JPM - JPMorgan Chase & Co.

NYSE - NYSE Delayed Price. Currency in USD
113.54
-1.13 (-0.99%)
At close: 4:00PM EDT
Stock chart is not supported by your current browser
Previous Close114.67
Open114.89
Bid113.30 x 800
Ask113.37 x 1800
Day's Range113.40 - 115.12
52 Week Range91.11 - 119.24
Volume9,637,289
Avg. Volume11,050,622
Market Cap363.044B
Beta (3Y Monthly)1.15
PE Ratio (TTM)11.61
EPS (TTM)9.78
Earnings DateOct 15, 2019
Forward Dividend & Yield3.60 (3.14%)
Ex-Dividend Date2019-10-03
1y Target Est119.88
Trade prices are not sourced from all markets
  • Bloomberg6 hours ago

    China Opens Up Financial Sector to More Foreign Investment

    (Bloomberg) -- China opened up its financial sector to more foreign investment as the government said it will take targeted measures to cope with rising risks and challenges facing the industry. Foreign investors can take a stake or control entities including wealth management units of commercial lenders, pension fund managers and currency brokers, the central bank said in a statement on Saturday. The measures were unveiled after a high-level meeting on Friday chaired by Vice Premier Liu He, where policy makers discussed targeted steps to counter rising risks and challenges facing the $44 trillion industry.China, often criticized by U.S. President Donald Trump as a one-sided beneficiary of global commerce, is pressing on with its pledge to welcome more overseas competition in the financial sector. The sheer size of the industry makes it attractive as winning even single-digit market shares would offer sizable profits, but global firms need to navigate an often opaque regulatory environment and take on state-controlled rivals that drive much of China’s economic activity.Other measures announced on Saturday are:Overseas credit ratings companies can rate all bonds listed on the exchange and inter-bank market, and foreign institutions can be lead underwriters in the inter-bank bond marketChina will scrap foreign ownership limits of securities firms, fund firms, life insurers and futures firms in 2020 instead of 2021Foreign insurers can hold more than 25% stake in Chinese insurance asset management companiesChina is removing the entry restriction of 30 years of operating experience for foreign insurance companiesChina will take further steps to make it easier for foreign institutional investors to invest in the inter-bank bond marketForeigners currently hold just 1.6% of the nation’s banking assets and 5.8% of the insurance market, according to Guo Shuqing, China’s chief banking regulator. Authorities have so far approved plans by UBS Group AG, Nomura Holdings Inc. and JPMorgan Chase & Co. to take majority stakes in local securities ventures. JPMorgan said last year it plans to raise its holding to 100% when rules allow.China released figures this week showing growth in the world’s second-largest economy slowed to 6.2% in the second quarter, the weakest pace since at least 1992 when the country began collecting the data.The government will carry out a combination of short-and long-term steps that will take into account both micro and macro factors to boost demand and create new growth drivers, the State Council said in a statement on Saturday. “Complicated” international and domestic issues are posing more challenges currently and for the near future, according to the statement. Chinese trade negotiators have yet to meet with their U.S. counterparts since President Donald Trump and President Xi Jinping agreed to a tentative truce late last month in Japan. Liu, who is leading trade talks for China, spoke with U.S. Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer over the phone this week, but slow progress has raised concerns on how the trade tensions will play out.Policy makers will continue to implement prudent monetary policy while adopting counter-cyclical adjustments in a timely and appropriate manner to ensure reasonable and ample liquidity, according to the State Council statement. The government will also work to resolve liquidity risks of small and medium-sized financial institutions and block contagion and expansion of risks, according to the statement.To contact Bloomberg News staff for this story: Miao Han in Beijing at mhan22@bloomberg.net;Jun Luo in Shanghai at jluo6@bloomberg.net;Yinan Zhao in Beijing at yzhao300@bloomberg.net;Lucille Liu in Beijing at xliu621@bloomberg.net;Yan Zhang in Beijing at yzhang1044@bloomberg.netTo contact the editors responsible for this story: Shamim Adam at sadam2@bloomberg.net, Malcolm ScottFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Financial Times12 hours ago

    JPMorgan leadership changes fuel talk about top job

    It is arguably the biggest job on Wall Street and every few months the subject emerges — who will succeed JPMorgan Chase’s Jamie Dimon to run the largest and one of the most powerful banks on the planet. In his 14th year as chief executive, Mr Dimon has outlasted all big-bank chiefs that had to steer their businesses through the crisis.

