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JPMorgan Chase & Co JPM

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Morningstar’s Analysis

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5-Star Price

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Economic Moat

PREMIUM

Stewardship

PREMIUM

Fee Income Stays Strong for JPMorgan in Q3, Along With Lower Provisioning, and an ROTCE of 19%

Eric Compton, CFA Senior Equity Analyst

Analyst Note

| Eric Compton, CFA |

Wide-moat JPMorgan reported better-than-expected third-quarter earnings, with normalized EPS of $3.09 compared with S&P Market Intelligence consensus of $2.24. Revenue also beat consensus. JPMorgan again showed why it is one of the premier U.S. banking franchises, as earnings continued to hold up remarkably well, even against a challenging macro backdrop. The adjusted return on tangible common equity was 19%. Net interest income came in roughly as expected, at $13 billion, while investment banking, trading, and mortgage fees all delivered strong growth in the quarter. The continued strength of the I-banking and trading operations has been impressive.

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Company Profile

Business Description

JPMorgan Chase is one of the largest and most complex financial institutions in the United States, with more than $2.5 trillion in assets. It is organized into four major segments--consumer and community banking, corporate and investment banking, commercial banking, and asset and wealth management. JPMorgan operates, and is subject to regulation, in multiple countries.

Contact
383 Madison Avenue
New York, NY, 10179
T +1 212 270-6000
Sector Financial Services
Industry Banks - Diversified
Most Recent Earnings Jun 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type High Yield
Employees 256,710

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