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JPMorgan Chase (NYSE:JPM) hit an all-time high of $225.48 on Friday, August 30, extending gains for the eighth consecutive session as Wall Street’s benchmark S&P 500 hovers near an all-time trading high.
The stock closed 1.17% higher from its previous close at $224.81, adding 3.54% over the last seven trading sessions.
The largest U.S. bank by assets, JPM is ~32% up year-to-date, and is trading 19% above its 200-day simple moving average.
“We believe JPMorgan is a solid company for fixed-income investors due to its strong and stable business fundamentals, financial stability and high relative return to crediting rating of fixed-income securities compared to peers,” said Seeking Alpha analyst Khaveen Investments.
The commercial banking consumer and community banking segment’s growth is driven by interest income from loan growth which the author believes stands to benefit from forecasted global loan growth of 6% in 2024.
Also, the asset and wealth management segment is expected to be supported by significant increases in global AUMs, forecasted to grow at a CAGR of 7.3%.
“Finally, we believe the firm’s higher relative coupon rates to credit rating to competitors indicate the attractiveness of its top fixed-income securities,” said Khaveen Investments.
SA contributors and the sell-side analysts grade the stock as Buy.
JPM turned in Q2 earnings that trailed the Wall Street consensus, as the company bolstered the amount of money it sets aside for potential credit losses. Investment banking fees rebounded, and market revenue improved.
The earnings and revenue, however, increased from last year, and the company affirmed its full-year net interest income guidance and the outlook for adjusted expense.
SA’s Quant Rating system gives the stock a Hold rating, with a score of 3.48 on a scale of 5. Quant grades the stock as C- for Valuation, B for Growth, F for Profitability and B+ for Momentum and Revisions.
