NEW YORK (TheStreet) -- Shares of JPMorgan Chase & Co. (JPM) are up 0.51% to $60.69 after the bank announced today that it signed an agreement to provide access to new issue municipal bonds to LPL financial advisors.
Advisors of LPL Financial, a brokerage firm and wholly owned subsidiary of LPL Financial Holdings (LPLA) , will have access through their proprietary platform, and orders for new bonds will be treated on par with JP Morgan and other orders submitted to the underwriting syndicate.
"Partnering with LPL will enable us to offer our municipal issuer clients access to an expansive network of financial advisors and investors," JP Morgan head of Public Finance Paul Palmeri said.
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JP Morgan is the number one overall debt underwriter and the top municipal underwriter in the U.S. This year, JP Morgan underwrote over $340 billion in the global debt markets, according to Dealogic, and over $40 billion in the U.S. municipal markets, according to Thomson Reuters.
Separately, TheStreet Ratings team rates JPMORGAN CHASE & CO as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate JPMORGAN CHASE & CO (JPM) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, increase in stock price during the past year, compelling growth in net income, impressive record of earnings per share growth and notable return on equity. We feel these strengths outweigh the fact that the company shows weak operating cash flow."