8 Best Momentum Stocks To Invest In Right Now

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

Number of Hedge Fund Holders: 111

JPMorgan Chase & Co. (NYSE:JPM) is one of the largest banking institutions in the United States. It operates in several areas including asset and wealth management, commercial banking, consumer and community banking, corporate and investment banking, and technology. Moreover, it operates in over 100 global markets.

The firm recently launched Quest IndexGPT, a set of stock indices for institutional investors that uses OpenAI’s GPT-4 model to generate keywords related to specific themes. The keywords help identify relevant companies and construct thematic indices in sectors like AI and renewable energy. It was developed by the Commercial & Investment Bank Strategic Index Structuring team and is the firm’s first product using LLM technology.

As per The WallStreet Journal, JPMorgan Chase (NYSE:JPM) plans to open nearly 100 new branches in low-income areas across the U.S. The branches will offer standard banking services and spaces for small businesses and financial literacy workshops. The CEO, Jamie Dimon emphasized that this initiative combines community support with business strategy, aiming to enhance customer engagement and deposits.

The bank is hiring 75 community managers to build trust and partnerships in these neighborhoods. Previous community branches have already shown increased personal savings and checking accounts. The initiative seeks to address historical banking challenges in underprivileged areas and includes hosting events to improve financial literacy and trust in banking.

According to the Insider Monkey database of 912 hedge funds, JPMorgan Chase’s (NYSE:JPM) stock was held by 111 hedge funds, which brings the company to the third spot on our list of best momentum stocks.

Carillon Tower Advisers 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.”