  • Oil Jumps as Tanker Seizures Escalate Persian Gulf Tensions
    Bloomberg18 hours ago

    Oil Jumps as Tanker Seizures Escalate Persian Gulf Tensions

    (Bloomberg) -- Oil jumped in after-market trading following the Iranian Revolutionary Guard Corp seizing a British oil tanker and a Liberian-flagged ship in the Strait of Hormuz, raising stakes in the critical oil chokepoint.Brent futures rose as much as 1.4% from its settlement, while WTI futures also edged higher after the seizure of the tankers. U.K. Foreign Secretary Jeremy Hunt said Friday that he is “extremely concerned by the seizure of two naval vessels by Iranian authorities in the Strait of Hormuz.” “With all the noise about potential negotiations with Iran, the reality is that geopolitical risk is enormously high in the heart of the oil producing gulf and key transport corridor,” said Joe McGonigle, an energy policy analyst for Hedgeye Risk Management and a former senior official at the U.S. Energy Department. “Iran’s only response to maximum pressure by the U.S. is maximum chaos in the region that tries to win concessions from the U.S. Iran’s seizure of the British tanker is just one example and we think the market should get prepared for more risk ahead.”Despite the escalating conflict in the Middle East, New York futures ended the week 7.6% lower, the biggest weekly loss in nearly two months, amid fears about waning demand. The U.S.-China trade war and expanding American fuel stockpiles have also weighed on prices.“The biggest factor driving oil prices today is the Iran-U.S. tension story,” said Phil Flynn, senior market analyst at Price Futures Group Inc. “The rallies appear to show the conflict in Strait of Hormuz might be more serious and that stakes are raised going into this weekend.”West Texas Intermediate for August delivery traded at $55.76 a barrel at 4:46 p.m. after settling at $55.63 a barrel on the New York Mercantile Exchange.Brent for September settlement traded as high as $63.37 a barrel before trading at $62.87 a barrel. The benchmark closed at $62.47 on the ICE Futures Europe Exchange. See also: U.S. Demands Iran Release Foreign Ship, Crew Seized This WeekAfter the U.K. tanker Stena Impero was escorted into Iranian waters, a second vessel in the area, the Liberian-flagged Mesdar, appeared to turn toward the Iranian coast, according to ship-tracking data. The second tanker has left Iranian waters, according to Fars News. In Washington, U.S. President Donald Trump said he will be “working with the U.K.” on the incident and suggested the latest developments justify his harsher approach toward Tehran. “This only goes to show what I’m saying about Iran: trouble, nothing but trouble.”A spokesman for Iran’s Guardian Council suggested the move against at least one of the ships was in retaliation for the British seizure of a tanker carrying Iranian crude earlier this month.“This is the second time in just over a week the U.K. has been the target of escalatory violence by the Iranian regime,” Garrett Marquis, spokesman for National Security Council at the White House, said in an email. “The U.S. will continue to work with our allies and partners to defend our security and interests against Iran’s malign behavior.”\--With assistance from Sharon Cho, Alex Longley, Kasia Klimasinska, Alex Nussbaum and Stephen Cunningham.To contact the reporter on this story: Harkiran Dhillon in New York at kdhillon18@bloomberg.netTo contact the editors responsible for this story: David Marino at dmarino4@bloomberg.net, ;Simon Casey at scasey4@bloomberg.net, Jessica Summers, Carlos CaminadaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Barrons.com22 hours ago

    A Fund for Long-Term Dividend Growth

    Tom Huber has steered the fund through a lot of different markets with consistent results over the past two decades. A year after the first cut, the payers in the S&P 500 were ahead of the nonpayers by 5%, they noted.

  • Why JPMorgan Chase (JPM) is a Great Dividend Stock Right Now
    Zacksyesterday

    Why JPMorgan Chase (JPM) is a Great Dividend Stock Right Now

    Dividends are one of the best benefits to being a shareholder, but finding a great dividend stock is no easy task. Does JPMorgan Chase (JPM) have what it takes? Let's find out.

  • Dow 30 Stock Roundup: MSFT, JPM, IBM, JNJ, GS Earnings Impress
    Zacksyesterday

    Dow 30 Stock Roundup: MSFT, JPM, IBM, JNJ, GS Earnings Impress

    The Dow endured a volatile week, primarily due to renewed trade tensions, after gaining strongly earlier this month

  • Financial ETFs Caught Between Solid Earnings & Falling Yields
    Zacksyesterday

    Financial ETFs Caught Between Solid Earnings & Falling Yields

    Though Q2 banking earnings are upbeat so far, a slump in long-term bond yields kept financial ETFs in check.

