<p><strong>摩根大通</strong>( JPM 0.11%) 是全球最大的金融公司之一，仅次于 <strong>伯克希尔哈撒韦</strong>( BRKA +1.41%)( BRKB +1.40%)。尽管如此，这家巨型银行在美联储宣布其通过了银行压力测试时收到了非常好的消息。摩根大通的股东也因此受益，因为该银行迅速宣布了 10% 的股息增长和 500 亿美元的股票回购计划。</p>
<h2>摩根大通处于强势地位</h2>
<p>美联储银行压力测试的第一个重要结论是，摩根大通是一家财务稳健的银行。值得注意的是，美联储要求的一级资本充足率为 11.5%，而该银行的一级资本充足率为 14.3%。一级资本充足率表明银行在逆境中的准备程度，数字越高表示准备越充分。显然，摩根大通不仅是 全球最大的银行之一，而且也是最强的银行之一。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzYyMjUvMjNfMDJfMDEtYS1oYW5kLWRyYXdpbmctYS1zY2FsZS1zaG93aW5nLXByaWNlLXZzLXZhbHVlLV9tZi1kbG9hZC5qcGcmdz0zODQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="2121" height="1414" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzYyMjUvMjNfMDJfMDEtYS1oYW5kLWRyYXdpbmctYS1zY2FsZS1zaG93aW5nLXByaWNlLXZzLXZhbHVlLV9tZi1kbG9hZC5qcGcmdz0zODQw"/></p>
<p>图片来源：Getty Images。</p>
<p>然而，仅凭这一点并不足以使股票值得购买。它还在第一季度展现了强劲的财务业绩，各项业务均实现增长。每股收益同比增长 17%，有形普通股权益回报率提高了两个百分点。总的来说，今天有很多理由看好摩根大通。</p>
<p>展开</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0pQTS5wbmcmdz0xMjg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="摩根大通股票报价" width="80" height="80" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0pQTS5wbmcmdz0xMjg"/></p>
<h2>NYSE: JPM</h2>
<p>摩根大通</p>
<p>今日变动</p>
<p>(-0.11%) $-0.37</p>
<p>当前价格</p>
<p>$333.70</p>
<h3>关键数据点</h3>
<p>市值</p>
<p>$8960 亿</p>
<p>日内区间</p>
<p>$331.77 - $338.27</p>
<p>52 周区间</p>
<p>$279.10 - $343.45</p>
<p>成交量</p>
<p>305.3K</p>
<p>平均成交量</p>
<p>900 万</p>
<p>股息收益率</p>
<p>1.76%</p>
<h2>现在还不要急于购买摩根大通</h2>
<p>这个故事的问题在于华尔街对公司的成功非常清楚。事实上，股票的交易价格刚好低于历史最高点。股票的市销率、市盈率和市净率均高于五年平均水平，并且差距相当大。具体来说，股票的市销率为 4.8 倍，而五年平均为 3.6 倍。当前的市盈率大约为 15.5 倍，而长期平均约为 11 倍。市净率为 2.5 倍，而五年平均略低于 1.8 倍。</p>
<p>简单来说，摩根大通今天看起来相当昂贵。即使公司的前瞻市盈率明显与过去不符，当前为 14.9 倍，而五年平均为 12 倍。大幅增加股息和股票回购计划并不会改变这里的估值事实，即使这些措施令人欣慰。对于那些即使有 一点点价值倾向 的投资者来说，今天这只股票看起来更像是愿望清单上的股票，而不是购买清单上的股票。经济衰退和/或熊市可能会使这家大型、管理良好的银行成为更具吸引力的价值投资。</p>

摩根大通

JPMO

<p>摩根大通通过了美联储的压力测试，宣布进行 500 亿美元的股票回购和 10% 的股息增加。尽管财务业绩强劲且资本比率高，但该股票的交易价格接近历史最高点，估值倍数高于五年平均水平。因此，文章建议该股票价格昂贵，推荐将其列入愿望清单，而非立即购买，并指出经济衰退可能会提供更好的价值</p>

