JPMorgan Reports Solid 3Q Results, but Upside Appears Limited
Narrow-moat JPMorgan Chase earned $1.76 per diluted share in the third quarter, in line with our expectations, as a growing economy contributed to improved performance in a variety of key metrics. We don’t intend to make significant changes to our fair value estimate. Our $83 fair value estimate represents 1.5 times current tangible book value, and the bank’s reported 13% return on tangible common equity does not warrant a more aggressive valuation, in our view.We previously hypothesized that p...
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.
We have operations in 27 countries.
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