J.P. Morgan Chase shares rebound on Wednesday, up to 90 branches to be opened in 9 US markets

According to a statement by J.P. Morgan Chases consumer banking division on Wednesday, up to 90 new branches are expected to be opened in 9 top markets across the United States.

J.P. Morgan Chase shares closed higher for the fourth time in the past twelve trading sessions in New York on Wednesday. The stock went up 0.34% ($0.35) to $104.39, after touching an intraday high at $104.98, or a price level not seen since March 4th ($105.92).

Shares of J.P. Morgan Chase & Co have risen 6.94% so far in 2019 compared with a 12.13% gain for the benchmark index, S&P 500 (SPX).

In 2018, J.P. Morgan’s stock retreated 8.72%, thus, it again underperformed the S&P 500, which registered a 6.24% loss.

The bank said that up to 700 employees would be hired in the new markets, including Pittsburgh, Pennsylvania; Charlotte, North Carolina and Minneapolis, Minnesota, starting this summer.

The Wall Street bank also said it intended to establish branches in new locations in proximity to large universities to cater to the student community.

In 2018, J.P. Morgan Chase had revealed plans to hire up to 3 000 employees in new markets over a period of five years. It had also announced plans to establish 400 new branches over a similar period, 30% of which would focus on communities with low-to-moderate income.

According to CNN Money, the 25 analysts, offering 12-month forecasts regarding J.P. Morgan Chase & Co’s stock price, have a median target of $115.00, with a high estimate of $140.00 and a low estimate of $85.00. The median estimate represents a 10.16% upside compared to the closing price of $104.39 on March 13th.

The same media also reported that 15 out of 30 surveyed investment analysts had rated J.P. Morgan Chase & Co’s stock as “Hold”, while 13 – as “Buy”. On the other hand, 1 analyst had recommended selling the stock.

Weekly Pivot Levels

By using the traditional method of calculation, the weekly levels of importance for J.P. Morgan Chase & Co (JPM) are presented as follows:

Central Pivot Point – $103.64
R1 – $105.29
R2 – $107.57
R3 – $109.22
R4 – $110.87

S1 – $101.36
S2 – $99.71
S3 – $97.43
S4 – $95.15