1. JPMorgan Chase & Co. (NYSE:JPM)
Bridgewater Associates’ Stake Value: $102,152,000
Percentage of Bridgewater Associates’ 13F Portfolio: 0.55%
Number of Hedge Fund Holders: 101
JPMorgan Chase & Co. (NYSE:JPM) is the top finance stock pick of billionaire Ray Dalio, with his hedge fund increasing its position in the stock by 28% in Q3, holding 624,057 shares worth $102.1 million. JPMorgan Chase & Co. (NYSE:JPM) is a multinational financial services holding company and one of America’s Big Four banks.
JPMorgan Chase & Co. (NYSE:JPM) reported its third quarter earnings on October 13, announcing an EPS of $3.55, exceeding estimates by $0.55. The $29.65 billion revenue also beat estimates by $12.88 million.
On December 9, UBS analyst Erika Najarian initiated coverage of JPMorgan Chase & Co. (NYSE:JPM) with a Buy rating and a $210 price target. According to the analyst, the stock’s “rare” year-to-date price underperformance relative to peers presents investors with a “compelling opportunity”, and concerns over capital constraints eroding JPMorgan Chase & Co. (NYSE:JPM)’s best-in-class revenue power are “overblown”.
In the third quarter of 2021, 101 hedge funds in the database of Insider Monkey were bullish on JPMorgan Chase & Co. (NYSE:JPM), with total stakes amounting to $5.63 billion. Adage Capital Management is one of the leading JPMorgan Chase & Co. (NYSE:JPM) stakeholders as of Q3, with a $489.8 million position.
Vltava Fund mentioned JPMorgan Chase & Co. (NYSE:JPM) in its Q3 2021 investor letter. Here is what the fund said:
“While all the previous names could be categorized as founder, continuing, or key shareholders, these last two names fall into the category of hired professional managers. This is actually the most numerous category among the bosses of large companies, but even among them there exist a number of individuals with exceptional long-term track records. In our view, these include Jamie Dimon and Herman Gref.
We consider JP Morgan to be the strongest, largest, and most profitable bank in the world. It has not always been so, and the fact that it is what it is today can be attributed especially to its CEO Jamie Dimon. Dimon has spent his entire career in banking. He came to JP Morgan in a roundabout way in 2004 after the bank bought Bank One, of which he was CEO at the time. Since early 2006, Dimon has been CEO of the entire JP Morgan.
The quality and strength of JP Morgan under his leadership became fully apparent for the first time in 2008. Not only did JP Morgan help to stabilise the market by taking over the failing Bear Stearns in the spring of that year, but it was the only major US bank that did not require government assistance throughout the Great Financial Crisis and that was highly profitable even in the difficult year of 2008. Today, JP Morgan is even bigger, even more profitable, and even stronger than ever before. Many investors view banks with disdain, but a good bank with good management can be a very good long-term investment. From the time of its merger with Bank One in 2004 through the end of 2020, JP Morgan’s stock has outperformed even the S&P 500 index. The bank has earned a total net profit of USD 330 billion during this period, of which USD 232 billion has been paid out to shareholders in dividends and in share buybacks. I can recommend two books about Jamie Dimon: The House of Dimon and Last Man Standing.”
You can also take a look at 10 High Dividend Stocks to Buy According to Billionaire Lee Cooperman and 10 Dividend Stocks to Buy According to Billionaire Jim Simons’ Hedge Fund.