  • Investors Can Clean Up On The Dividend With Dow Stock
    InvestorPlaceyesterday

    Investors Can Clean Up On The Dividend With Dow Stock

    Dow Inc. (NYSE:DOW) has begun to recover in recent weeks. DOW stock spiked higher after its separation from DowDuPont in March. However, it started to decline in April after a JPMorgan Chase (NYSE:JPM) analyst rated it an underweight. It would go on to lose almost 23% of its value over the next two months.Source: Shutterstock That decline bottomed on May 31. Although DOW and its industry face deep uncertainty, valuation and cash flows provide a reason to take a chance on Dow stock.The situation is that DOW has become cheap due to trade wars and a murky outlook.InvestorPlace - Stock Market News, Stock Advice & Trading Tips Topping Rival Chemicals ValuationsBack in April, I held a bearish take on DOW stock. Its price-to-earnings (PE) ratio started low as it spun off from the former DowDuPont. Despite the low valuation, l believed it would fall since it still traded at a higher multiple than peers such as LyondellBasell Industries (NYSE:LYB) and Westlake Chemical (NYSE:WLK). * 10 Stocks to Sell for an Economic Slowdown Since that time, DOW stock has fallen from the $55 per share range, dropping to as low as $46.75 a piece in late May. However, from that point, the price decline has stopped and even shown signs of recovery. Even a recent profit warning from German chemical giant BASF (OTCMKTS:BASFY) did not stop DOW from moving higher over the last week. Now, DOW has again gained to just over $50 per share today.Despite that partial recovery, many of my concerns remain. The uncertainty surrounding Dow stock has weighed on both Dow and its former DowDuPont partners, Corteva (NYSE:CTVA) and DuPont de Nemours (NYSE:DD). The trade war continues to hurt profits as well. As our own Vince Martin pointed out, tariffs could reduce EBITDA by $100 million.My InvestorPlace colleague Tezcan Gecgil believes "the bears are in control" and that DOW stock needs a catalyst. Indeed, profit estimates continue to fall. Analysts predict earnings of $4.35 per share for the year. However, that forecast is down from the $4.92 per share seen as recently as 90 days ago. DOW Stock a Buy at These LevelsStill, with Dow Inc. stock now trading at almost 10% less than the early April price, I also have to agree with Mr. Martin that the current price factors in the challenges DOW faces. The forward PE of 9.6x also compares favorably with the other two companies that used to make up DowDuPont as well as Westlake Chemical. Moreover, despite this low valuation, analysts predict robust levels of profit increases. So far, forecasts place earnings growth at 20.2% for this year and just over 10% in 2020. * 7 Dependable Dividend Stocks to Buy On top of that, investors can collect an annual dividend of $2.80 per share while they wait for this growth to drive the stock price higher. At the current DOW stock price, that amounts to a yield of over 5.5%. The old DowDuPont slashed the dividend in both 2017 and 2018 after years of increases. It remains unclear when (or even if) DOW will resume dividend increases. Still, this provides a significant return while investors wait for a recovery in the equity. Bottom Line on DOW StockAt current levels, both the low PE ratio and the dividend payout justify a position in DOW stock. In some respects, DOW has become cheap for a reason. Trade-war related uncertainty has hurt profits. Also, the company has only existed in its current form since March. This makes evaluating the company from quarter to quarter and predicting future changes in the dividend difficult.However, even amid significant earnings increases, we know that its forward PE ratio has fallen to under 10x. Moreover, the company currently delivers a payout of more than 5.5%. If nothing else, investors can profit from DOW stock merely by treating it as an income play. As the trade war drags on and DOW develops a track record, Dow Inc. stock should profit investors whether or not the stock continues to trade at a low PE ratio.As of this writing, Will Healy did not hold a position in any of the aforementioned stocks. You can follow Will on Twitter at @HealyWriting. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Stocks Top Investors Are Buying Now * The 10 Best Cryptocurrencies to Keep on Your Radar * 7 Marijuana Penny Stocks That Could Triple (But You Won't Make Money) The post Investors Can Clean Up On The Dividend With Dow Stock appeared first on InvestorPlace.

  • Thomson Reuters StreetEventsyesterday

    Edited Transcript of JPM earnings conference call or presentation 16-Jul-19 12:30pm GMT

    Q2 2019 JPMorgan Chase & Co Earnings Call

  • Financial Timesyesterday

    How sale and leaseback deals have unleashed a wave of M&A in casinos

    FT premium subscribers can click here to receive Due Diligence every day by email. This was the analogy one former executive of Caesars Entertainment offered to describe the $20bn-plus sale of the venerable gaming company last month to Eldorado Resorts, an obscure regional casino outfit out of Reno, Nevada. This David-buys-Goliath deal had its very own special slingshot: property finance.

