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Another global financial and banking services player that insiders are gobbling up a large amount of stock in here is
JPMorgan Chase (
JPM). Insiders are buying this stock into modest strength, since shares are up 12.9% so far in 2013.
JPMorgan Chase has a market cap of $190 billion and an enterprise value of $41 billion. This stock trades at a reasonable valuation, with a trailing price-to-earnings of 8.91 and a forward price-to-earnings of 8.40. Its estimated growth rate for this year is 8.8%, and for next year it's pegged at 4.9%. This is a cash-rich company, since the total cash position on its balance sheet is $952.49 billion and its total debt is $722.93 billion. After you back out the debt, JPMorgan Chase has a total cash position of $229.56 billion on its balance sheet. This stock sports a dividend yield of 3.2%.
>>3 Financial Stocks Rising on Big Volume
A director just
bought 301,477 shares, or about $14.25 million worth of stock, at $47.29 per share.
From a technical perspective, JPM is currently trending above both its 50-day and 200-day moving averages, which is bullish. This stock has started to enter breakout territory today, since shares are trending above some near-term overhead resistance levels at $49.60 to $49.63 a share. That move is quickly pushing shares of JPM within range of triggering an even bigger breakout trade.
If you're in the bull camp on JPM, then look for long-biased as long as this stock is trending above its 50-day at $48.59, and then once it breaks out above some near-term overhead resistance levels at $$50.68 to its 52-week high at $51 a share with high volume. Look for a sustained move or close above those levels with volume that registers near or above its three-month average action of 23.56 million shares. If that breakout triggers soon, then JPM will set up to enter new 52-week-high territory above $51, which is bullish technical price action. Some possible upside targets off that breakout are $55 to $60 a share.