We recently published 10 Stocks On Jim Cramer’s Radar As He Says Trump Has Been Good For Growth. JPMorgan Chase & Co. (NYSE:JPM) is one of the stocks Jim Cramer recently discussed.
JPMorgan Chase & Co. (NYSE:JPM), the world’s largest private bank, reported its earnings on Tuesday. The results saw the bank report $5.24 in earnings and $45.68 billion in revenue, with the revenue beating analyst estimates of $44 billion. Cramer discussed JPMorgan Chase & Co. (NYSE:JPM) and its CEO, Jamie Dimon, in detail after the earnings:
“[When asked if JPM was the best of the bunch during earnings season] Right now, yeah. Now people are going to say Citi, no matter what. That’s just what they do. There’s a halo around Citi. I wanted to screw with a lot of the action stocks. I think JPMorgan is actually much better. It was up a couple of bucks when it started, uh, it’s just a clean number.
“Look you got a guy that runs JPMorgan. And you know he’s just a downer. Um, what’s he talking about. Independence of the Fed is critical, you know he wants to be a total spokesperson, uh, look I think, you know you’re worried about credit spreads, they’re not where they should be. No, I want a bank that lends. And JPMorgan lends. And I think that, I wish he’d just said that things are real good.
A group of business people discussing plans around a boardroom table adorned with a financial services company logo.
“[On Dimon saying that the Fed should be independent] Okay, absolutely, it is great that someone is saying it. It’s probably even a challenged position these days and I’m glad Jamie’s taking it. But when I look at the stock, when I’m as small as I am, in terms of looking at the stock, it was doing great in the morning. And it should be doing great, how about that. This was a great quarter. And Jamie comes in, and does what he has to do, to defend the institution of the Fed. . . .but the problem I felt was like, don’t distract yourself, do a speech later, your quarter was amazing. Just bask in it. Huge beat.
“It’s everything you want and the stock should be up three to four bucks.
“Like I’m looking at these banks. . .I’m looking at JPMorgan and I’m thinking, what do people want for heaven’s sake? You should be looking at its price-to-earnings multiple. And the price-to-earnings multiple of this machine that is JPMorgan is 15. Well, how can it be so much lower than a cereal company?”
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Disclosure: None. This article is originally published at Insider Monkey.
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