  • Exclusive: Ripple co-founder Chris Larsen says tech has 'messed up' San Francisco
    American City Business Journals2 days ago

    Exclusive: Ripple co-founder Chris Larsen says tech has 'messed up' San Francisco

    The serial entrepreneur sounds off on the negative impact he says the tech sector is having on the Bay Area's quality of life.

  • Oil Prices Continue Lower Despite U.S. Downing of Iranian Drone
    Bloomberg2 days ago

    Oil Prices Continue Lower Despite U.S. Downing of Iranian Drone

    (Bloomberg) -- The downing of an Iranian drone in the Strait of Hormuz wasn’t enough to lift oil prices, which slid to the lowest in almost a month amid pessimism about the global economy.Futures tumbled 2.6% on Thursday in New York, the fourth consecutive daily loss. Prices managed to climb about 60 cents after President Donald Trump said the U.S. had downed an Iranian drone in the Persian Gulf, but even that wasn’t enough to push the market up. Instead, crude joined a decline for tech and consumer stocks amid a spate of disappointing corporate earnings, alongside signs that Beijing and Washington are making little progress on a trade deal.Russian pipeline operator Transneft PJSC, meanwhile, said it resumed full flows from the country’s largest crude producer, Rosneft PJSC, after imposing restrictions due to contamination concerns.“The market is waking up to the fact that global oil demand is wilting and the possible prompt that could improve the situation is still remote,” said Judith Dwarkin, chief economist at Calgary-based consultant RS Energy. “There’s been no improvement in the U.S.-China trade dispute even though they say they are coming back to the table.”Oil has fallen about 8% since Monday, on track for its worst weekly performance since late May. The specter of a renewed U.S.-China conflict dented the demand outlook, while American fuel stockpiles jumped. That’s overshadowed worries that Iran may shut down the Strait of Hormuz, a key chokepoint for much of the world’s oil shipments.West Texas Intermediate for August delivery closed down $1.48 to $55.30 on the New York Mercantile Exchange, falling to the lowest since June 19. It was at $55.63 at 4:05 p.m., after Trump announced the drone incident.September Brent lost $1.73 to close at $61.93 a barrel on the ICE Futures Europe Exchange, before rebounding to $62.44.In an interview with Bloomberg Wednesday, Iran’s Foreign Minister Javad Zarif said the U.S. “shot itself in the foot” by pulling out of its nuclear accord with his nation. Crude briefly rallied on Thursday after Iran confirmed the seizure of an oil tanker in the Persian Gulf this week.Iran’s state-run Press TV news channel later aired footage of a tanker that disappeared from global satellite tracking systems four days ago. The ship was smuggling fuel out of the country, the Iranian Revolutionary Guard Corps said.(An earlier version of this story misspelled the name of RS Energy’s chief economist.)\--With assistance from Sharon Cho and James Thornhill.To contact the reporters on this story: Alex Nussbaum in New York at anussbaum1@bloomberg.net;Alex Longley in London at alongley@bloomberg.netTo contact the editors responsible for this story: Simon Casey at scasey4@bloomberg.net, Carlos Caminada, Christine BuurmaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Buy Visa (V) Heading into Q3 Earnings?
    Zacks2 days ago

    Buy Visa (V) Heading into Q3 Earnings?

    Visa Inc. (V) is set to report its Q3 fiscal 2019 earnings results on Tuesday as second quarter earnings season heats up.

  • Fund Managers Increased Risk but Still Fear Slowdown
    Market Realist2 days ago

    Fund Managers Increased Risk but Still Fear Slowdown

    Despite the markets hitting record highs, not many fund managers are in an optimistic mood.

