Recently, Zacks.com users have been paying close attention to JPMorgan Chase & Co. (JPM). This makes it worthwhile to examine what the stock has in store.
'Mad Money' host Jim Cramer looks at the recent slate of bank earnings kicking off earnings season.
JPMorgan Chase & Co. JPM reported better-than-expected third-quarter FY24 earnings on Friday.
JPMorgan Chase & Co., the world's largest bank by market cap, boasts a $600 billion valuation and is on track for a $1 trillion valuation. The bank reported 3Q net income exceeding $50 billion annually and maintains a strong CET1 capital ratio of 15.3%. Shareholder returns are robust, with $3.6 billion in dividends and significant share repurchases, contributing to a 6% annual return.
JPMorgan Chase & Company NYSE: JPM stock can hit new highs in 2024 because the fear induced by September's guidance warnings was misplaced, the Q3 results were better than expected, cash flow and capital returns remain solid, and the trend in analysts' sentiment is leading to a new all-time high. The takeaway is that September's sell-off was a buying opportunity that is still in play, and this stock has a double-digit upside potential likely reached before the year's end.
Earnings season is here — as always, led by the banks, and the banks led the CE 100 Index 1.7% higher through the past week. As a group, the banks were up 4.4%, and only two pillars, including the “Live” and “Have Fun” segments, showed slight losses.
America's biggest banks say consumers are still spending in spite of inflation. As Reuters reported Friday (Oct. 11), earnings from two of the country's biggest banks — and optimistic commentary from their executives — could make investors less worried that high borrowing costs were pressuring consumers and leading to a possible downturn.
People are not springing for new loans as interest rates remain elevated.
As 2024 draws to a close, and as evidenced by management remarks and data in the latest earnings results from JPMorgan Chase, posted on Friday (Oct. 11), consumer spending, in the words of CFO Jeremy Barnum, is seeing a period of “normalization” as consumers are on “solid footing.” Spending growth is still growth.
JPMorgan Chase (JPM) Chief Executive Officer (CEO) Jamie Dimon expressed concern about the geopolitical state of the world on Friday, saying in a press release announcing the bank's third-quarter earnings that "recent events show that conditions are treacherous and getting worse."
JPMorgan Chase & Co. (JPM) Q3 2024 Earnings Call Transcript
JPMorgan Chase CEO Jamie Dimon believes stock prices are “inflated” and seems very worried about the future, so he's in no hurry to spend all the excess cash the bank is holding.