JPMorgan’s Q4 Profit Surges 47%, Beating View (JPM)

Filed in ceo, dividend, Gold Investment, jp morgan, o, revenue, shares by on January 14, 2011 0 Comments

Financial services giant JPMorgan Chase & Co. ( JPM ) on Friday said its fiscal fourth quarter profit rose 47% from last year, beating analyst estimates. The New York-based company reported fiscal fourth quarter net income of $4.8 billion, or $1.12 per share, compared with $3.3 billion, or 74 cents per share, in the year-ago period. Net revenue rose 13% from last year to $26.1 billion. On average, Wall Street analysts had expected a smaller profit of $1 per share on lower revenue of $24.2 billion. CEO Jamie Dimon said in a statement that “Credit trends in our credit-card and wholesale businesses continued to improve,” but that “In our mortgage business, while charge-offs and delinquencies have improved, credit costs still remain at abnormally high levels and continue to be a significant drag on our returns.” JPMorgan shares fell 25 cents, or -0.6%, in premarket trading Friday. The Bottom Line We have been recommending shares of JP Morgan ( JPM ) since Dec.22, 2010, when the stock was trading at $41.00. The company has a .45% dividend yield, based on last night’s closing stock price of $44.45. JPMorgan Chase & Co. ( JPM ) is a “Recommended” dividend stock, holding a DARS™ Rating of 3.5 out of 5 stars. Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

JPMorgan’s Q4 Profit Surges 47%, Beating View (JPM)

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