According to a report by Reuters, citing a J.P. Morgan Chase memo, the Wall Street bank intends to add six new members to its operating committee. This would bring the total number of committee members to 18, including 10 men and 8 women.
J.P. Morgan Chase shares closed lower for the fifth time in the past ten trading sessions in New York on Tuesday. The stock went down 3.11% ($3.19) to $99.28, after touching an intraday low at $99.18, or a price level not seen since September 1st ($99.04).
Shares of J.P. Morgan Chase & Co have retreated 28.78% so far in 2020 compared with a 5.27% gain for the benchmark index, S&P 500 (SPX).
In 2019, J.P. Morgan’s stock went up 42.80%, thus, it outperformed the S&P 500, which registered a 28.88% gain.
Among the new members will be Thasunda Brown Duckett, J.P. Morgan’s chief executive of consumer banking, Teresa Heitsenrether, J.P. Morgan’s global head of securities services, and Troy Rohrbaugh, J.P. Morgan’s head of global markets.
Analyst stock price forecast and recommendation
According to CNN Money, the 24 analysts, offering 12-month forecasts regarding J.P. Morgan Chase & Co’s stock price, have a median target of $116.15, with a high estimate of $144.00 and a low estimate of $80.00. The median estimate represents a 16.99% upside compared to the closing price of $99.28 on September 15th.
The same media also reported that at least 17 out of 27 surveyed investment analysts had rated J.P. Morgan Chase & Co’s stock as “Buy”, while 8 – as “Hold”. On the other hand, 1 analyst had recommended selling the stock.