  • 3 Bank Stocks to Buy After Earnings Headlines
    InvestorPlace2 days ago

    3 Bank Stocks to Buy After Earnings Headlines

    This week marked the start of the bank earnings season. Coming into it, I favored owning three bank stocks: JP Morgan (NYSE:JPM), Bank of America (NYSE:BAC) and Square (NYSE:SQ).The reactions to JPM and BAC earnings were tentative. So the opportunities there remain intact. The third hasn't yet reported, so the SQ stock price continues to hold its own for the bulls.So in light of the recent reports, are they still good to buy at these levels? The short answer is, yes.InvestorPlace - Stock Market News, Stock Advice & Trading TipsSo, today, I reiterate the reasons why and I also add Citigroup (NYSE:C) to the list of banks to own for the long term.The first few days of the earnings season are muted and did not yet erase the predominant idea that bank stocks are boring and cannot rally. So the investment in them now should continue to be under the assumption that it's for the long term. So What About Their Environment?Contrary to popular belief, banks stocks do perform in lockstep with the general equity markets. Year-to-date JPM and BAC are up just as much as the S&P 500 and Citigroup stock is up double that.In addition, since all of them passed their stress test, they are all committed to defending their own stock prices with financial engineering.They will increase dividends and buy back their own shares so the efforts from the sellers will have to go against a tremendous headwind of cash flow from the banks themselves.The U.S. Federal reserve and other central banks have wreaked havoc with banks' ability to conduct business. They keep manipulating the interest rates and this creates tremendous confusion, especially on Wall Street.Most investors believe that banks need higher rates to profit, but that is not true. Money center banks need a wide spread between short- and long-term rates to profit.So the recent commitment from the Federal reserve to lower short-term rates should invite more lending activity and at a wide spread. Banks borrow short term to lend us long term. So I am not worried about their business models this year. * 10 Best Cryptocurrencies to Keep on Your Radar With that in mind, let's dive a bit deeper into what makes these three stocks to buy. JP Morgan Chase (JPM)Source: Shutterstock Perception on Wall Street is that JPM is the best of the best. Fundamentally it's cheap as it sells at a price-to-earnings ratio of 12x. The book value fluctuates from 1.2 to 1.6, so it's not likely to be a financial debacle to own it here. In addition, JP Morgan stock pays a respectable 2.8% dividend.The management team is a proven winner. They survived the worst financial crisis of the modern era, so they've seen a few hard days. The regulations that followed the 2008 financial crisis made it so that their balance sheets are bullet proof. Recently, JP Morgan recommitted to more capital return via buybacks and dividends.In addition to the value below, JPM stock is trading inside a tight range. It has support at $112 and $110 per share and a neckline at $116.5, above. Technically, this makes for a breakout opportunity since the bulls have been setting an ascending trend of higher lows while knocking at a resistance zone. If they can break through the resistance zone above, then they can overshoot higher and mount a $9 rally.I would own the shares here for this short-term opportunity and/or for the long-term equity investment. Either way, I think JPM stock is a winner.For those who like to trade options there is also the possibility to sell put spreads at the support levels for August and/or buy calls just above the current price. The combination would be cost neutral thereby offering an opportunity to profit with no out-of-pocket expense.The JPM earnings report did not add any new worries so the ongoing fundamentals still favor the long-term bullish thesis than the short. Bank of America (BAC)Source: Shutterstock The fundamentals for BAC stock are very similar to those of JP Morgan. The stock on the other hand trades in a much tighter range. Case in point, in the last few weeks, the Bank of America stock price is ping-ponging inside a $1 wide box and this includes the reaction to an earnings event.BAC sells at a 10.8 P/E and 1.1 times sales, so it's even cheaper than JPM stock. Management is also beyond reproach since they not only survived the crisis but also saved a few banks along with it.Since BAC trades in a tight bunch, I prefer to trade it via options. I like to sell puts into dips and what others fear. It's a low-priced ticker, so I don't mind being out of the stock if one of those trades temporarily fails. Over the long term it will work out. This way I generate income without any out-of-pocket expense.For example, if I sold the Jan $25 puts before the earnings they now are almost 20% cheaper to close the position. The stock only moved up 2% in comparison. And in my scenario, I risked no money out of pocket.It is important to note that I don't sell naked puts unless I am willing and able to own the shares.Since BAC stock is now tight, technically it too has an opportunity to breakout. The bulls need to overcome the current resistance level, so they can target $31.2, which was the fail of April 29. * 7 Battery Stocks for High-Powered Gains Here too the Bank of America earnings report did not change the overall bullish thesis on the stock. Citigroup (C)Source: Shutterstock Citigroup's reactions to earnings was negative. Since then, the C stock price has traded inside that earnings day candle. So, technically, I note the edges of it as short-term catalysts. Meaning that any breach of its sides would carry some momentum in that direction.So if the bulls can beat $72, they can target $76 per share. Conversely, if the sellers can break below $70, they can target $68 per share.Either way, it would be an exercise in short-term trading and won't change the long-term bullish thesis on the stock. Citigroup stock, for the long term, remains a "BUY" in my book and the experts on Wall Street agree since it has very few HOLD and almost no SELL ratings.So which one is best?They are all quality stocks to buy, but from a 2019 perspective, C stock has the best score. Logic says to stick with the winner.However, of the three banks today, C is my least personal favorite. This is nothing against its own fundamentals and more so my worry over its exposure to international situations. Specifically the chatter surrounding its exposure to entities like Deutsche Bank (NYSE:DB) for example. I don't have anything concrete, but if there is a rumor, then there must be some truth to it, and I don't want the surprise of finding out one day.In summary, I can confidently state that the major U.S. banks are almost all stocks to own almost at any time, while they carry their current fundamentals. JPM, BAC and C stock have so much value below that they make the bearish scenario seem shallow at its worst.Nicolas Chahine is the managing director of SellSpreads.com. As of this writing, he did not hold a position in any of the aforementioned securities. Join his live chat room free here. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Stocks Top Investors Are Buying Now * The 10 Best Cryptocurrencies to Keep on Your Radar * 7 Marijuana Penny Stocks That Could Triple (But You Won't Make Money) The post 3 Bank Stocks to Buy After Earnings Headlines appeared first on InvestorPlace.

