12 Best Affordable Stocks To Buy Right Now

2. JPMorgan Chase & Co. (NYSE:JPM)

Forward P/E Ratio: 13.7

Earnings Growth This Year: 12.32%

Number of Hedge Fund Holders: 105 

JPMorgan Chase & Co. (NYSE:JPM) is one of the largest multinational financial services companies that serves more than 100 countries. The company provides banking solutions, capital-raising services to companies, institutions, and the government, and risk management services. According to Jamie Dimon, Chairman and CEO, the bank retained its title as the number 1 bank in U.S. retail deposits for the fourth consecutive year.

Over the past several years banks have been grappling with the high interest rates in the United States. JPMorgan Chase & Co. (NYSE:JPM) has navigated this tough macro environment impressively and continued to post staller earnings. During the fiscal third quarter of 2024, the bank posted better-than-expected results with revenue growing 6% year-over-year to $43.32 billion, driven by a 3% growth in net interest income.

Its Commercial and Investment banking segment was a prominent contender with year-over-year net-income growth of 13%. The segment gained from a 31% rise in investment banking fees, which were bolstered by higher charges across all product lines. Jamie Dimon has indicated JPMorgan Chase & Co. (NYSE:JPM) will invest heavily in technology and artificial intelligence (AI), which he thinks will enable the bank to better serve its clients and capitalize on market opportunities.

Carillon Eagle Growth & Income Fund stated the following regarding JPMorgan Chase & Co. (NYSE:JPM) in its first quarter 2024 investor letter:

“JPMorgan Chase & Co. (NYSE:JPM) contributed positively to performance following solid financial results and positive guidance for the remainder of 2024. Moreover, growing chatter around rising capital markets activity likely contributed to the stock’s strong performance relative to other banks. Recall that JPMorgan has a robust capital markets franchise.”