NEW YORK (TheStreet) -- Shares of JPMorgan Chase(JPM) - Get Report were rising in early afternoon trade on Tuesday as the bank hires and buys a position in InvestCloud, a Beverly Hills, CA-based software developer for online transactions in banking and investing, Reuters reports.
The amount of the stake was not disclosed.
JPMorgan, based in New York, is competing with rival banks to provide easy and secure ways for customers to check on investments online or over mobile platforms.
CEO Jamie Dimon has set aside $300 million to spend on digital improvements to asset management over the next three years, Reuters notes.
Additionally, earlier today JPMorgan elected Todd Combs, a Berkshire Hathway (BRK.B) investment officer and heir apparent to Warren Buffett's enterprise, to its board of directors.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "buy" with a ratings score of A-.
The company's strengths can be seen in multiple areas, such as its revenue growth, increase in stock price during the past year, expanding profit margins, growth in earnings per share and attractive valuation levels. We feel its strengths outweigh the fact that the company has had somewhat disappointing return on equity.
You can view the full analysis from the report here: JPM