  • Bank of America Stock Is Worth Grabbing When It’s Cheap
    InvestorPlace2 days ago

    Bank of America Stock Is Worth Grabbing When It’s Cheap

    Bulge bracket banks kicked off second-quarter earnings, and despite a low interest rate environment, big banks delivered record numbers. Bank of America (NYSE:BAC) did particularly well, delivering its best quarter in the company's history.Source: Shutterstock The combination of strong consumer spending activity and BAC management's continued commitment to share repurchases has proved potent. It's not over yet either. The company, in no uncertain terms, has committed to an additional $37 billion of dividends and share repurchases.BAC has built further trust with their clients, and the financial results speak for themselves. Consumer banking and wealth management continue to show a lot of strength, buoyed by improvements on the digital platform. Overall performance from most business units -- weakness in sales and trading was not unexpected -- was very positive.InvestorPlace - Stock Market News, Stock Advice & Trading TipsThe momentum from this quarter should continue through to the next. Happy Customers Are Good for BusinessNot only did average deposits grow 3% (or by $19 billion), consumer investment assets grew a very solid 15% to $220 billion assets under management. Remember that fees generated from managing these investment assets are a lucrative business. To the extent that these client flows continue, which admittedly has been helped along by strong equity market performance, double-digit growth could very well persist next quarter.It's also an important revenue stream as interest income will hit some uncertainty in the remainder of the fiscal year. Net interest income rose 3% in the quarter, but if the expectation of interest rates getting lowered comes to fruition, it would pose a challenge of sustaining even low single-digit growth rates.BAC regained its status as the leader by market share in small business lending. They are building up deeper and deeper ties to consumers and business owners. This symbiotic relationship between personal and commercial clients. BAC Is Strong on the Digital FrontAll the banks have been actively bolstering their digital platforms, and BAC has seen excellent feedback and traction. Active mobile banking users were up 10% to 27.8 million. * 10 Best Cryptocurrencies to Keep on Your Radar Zelle users haven't quite grown at quite the desired clip, sitting at 8 million active users, but it is not just the number of active users that matters. Rather, the ability of BAC to upsell and generate revenue via the digital platform is more important. It is noteworthy then that 69 million sent and received payments via Zelle. That translates to $18 billion and a 79% increase year-over-year. So, the substantial growth in volume somewhat alleviates the concern of slower growth in total users.Another point worth noting is that one-third of total consumer mortgage applications came from digital. Increasingly, BAC's investment in their platform is paying dividends beyond just payments transfers. BAC Stock Is Undeniably CheapIn numerical terms, BAC saw consumer spending increase 5% year-over-year and share repurchases amount to 7% of the total float in the past twelve months.This dynamic has driven a double-digit increase in book value per share, a more appropriate valuation metric for financial holding companies. Based on BAC's calculation of $26.41 per share, BAC stock currently trades at just 1.1x. Other competitors like JPMorgan Chase (NYSE:JPM) and Wells Fargo (NYSE:WFC) are not expensive either, but BAC is the cheapest from this angle.The robust earnings combined with this existing relative undervaluation should see that this imbalance does not persist for long.As of this writing, Luce Emerson did not own any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Stocks Top Investors Are Buying Now * The 10 Best Cryptocurrencies to Keep on Your Radar * 7 Marijuana Penny Stocks That Could Triple (But You Won't Make Money) The post Bank of America Stock Is Worth Grabbing When It's Cheap appeared first on InvestorPlace.

