JPMorgan Chase & Co. (JPM) Closing in on Record $38B Oracle Data Center Loan

JPMorgan Chase & Co. (NYSE:JPM) is one of the top S&P 500 stocks by index weight. On April 15, JPMorgan Chase & Co. (NYSE:JPM) and Mitsubishi UFJ Financial Group inched closer to completing a record $38 billion loan package to finance Oracle’s data center projects.

The two took up the record-breaking loan package in August and have since secured a dozen banks and investors to contribute to it. However, the lenders are still looking to offload less than $1 billion of the $38 billion package. Once complete, it will represent the largest debt package on record to finance data centers.

On April 15, Keefe, Bruyette & Woods reiterated an Outperform rating on JPMorgan with a $363 price target. The positive stance is in response to the bank’s solid performance, which has led to returns of 20% on tangible common equity. According to the research firm, the company continues to deliver peer-leading consistency with low volatility.

JPMorgan Chase & Co. (NYSE:JPM) is a leading global financial services firm providing a wide range of services to consumers, businesses, and institutions. Its core businesses include consumer banking (Chase), investment banking (J.P. Morgan), commercial banking, and asset/wealth management.

READ NEXT: 10 Best Defense Stocks That Will Skyrocket and Top 10 Utility Stocks to Buy Now.

Disclosure: None. Follow Insider Monkey on Google News.