Benzinga - Investors who bought stocks during the COVID-19 market crash in 2020 have generally experienced some big gains in the past two and a half years.
But there was no question some big-name stocks performed better than others since the pandemic bottom.
JPMorgan's Bumpy Ride: One company that has been a solid investment is U.S. megabank JPMorgan Chase (NYSE:JPM) & Co. (NYSE: JPM).
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At the beginning of 2020, JPMorgan shares were trading at $139.79. The stock was trading at around $117 at the start of March, as news of the coronavirus spreading in China prompted concerns about a U.S. pandemic.
When the market crashed later that month, JPMorgan shares dropped as low as $76.91 on March 19, 2020.
When the market bounced off pandemic lows, JPMorgan began to rebound as well. The stock recovered to a high of $115.77 in June 2020 before its recovery rally stalled. JPMorgan shares traded all the way back down to $90.78 in July.
After a huge break-out to the upside in November, JPMorgan finished 2020 back above $125.
The stock rallied to new all-time highs in January 2021 and climbed as high as $172.96 in October before pulling back to finish 2021 at around $158.
Big bank stocks boomed in late 2020 and early 2021 as investors anticipated higher interest rates could be good news for net interest margins. The Federal Reserve was forced to raise interest rates so aggressively to combat inflation that bank stocks slumped in 2022 on fears that higher rates could trigger an economic downturn and negatively impact loan growth.
JPMorgan In 2023, Beyond: Bank stock selling pressure intensified in 2022, sending JPMorgan shares as low as $101.28 in October. The stock bounced to finish the year at around $134, and today shares are trading at $139.18.
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Still, investors who bought JPMorgan on the day it hit its 2020 pandemic low and held on have generated a decent return on their investment. In fact, $1,000 in JPMorgan stock bought on March 19, 2020, would be worth about $1,782 today, assuming reinvested dividends.
Looking ahead, analysts are expecting JPMorgan's stock to gain more ground in the next 12 months. The average price target among the 24 analysts covering the stock is $150, suggesting a 7.8% upside from current levels.
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