  • Morgan Stanley and Goldman Sachs Play the Long Game
    Bloomberg2 days ago

    Morgan Stanley and Goldman Sachs Play the Long Game

    (Bloomberg Opinion) -- Goldman Sachs Group Inc. and Morgan Stanley are the two Wall Street banks most connected to high-stakes trading. Historically, that made them seem glamorous relative to the other big U.S. institutions, which focused on the more steady business of retail banking.The tide has turned. Persistently low volatility has made it clear that banks can’t count on traders to drive profits. Goldman’s equities revenue beat expectations earlier this week, in a small sign of hope, but Morgan Stanley’s results on Thursday were more far more indicative of the trend. Its $2.13 billion from equities was the highest among banks but was down 14% from a year ago and fell short of even the lowered estimates of $2.27 billion. In fixed income, currencies and commodities, revenue dropped 18% rather than the expected 7% decline.This puts Goldman and Morgan Stanley in a tough spot. They’re not well positioned to immediately compete with Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Wells Fargo & Co. in catering to the banking needs of Main Street. At the same time, the bank executives have to feel pressure to limit the quarter-to-quarter fluctuations that are at the mercy of the whims of the global markets.Reading between the lines, their answer to this quandary appears to be more emphasis on wealth management.Now, this isn’t exactly a revelation, nor an abrupt shift. Morgan Stanley has been moving into wealth management strategically for a while, and Goldman’s division already oversees more than $1 trillion in assets. Still, the banks’ latest commentary and moves in the past quarter make clear that they see this business, which produces a steady stream of fee-based income, as a way to leverage their reputation as titans of Wall Street.In Morgan Stanley’s earnings call on Thursday, Chief Executive Officer James Gorman specifically praised Dan Simkowitz for his work on building up the firm’s asset-management unit. And by all accounts it was well deserved, with the division’s revenue at the highest in five years. On the wealth-management side, Morgan Stanley posted $4.41 billion of revenue, which was 2% higher than last year and blew away analysts’ estimates for a 9% decline.Moreover, Morgan Stanley’s wealth-management division posted an impressive 28% profit margin. So impressive, in fact, that it drew more than one question from analysts about whether the bank can sustain that sort of momentum, including from Mike Mayo of Wells Fargo. Gorman insisted “it’s not like we are sitting back and saying we are really milking this.” Rather, “we’re playing for the long run.”At Goldman, Chief Executive Officer David Solomon on Tuesday highlighted its $750 million purchase of wealth manager United Capital, which was announced in May and represented one of Goldman’s biggest acquisitions in recent memory. Bloomberg News’s Sridhar Natarajan noted at the time that Solomon has made building out fee-based businesses a high priority so that shareholders can more easily estimate the bank’s growth and earnings.None of this is to say that Morgan Stanley and Goldman will abandon their positions as premier trading firms. But it’s notable to parse what Morgan Stanley Chief Financial Officer Jon Pruzan told Bloomberg News’s Sonali Basak in an interview. “We’re No. 1 in the world” in equities trading, he said, adding that “we would expect to maintain our market share in this type of environment.” He reiterated those comments during the analyst call.It’s certainly possible that volatility will resume, given that stock markets are hovering near all-time highs and global central banks are on the verge of further easing monetary policy. But framing expectations in terms of maintaining market share would seem to indicate that Pruzan expects further challenges for trading in the coming months and years. Ted Pick, who oversees all of Morgan Stanley’s traders and investment bankers, made some interesting comments in May about the equities business. He said he had led the division with “high levels of paranoia” because it felt like a couple of competitors were coming after the bank, either on price or looser risk requirements or something else. He said “that’s not a game we’re going to play.”Rather, as these second-quarter earnings make clear, Morgan Stanley is playing the long game. So is Goldman. When it comes to dealing with the fickle nature of financial markets, sometimes the most sound strategy is to play the hand you’re dealt.To contact the author of this story: Brian Chappatta at bchappatta1@bloomberg.netTo contact the editor responsible for this story: Daniel Niemi at dniemi1@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brian Chappatta is a Bloomberg Opinion columnist covering debt markets. He previously covered bonds for Bloomberg News. He is also a CFA charterholder.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

