JPMorgan Off to Another Strong Start in 2017, but Valuation Reflects Optimism
JPMorgan Chase’s solid first-quarter results support our $77 fair value estimate for the narrow-moat bank, which represents 12 times annualized first-quarter EPS and just under 1.5 times tangible book value. The bank generated a 1.03% return on assets and 13% return on tangible common equity in a fairly strong economic environment. Although net interest income remains well below potential—management expects an additional $4.5 billion in revenue if rates continue to move according to market impli...JPMorgan Chase is a financial holding company. Through its subsidiaries, the company's segments include: Consumer and Community Banking, which provides services through bank branches, ATMs, digital (including mobile and online) and telephone banking; Corporate and Investment Bank, which consists of Banking and Markets and Securities Services, provides a suite of investment banking, market-making, prime brokerage, and treasury and securities products and services; Commercial Banking, which provides financial solutions, including lending, treasury services, investment banking and asset management products; and Asset and Wealth Management, which is engaged in investment and wealth management.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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