4. JPMorgan Chase
(JPM - Get Report)
closed at $43.24 Friday, returning 34% year-to-date, following a 20% decline during 2011.
The shares trade for 1.3 times tangible book value, and for 8.2 times the consensus 2013 EPS estimate of $5.29. The consensus 2014 EPS estimate is $5.69.
Based on a quarterly payout of 30 cents, the shares have a dividend yield of 2.78%.
JPMorgan was approved in March to repurchase $12 billion in common shares through the end of 2012, followed by another $3 billion in the first quarter of 2012. After suspending the buybacks in May because of trading losses by its Chief investment Office, the company announced that in November that the company would resume buybacks in the first quarter of 2013, repurchasing up to $3 billion in shares.
While the company and its shares took quite a hit during the second quarter from the CIO trading loss, with the hedge trades leading to total losses of $4.4 billion in the second quarter and $449 million in the third quarter, JPMorgan managed still to earn $5.0 billion in the second quarter, and $5.7 billion in the third quarter. The company's estimated Basel III Tier 1 common equity ratio was 8.4% as of Sept. 30, increasing from 7.9% the previous quarter.
Following the 2013 stress tests, Guggenheim Securities analyst Marty Mosby expects the company to be approved to raise the quarterly dividend to 40 cents and buy back up to $11.6 billion in shares.
Mosby rates JPMorgan Chase a "Buy," with a $55 price target, and estimates the company will earn $5.60 a share during 2013, with earnings increasing to $6.60 a share in 2014.
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