Financial services giant JPMorgan Chase & Co. (JPM) on Friday posted a 23% decline in fourth quarter earnings, but results were enough to match analyst expectations.
The New York-based company reported fourth quarter net income of $3.72 billion, or 90 cents per share, compared with $4.83 billion, or $1.12 per share, in the year-ago period.
Net revenue plunged 17% from last year to $21.47 billion.
On average, Wall Street analysts expected a matching profit of 90 cents per share, albeit on higher revenue of $23 billion.
CEO Jamie Dimon commented, “As the economy continues to recover, we are gratified to see signs of improvement in loan demand and credit quality.” The firm noted that credit loss provisions fell 28% from last year to $2.18 billion.
JPMorgan Chase shares fell $1.01, or -2.7%, in premarket trading Friday.
The Bottom Line
Shares of J.P. Morgan (JPM) have a 2.71% dividend yield, based on last night’s closing stock price of $36.85. The stock has technical support in the $31-$32 price area. If the shares can firm up, we see overhead resistance around the $40 price level.
JPMorgan Chase & Co. (JPM) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.