JPMorgan shares hit new record high

JPMorgan shares hit new record high
Wall Street stalwart gained from regional bank collapses but can it maintain momentum?
JAN 03, 2024

JPMorgan Chase & Co. hit a fresh record high for the first time in more than two years.

Shares of the largest U.S. bank gained 1.2% to $172.08, surpassing the prior high watermark set in October 2021. The New York-based lender has been a top performer in the sector as it posted record results last year, prompting Chief Executive Jamie Dimon to warn that the bank is “over-earning” in some areas.

JPMorgan rallied 27% last year, easily outperforming the KBW Bank Index’s roughly 5% dip as well as all of its big bank rivals. 

The bank’s rebound from its 2022 low pushed its market capitalization to about $500 billion. In 2022, the banking sector and broader market fell due in part to concerns over a recession as the Federal Reserve hiked interest rates. The S&P 500 has also recouped its losses to near a fresh record of its own.

Investors flocked to the largest lender in the wake of the collapse of regional banks in early 2023, and analysts coalesced around a bullish view of JPMorgan. The firm benefited from the acquisition of failed First Republic Bank from the Federal Deposit Insurance Corp. JPMorgan’s stellar performance prompted Wells Fargo analyst Mike Mayo to say that “Goliath is really really winning.”

After a strong run, however, Wall Street has become less certain about whether the stock can maintain its momentum. The expected return potential of the stock is about 3% this year based on analysts’ 12-month price targets, according to data compiled by Bloomberg.

Latest News

Advisor moves: LPL, Raymond James land advisors with $590M in combined assets
Advisor moves: LPL, Raymond James land advisors with $590M in combined assets

Advisors previously with UBS, Edward Jones head for new firms.

Retirement: 401(k) balances rebound as participant engagement holds firm
Retirement: 401(k) balances rebound as participant engagement holds firm

Principal Financial Group’s Teresa Hassara shares data showing account balances rising and Roth adoption accelerating.

Independent contractor formerly associated with MML Investors Services charged with running Ponzi
Independent contractor formerly associated with MML Investors Services charged with running Ponzi

Trevor Uhls was charged with wire fraud and money laundering in a criminal complaint filed in U.S. District Court for the Western District of Missouri.

Osaic adds $367M multigenerational team from Ameriprise in Iowa
Osaic adds $367M multigenerational team from Ameriprise in Iowa

The multigenerational Cedar Rapids firm is joining through a key OSJ as recruiting competition heats up across the wealth space.

IRS floats eligible investment rules for Trump Accounts
IRS floats eligible investment rules for Trump Accounts

New Treasury guidance sets fee caps, defines index-tracking rules, and bars ESG-linked funds from the tax-deferred accounts for minors

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income