FORT WORTH, TX
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 site to Walmart Neighborhood Market
•Great Redevelopment Opportunity – 3,539 Sq Ft Building on 0.68 Acres of Land
•Approximately$300,000ofCashFlowGuaranteed by Chase Over the Next 2.5+ Years
•CorporatelyGuaranteedByJPMorganChaseBank (NYSE: JPM) – an A+ Rated Company with Market Cap of $380+ Billion
•Ability to go to Chase For a Buyout Once Replacement Tenant is Secured to Lower Basis in the Property
•Above Average Household Incomes - $87,169 in 1-Mile Radius
•5-Mile Population - 228,380 Residents – 14.26% Growth in Last Several Years
•Projected Growth in a 5-Mile Radius is 7.74% Over the Next 5 Years
•Traffic Counts - Vickery Blvd Exceed 12,840 Vehicles Per Day & More Than 35,000 Vehicles Per Day on Interstate 183
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.”
FORT WORTH, TX
The city of Fort Worth is often referred to as “Where the West Begins.” Fort Worth is the 17th-largest city in the United States of America and the fifth-largest city in the state of Texas. Located in North Central Texas, and covers nearly 350 square miles (910 km2) in Tarrant, Denton, Parker and Wise counties. According to the 2013 census estimates, Fort Worth had a population of 792,727.
The city is also home to Texas Christian University, Texas Wesleyan University, University of North Texas Health Science Center, Texas A&M University School of Law, and many multinational corporations including Bell Helicopter, Lockheed Martin, American Airlines, American Airlines Group (and subsidiaries American Airlines and Envoy Air), the John Peter Smith Hospital, Pier 1 Imports, RadioShack, the BNSF Railway, and Lockheed Martin. In 2013, Fort Worth-Arlington ranked No. 15 on Forbes’ list
of the Best Places for Business and Careers. The Fort Worth Stockyards now celebrates Fort Worth’s long tradition as a part of the cattle industry and was listed on the National Register as a historical district in 1976. The listing included 46 contributing buildings and one other contributing structure.
The Stockyards consist of mainly entertainment and shopping venues that capitalize on the “Cowtown” image of Fort Worth. Home to the famous boot making company M.L. Leddy’s which is located in the heart of the Stockyards and The Maverick Fine Western Wear and Saloon where customers “can ‘belly up to the bar, relax and have a cold beer while in the Stockyards just like they did in the days of the big cattle drives”, as they shop around the store. Many bars and nightclubs (including Billy Bob’s Texas) are located in the vicinity, there is also an opry and a rodeo.
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