross Profit with an EPS of $2.68 Opera�ng Income 35,900.00 Balance Sheet: Net Income Cont Ops 32,474.00 Average loan growth flat YOY Net Income 32,474.00 Average deposits up 5% YOY Tier 1 capital ra�o 14.1% Current Assets Consumer and Community Banking Cash Average Loans down 4% YOY Total Assets 2,622,532.00 Average deposits up 3% YOY Current Liabili�es Ac�ve mobile customers up 12% YOY Long­term Liabili�es Credit card sales up 12% YOY Total Liabili�es Merchant Processing Volume 12% YOY Total Equity 256,515.00 Corporate and Investment Banking Opera�ng Cash Flow 14,187.00 Investment Banking up 8% YOY due to higher fees Inves�ng Cash Flow ­197,993.00 Fixed Income Market up 25% YOY Financing Cash Flow 34,158.00 Equity market Revenue down 5% YOY Change In Cash ­149,648.00 Commercial Banking Net interest income down 5% YOY while total revenue EBITDA 34,551.00 was down 3% YOY Enterprise Value Asset And Wealth Management Capital Expenditure Revenue flat YOY P/E Ra�o Forward 11.99 Net income down 8% YOY PEG Ra�o 1.82 Dividend Yield % TTM 2.58 Investment Growth Time Period: 11/1/2016 to 10/31/2019 100.0% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% -10.0% 1/2017 4/2017 7/2017 10/2017 1/2018 4/2018 7/2018 10/2018 1/2019 4/2019 7/2019 10/2019 JPMorgan Chase & Co 94.5% S&P 500 TR USD 51.7% 11/3/2019 JPMorgan Chase & Co US Dollar Page 4 of 10 Source: Morningstar Direct JPMorgan Chase & Co JPM JPM Removes Mobile Banking App "Finn" Insiders Quietly Buying JPMorgan Chase & Co. JPM is already the leading bank for millennials so The executives within JPM are putting their money where their mouth is. Filings with the SEC revealed that the director, Mellody they realized that they did not need an extra service Hobson, has bought 18,200 shares valued at $2.0 million. Also, over to lure them in. Even though this product was the past year, other company insiders have purchased more than pushed towards the digitally inclined, it still caused 3.4 million shares combined. As well, JPMorgan announced plans to a lot of confusion for the clients. JPM elected to return $40.0 billion to shareholders over the next year, making this the largest investor payout by any U.S. bank over any one-year move services offered from “Finn” back to the period. And despite the overall pessimism, JPMorgan has been able primary Chase Mobile Banking App. to show a profit of $9.7 billion, a 16.1% year-over-year increase, in the second quarter. JPMorgan invests $25 million in fintech start-ups JPM acquisition of Instamed These start-ups are to aid low-income Americans become JPM spent over $500 million to buy the medical payments more financially healthy. The bank redesigned brick and technology firm InstaMed. This is the largest investment mortar locations to have several meeting rooms that can be since buying Bear Stearns in 2008. This is their way of reserved for free by people and businesses in the keeping up with the fast changing world of payments. This community for financial assistance. This addition is to match decision was made because of the size of the healthcare the idea that new customers value the quality of market. The US health spending for 2017 was at 3.5 trillion environment and service. The industry has already seen but that is expected to go up to $6 trillion by 2027. other financial sector companies instill the same ideas, such Instamed is now a subsidiary of JPM Chase as capital one cafes. 11/3/2019 JPMorgan Chase & Co US Dollar Page 5 of 10 Source: Morningstar Direct JPMorgan Chase & Co JPM Industry Environment: The Lending institutions are very important in determining the overall health of the economy. Lending institutions in this sector provide loans to consumers and businesses that are vital to stimulating the economy. In this sector JPMorgan Operates as one of the leading lending institutions in the United States. Recently, the industry has seen many headwinds with slowing global economic growth and trade uncertainty. The interest rate environment has cut into interest margins for these lending institutions. Continuing worries over the yield curve and trade can cause a deep decrease in the demand for loans. The financial sector has outperformed the S&P 500 2% YTD.
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