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    CVS Health (NYSE:CVS) can't catch a break. Neither can its shareholders. CVS stock is at roughly half the value it was at its mid-2015 peak. And it only recently came off its May multi-year lows. Good news about cancelled drug-rebate plans that would have cost it a fortune shoved shares higher earlier this month. Now, that move has largely come undone. The bears appear to remain in charge.Source: Shutterstock Nothing lasts forever though. While CVS Health stock may look and feel stuck in a downtrend, don't despair: what the company is building is very much the future of healthcare.The organization gave stakeholders of CVS stock another glimpse of that future this week.InvestorPlace - Stock Market News, Stock Advice & Trading Tips Desperate MeasuresThe short version of a story most everyone knows: the state of the healthcare system in the U.S. is laughable. Its sheer size and complexity, coupled with misguided regulation, has made it unaffordable for all. * 9 Retail Stocks Goldman Sachs Says Are Ready to Rip That's a key part of the reason strange-bedfellows Amazon (NASDAQ:AMZN), JPMorgan Chase (NYSE:JPM) and Berkshire Hathaway (NYSE:BRK.A, NYSE:BRK.B) made this announcement last year: they're forming their own healthcare company of sorts for their employees. Though not insurance per se, it was a means of offering low-cost clinical care in-house. Further, this move would also cull at least some of their healthcare and insurance expenses.However, it's hardly the only instance where such lines have crossed.Case in point: CVS rival Walgreens Boots Alliance (NASDAQ:WBA) has partnered with clinics to offer in-store (or near-store) primary care, as has CVS.Arguably, CVS took the boldest even if not the biggest step towards an industry shakeup last year. That was when the pharmacy giant announced its intent to merge with health insurer Aetna. The deal closed in late 2018.Responses were mixed. Concerned observers noted it was an opportunity for self-serving steering that crimps competition even if it doesn't kill it. Others lauded the idea, pointing out that with one less middleman, the industry could lower costs.Regardless, this is the new norm for the very same healthcare industry that collectively priced itself into the trouble it's now looking to escape.CVS Health carried the ball a bit further downfield this week, unveiling a home dialysis system that just began its required clinical trials. Disruption UnderwayIt wasn't a surprise, but it was a milestone nonetheless.CVS Health was and is a pharmacy, and now facilitates clinical/frontline care. Aetna is an insurer and can keep hospital and drug prices in check. However, neither arm has pushed its way onto biotech equipment turf until now.Last year's news of the planned project already put dialysis rivals into action. Davita (NYSE:DVA) as well as Fresenius Medical Care (NYSE:FMS) have both ramped up efforts to facilitate more at-home dialysis. Such moves saves patients from visits to their specialty clinics.That paradigm shift should also lower total costs for dialysis patients.Meanwhile, the Aetna/CVS deal has put the nation's traditional frontline players on notice. Ken Kaufman, managing director and chair of consulting firm Kaufman Hall, commented earlier that year that the once-unlikely pairing was "a shot across the bow of hospitals in America."In the same vein, the creation of Haven -- the name given to the entity co-created by JP Morgan, Amazon and Berkshire -- was a shot across the bow of pharmacies like CVS and insurers like Aetna.It's CVS, however, that's leading the charge of disruption, even if that means disrupting itself. CVS Stock Is Undervalued and OversoldCVS Health may be the face of a new era of integrated healthcare, but investors are clearly not buying it. Extending a pullback that began in 2015, 2017's initial efforts to team-up with Aetna along with uncertainty as to how the business might change under President Trump have ultimately worked against CVS Health stock.That concern largely has no merit though. Indeed, with Rite Aid (NYSE:RAD) on its heels and Walgreens not taking the same bold step CVS did to shape its own future rather than be shaped by it, investors have seemingly overlooked CVS Health's impressive past and compelling future. Click to EnlargeRevenue was growing and will continue to do so. The introduction of Aetna's business a couple of quarters ago had no bearing on the revenue trajectory. Analysts expect earnings per share of CVS stock to slide once this year. And then, it will likely move on to record-breaking levels for the newly combined companies. That's a victory in and of itself. Consider that the new-share issuance of CVS Health stock partly funded the acquisition.Notice the addition of Aetna will also stabilize CVS's otherwise wide seasonal swings in income.Perhaps the most bullish argument of all is the stock's forward-looking price-earnings ratio of 7.9. With or without challenges ahead, that's dirt cheap given the profit CVS Health could drive simply by coasting ahead. Looking Ahead for CVS Health StockThat being said, two key clues suggest the sentiment tide may have finally taken a turn for the better.One of them is the way CVS shares have repeatedly found a technical floor near $51.70. This is plotted with a yellow, dashed line on the chart. Bears have tested that floor three times since March, but it held up every time. It's a foundation the bulls can build on now that it's been established. Click to EnlargeThe other noteworthy nuance here is the amount of bullish volume that's kept CVS stock propped up. While February's pullback volume was significant, the same number of buyers (and perhaps more) have wanted to step back in.It's the first time we've seen this much technical support aided by this much buying interest.There's still work to be done, and there's still plenty of risk ahead. This week has been less than thrilling, with the buyers unwilling to follow through on last week's jolt. The bearish case is starting to crumble under the weight of the bullish case though. Its vertical and horizontal integrations appear to be working.As of this writing, James Brumley did not hold a position in any of the aforementioned securities. You can learn more about him at his website jamesbrumley.com, or follow him on Twitter, at @jbrumley. 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