JPMorgan Chase (JPM) is celebrating the fact that it has added 1,000 new branches across America in the past seven years.
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According to JPMorgan, the world’s largest bank, the 1,000 new branches it has opened since 2018 represents more retail locations than most of its competitors operate in total. JPMorgan CEO Jamie Dimon was on hand for a ribbon-cutting ceremony at the 1,000th branch opening in Charlotte, North Carolina, on July 31.
Now, the New York-based lender has roughly 5,000 branches throughout the U.S., the most of any American bank, according to data from the U.S. Federal Reserve. In 2018, JPMorgan operated bank branches in 23 U.S. states and said it would expand into as many as 20 new markets over the following five years. By 2021, JPMorgan Chase had branches in all 48 lower U.S. states.
More Investment
Despite reaching the 1,000 branch milestone, JPMorgan Chase plans even more investments, announcing earlier this year that it will open another 500 retail locations by 2027. Several of JPMorgan’s competitors have also announced plans to expand their retail bank footprints as demand for consumer deposits grows.
Bank of America (BAC) recently announced a branch expansion, with plans to open 150 new locations by 2027. And Wells Fargo (WFC) plans to add branches, especially now that it’s fulfilled a regulatory consent order that had been constraining its growth in America. JPM stock is up 26% this year.
Is JPM Stock a Buy?
The stock of JPMorgan Chase has a consensus Moderate Buy rating among 18 Wall Street analysts. That rating is based on 11 Buy, five Hold, and two Sell recommendations issued in the last three months. The average JPM price target of $307.20 implies 3.42% upside from current levels.
