The stock price of JPMorgan Chase & Co. [linkme to=”JPM”] has gone up by over 1.5% today till the late morning trading session. Since the close last Thursday, the stock has risen by over 2.2%. The stock closed at $66.03 on Monday.
The New York based is a multinational banking and financial services holding company. It is the largest bank in the United States, the world’s sixth largest bank by total assets, with total assets of US$2.35 trillion, and the world’s most valuable bank by market capitalization. It is a major provider of financial services, and according to Forbes magazine is the world’s sixth largest public company based upon a composite ranking. The hedge fund unit of JPMorgan Chase is the second largest hedge fund in the United States. The company was formed in 2000, when Chase Manhattan Corporation merged with J.P. Morgan & Co.
Meanwhile, the company is prepared to pull Chase ATMs from Walgreens stores. Customers who use the ATMs marked with Chase’s blue octagon logo in those drug stores are beginning to be met with message: “Soon this machine will no longer be a Chase ATM.” The new message is the public start of a withdrawal that stems from an agreement the largest U.S. bank by assets made in April to sell 2,586 cash machines – primarily in Walgreens and Duane Reade drug stores, and other retailers – to ATM operator Cardtronics for an undisclosed amount. The exact timing depends on how quickly the machines can be converted for use under the brand name of another financial institution. The deal includes ATMs in Walgreens in nine states in total, including stores in Arizona and the Chicago area. Chase spokesman Mike Fusco said the bank is logging off of the ATMs because it will save money and because customers use these particular machines less.
Fusco said Chase has ATMs within five minutes of the “vast majority” of discontinued machines because of expansions since it made the drug store deals. For example, in 2008, two years after turning to Walgreens for more Florida locations, JPMorgan picked up 260 branches in its financial crisis purchase of Washington Mutual. Cardtronics is talking to other financial institutions about putting their brands on the machines and it expects to announce new arrangements “later this year,” Cardtronics spokesman Nick Pappathopoulos said in an email.
Our analysts have given a “HOLD” rating to JPMorgan Chase & Co.’s stock. Today’s rise indicates a positive response from the market which has been slowly building up for the past few days. However, dude to the weekly fluctuation, buying it at this moment might be risky.