Highland Capital Management LLC Decreased Stake in Jp Morgan Chase & Co (NYSE:JPM) by $3.94 Million as Shares Declined


Highland Capital Management Llc decreased its stake in Jp Morgan Chase & Co (NYSE:JPM) by 15.31% based on its latest 2016Q2 regulatory filing with the SEC. Highland Capital Management Llc sold 66,750 shares as the company’s stock declined 6.92% while stock markets rallied. The institutional investor held 369,376 shares of the major banks company at the end of 2016Q2, valued at $21.87M, down from 436,126 at the end of the previous reported quarter. Highland Capital Management Llc who had been investing in Jp Morgan Chase & Co for a number of months, seems to be less bullish one the $240.40B market cap company. The stock is down 1.39% or $0.93 after the negative news, hitting $66.15 per share. About 8.38 million shares traded hands. JPMorgan Chase & Co. (NYSE:JPM) has risen 18.61% since February 8, 2016 and is uptrending. It has outperformed by 2.12% the S&P500.

Highland Capital Management Llc, which manages about $1.26B and $1.17 billion US Long portfolio, upped its stake in Hollyfrontier Corp (NYSE:HFC) by 113,752 shares to 215,202 shares, valued at $7.60 million in 2016Q2, according to the filing. It also increased its holding in Wells Fargo Company (NYSE:WFC) by 170,499 shares in the quarter, for a total of 177,069 shares, and has risen its stake in Procter & Gamble Company (NYSE:PG).

Highland Capital Management Llc is a Tennessee-based institutional investor with more than $1.26 billion AUM in December, 2014. This fund invests only a small percentage of its assets in equities and options. Taken from Highland Capital Management latest Adv, the fund reported to have 11 full and part-time employees. Among which 6 performing investment advisory and research functions. The institutional investor had more than 600 clients.

The institutional sentiment decreased to 0.98 in 2016 Q2. Its down 0.16, from 1.14 in 2016Q1. The ratio dropped, as 84 funds sold all JPM shares owned while 683 reduced positions. 100 funds bought stakes while 650 increased positions. They now own 2.60 billion shares or 1.74% less from 2.64 billion shares in 2016Q1.

Greenhaven Associates Inc holds 9.89% of its portfolio in JPM for 8.18 million shares. Brave Warrior Advisors Llc owns 2.82 million shares or 9.79% of their US portfolio. Moreover, Cabot has 9.06% invested in the company for 157,630 shares. The Missouri-based Alpine Investment Management Llc has invested 8.49% in the stock. Matthew 25 Management Corp, a Pennsylvania-based fund reported 440,000 shares.

Out of 15 analysts covering JPMorgan Chase & Co (NYSE:JPM), 8 rate it a “Buy”, 2 “Sell”, while 5 “Hold”. This means 53% are positive. $78 is the highest target while $52 is the lowest. The $68.75 average target is 3.93% above today’s ($66.15) stock price. JPMorgan Chase & Co has been the topic of 33 analyst reports since September 16, 2015 according to StockzIntelligence Inc. Macquarie Research downgraded the stock on September 9 to “Neutral” rating. Goldman Sachs maintained it with “Neutral” rating and $69 target price in an April 14 report. Bernstein downgraded the shares of JPM in a report on August 16 to “Market Perform” rating. BMO Capital Markets maintained the firm’s rating on April 14. BMO Capital Markets has “Outperform” rating and $77 price target. Lastly, Ertse Group downgraded the stock to “Hold” rating in an April 25 report.

JPMorgan Chase & Co. is a financial holding company. The company has a market cap of $240.40 billion. The Firm is engaged in investment banking, financial services. It has a 11.21 P/E ratio. It operates in four divisions, as well as a Corporate segment.

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