Stocks of investment banking and financial services provider JP Morgan Chase & Co. (JPM) closed 1.7% lower on Tuesday and slid another 0.05% in after-hours trading despite the company reporting better than foreseen second-quarter financial results.
Quarterly earnings were $3.78 per share, up from $1.38 reported in the year-ago quarter. This beat estimates of $3.20 made by analysts.
Consumer Banking revenue increased 3% to $12.8 billion, revenue for Commercial Banking increased 3% to $2.5 billion and Asset & Wealth Management revenue was up 20% to $4.1 billion.
Meanwhile, Corporate & Investment Banking revenue fell 19% to $13.2 billion, and Corporate loss stood at $1.2 billion. JP Morgan had reported a loss of $754 million in the second quarter of last year.
Last week, KBW analyst David Konrad started coverage on the stock with a price target of $167 (7.3% increase potential). In a research note to investors, the analyst said that the company was trading at historical highs.
Read more news on the investing world from our NewsFlight.