JPM - Is JPMorgan Chase Stock a Buy On This Dip?
2024-04-15 03:45:00 ET
The stock's setback last week makes enough sense on the surface. In defiance of expectations, JPMorgan Chase (NYSE: JPM) didn't raise its 2024 revenue guidance with its first-quarter results posted on Friday. Shares subsequently tumbled to the tune of 6%, extending a sell-off that's been underway since late March. JPMorgan stock is now down 8% from that peak.
The proverbial glass isn't half-empty, however. It's half-full. This dip is a great opportunity to jump on one of the financial sector's top stocks at a bargain price. Here's why.
During the three-month stretch ending in March, JPMorgan Chase turned $42.6 billion worth of revenue into a per-share operating profit of $4.44. Both figures were better than estimates of $41.9 billion and $4.11 (respectively). And both were improvements on the year-earlier comparisons of $39.3 billion and $4.10 per share (again, respectively).
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Is JPMorgan Chase Stock a Buy On This Dip?