JPMorgan Chase Bank, N.A., doing business as Chase Bank, is a national bank that constitutes the consumer and commercial banking subsidiary of the multinational banking corporation JPMorgan Chase. In 2008, the bank acquired the deposits and most assets of Washington Mutual. Chase offers more than 5,100 branches and 16,100 ATM’s nationwide. JPMorgan Chase has 265,359 employees (as of 2014) and operates in more than 100 countries. JPMorgan Chase currently has assets of approximately US$2.6 trillion. JPMorgan Chase, through its Chase subsidiary, is one of the Big Four banks of the United States.
• Pad to a Walmart Supercenter
• Corporately Guaranteed By JP Morgan Chase Bank (NYSE: JPM) – an A+ Rated Company with Market Cap of $380+ Billion
• Located on Interstate 30 in Garland, TX – Less Than 15 Miles From Downtown Dallas
• 5 Years Remaining on a NN Fee Simple Lease –Minimal Landlord Responsibility with Ability to Depreciate the Asset
• 2018 Deposits are Over $44 Million – Bank Deposits Have Increased over 144% in Last 5 Years
• Surrounding Retailers Include Walmart Supercenter, Kroger, Northern Tools + Equipment, IHOP, Chili’s, McDonald’s, Walgreens, Starbucks, and Many Others
• JP Morgan Chase’s Stock Price Has Doubled in Last 2 Years
• 5-Mile Population - 261,365 People – 5.71% Growth in Last Several Years
• Traffic Counts – I-30 Exceed 138,000 Vehicles Per Day & 39,250 Vehicles Per Day on Broadway Blvd
A good start to the year is only going to get better for J.P. Morgan Chase, according to veteran banking analyst Dick Bove.
In the wake of fourth-quarter earnings that beat Wall Street expectations despite a weak trading environment and a write-down from tax reform legislation, Bove, of the Vertical Group, said the largest U.S. bank is poised for big gains ahead.
In fact, he raised its price target to $128.45, a level that suggests a 14 percent gain from Friday’s close.
“My view of this company is that it is probably the best bank I have ever followed in 5 decades of analyzing companies,” Bove told clients in a note.
He is keeping his buy rating on J.P. Morgan as the stock already has gained more than 5 percent in the new year. The company last week posted quarterly earnings of $1.76 a share on revenue of $25.45 billion, both well ahead of consensus estimates.
Though Bove himself, in a CNBC interview, called the results “mediocre,” he sees the environment overall for banks as highly conducive to large profits and sold gains for share prices.
“It appears that in 2018 the banking industry and JP Morgan Chase will enter a new financial world which will provide this company with further opportunities to grow,” he said. “In the new era, it is very possible that the valuation of JP Morgan and its industry will expand, a process that is already well underway.”
Banks are being seen as big beneficiaries of the tax cuts Congress enacted in December.
In its earnings presentation, J.P. Morgan said its effective tax rate would be 19 percent, compared with 35 percent prior. That in itself should provide the bank with a nice cushion, even though it had to take a $2.4 billion charge for 2017 because of the tax legislation.
In his note to clients, Bove reiterated his view that Q4 numbers were “not impressive.” However, he still holds a positive outlook due to the bank’s ability to negotiate a number of obstacles.
“Whether investors look at reported numbers (as I do) or managed numbers, quarter-overquarter, revenues were down and expenses were up,” he wrote. “Admittedly, one-time events impacted the numbers but the biggest impact was in the tax adjustment not the operating numbers.”
While other bank stocks have underperformed, J.P. Morgan’s return of about 60 percent over the past two years has about doubled the S&P 500.
“An assessment of JPMorgan Chase in recent years indicates that this management has been wrestling with a hostile environment and yet it has been able to maintain its stability,” Bove said. “The stock price is indicating that this environment is about to change meaningfully in a very favorable direction.”
DALLAS, TX
Dallas encompasses half of the Dallas/Fort Worth Metroplex and is the third-largest city in Texas and the ninth-largest city in the United States. Dallas is home to the third-largest concentration of Fortune 500 companies in the country and is the largest economic center of the Dallas/Fort Worth metropolitan area. The Metroplex has strong submarket occupancy rates, is home to more shopping centers per capita and has one of the largest concentrations of corporate headquarters for publicly traded companies in the United States.
The city is the largest economic center of the 12-county Dallas–Fort Worth–Arlington metropolitan area, which had a population of 6,810,913 people as of July 1, 2013. The metropolitan economy is the sixth largest in the United States, with a 2012 real GDP of $420.34 billion. In 2013 the metropolitan area led the nation with the largest year-over-year increase in employment, and advanced to become the fourth-largest employment center in the nation (behind New York City, Los Angeles, and Chicago) with more than three million non-farm jobs. In the
latest rankings released in 2013, Dallas was rated as a “beta plus” world city by the Globalization and World Cities Study Group & Network. Dallas is also ranked 14th in world rankings of GDP by the Organization for Economic Co-operation and Development. The Dallas-Fort Worth Metroplex has one of the largest concentrations of corporate headquarters for publicly traded companies in the United States. The city of Dallas has 12 Fortune 500 companies, and the DFW region as a whole has 20.
Dallas is the best-ranked city on the Regulatory Climate Index thanks to its efficient local regulations. Entrepreneurs and small businesses can expect a welcoming business environment across all five areas of local regulation. Dallas scores above average across each meaningful measure of an interaction that a business has with a local government agency through procedure, time, and cost. These rankings reflect the city’s continuing efforts to develop programs and initiatives to strengthen the business environment, provide access to capital, and encourage economic growth at the local level.
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