<p><strong>JPMorgan Chase</strong>( JPM 0.11%) is one of the world's largest financial companies, trailing only <strong>Berkshire Hathaway</strong>( BRKA +1.41%)( BRKB +1.40%). That said, the giant bank got some very good news when the Federal Reserve announced that it had passed the Fed's bank stress test. And JPMorgan Chase shareholders benefited, too, since the bank quickly announced a 10% dividend increase and a $50 billion share repurchase plan.</p>
<div class="lb-trans"><p><strong>摩根大通</strong>( JPM 0.11%) 是全球最大的金融公司之一，仅次于 <strong>伯克希尔哈撒韦</strong>( BRKA +1.41%)( BRKB +1.40%)。尽管如此，这家巨型银行在美联储宣布其通过了银行压力测试时收到了非常好的消息。摩根大通的股东也因此受益，因为该银行迅速宣布了 10% 的股息增长和 500 亿美元的股票回购计划。</p>
</div><h2>JPMorgan Chase is in a strong position</h2>
<div class="lb-trans"><h2>摩根大通处于强势地位</h2>
</div><p>The first big takeaway from the Fed's bank stress test is that JPMorgan Chase is a financially solid bank. Notably, the Fed is looking for a tier 1 capital ratio of 11.5%, but the bank's tier 1 ratio was 14.3%. The tier 1 ratio indicates how well prepared a bank is for adversity, with higher numbers indicating better preparedness. Clearly, JPMorgan Chase is not only one of the largest banks in the world but also among the strongest.</p>
<div class="lb-trans"><p>美联储银行压力测试的第一个重要结论是，摩根大通是一家财务稳健的银行。值得注意的是，美联储要求的一级资本充足率为 11.5%，而该银行的一级资本充足率为 14.3%。一级资本充足率表明银行在逆境中的准备程度，数字越高表示准备越充分。显然，摩根大通不仅是 全球最大的银行之一，而且也是最强的银行之一。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzYyMjUvMjNfMDJfMDEtYS1oYW5kLWRyYXdpbmctYS1zY2FsZS1zaG93aW5nLXByaWNlLXZzLXZhbHVlLV9tZi1kbG9hZC5qcGcmdz0zODQw" alt="A hand drawing a scale showing price vs. value." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F876225%2F23_02_01-a-hand-drawing-a-scale-showing-price-vs-value-_mf-dload.jpg&amp;w=3840&amp;op=resize"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>That alone, however, isn't enough to make the stock worth buying. It is also putting up strong financial results, with growth across its business in the first quarter of 2026. Earnings per share rose 17% year over year, with return on tangible common equity increasing by two percentage points. All in, there are many reasons to like JPMorgan Chase today.</p>
<div class="lb-trans"><p>然而，仅凭这一点并不足以使股票值得购买。它还在第一季度展现了强劲的财务业绩，各项业务均实现增长。每股收益同比增长 17%，有形普通股权益回报率提高了两个百分点。总的来说，今天有很多理由看好摩根大通。</p>
</div><p>Expand</p>
<div class="lb-trans"><p>展开</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0pQTS5wbmcmdz0xMjg" alt="JPMorgan Chase Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FJPM.png&amp;w=128&amp;op=resize"/></p>
<h2>NYSE: JPM</h2>
<div class="lb-trans"><h2>NYSE: JPM</h2>
</div><p>JPMorgan Chase</p>
<div class="lb-trans"><p>摩根大通</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日变动</p>
</div><p>(-0.11%) $-0.37</p>
<div class="lb-trans"><p>(-0.11%) $-0.37</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>当前价格</p>
</div><p>$333.70</p>
<div class="lb-trans"><p>$333.70</p>
</div><h3>Key Data Points</h3>
<div class="lb-trans"><h3>关键数据点</h3>
</div><p>Market Cap</p>
<div class="lb-trans"><p>市值</p>
</div><p>$896B</p>
<div class="lb-trans"><p>$8960 亿</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日内区间</p>
</div><p>$331.77 - $338.27</p>
<div class="lb-trans"><p>$331.77 - $338.27</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周区间</p>
</div><p>$279.10 - $343.45</p>
<div class="lb-trans"><p>$279.10 - $343.45</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>305.3K</p>
<div class="lb-trans"><p>305.3K</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>9M</p>
<div class="lb-trans"><p>900 万</p>
</div><p>Dividend Yield</p>
<div class="lb-trans"><p>股息收益率</p>
</div><p>1.76%</p>
<div class="lb-trans"><p>1.76%</p>
</div><h2>Don't run out and buy JPMorgan Chase just yet</h2>
<div class="lb-trans"><h2>现在还不要急于购买摩根大通</h2>
</div><p>The problem with this story is that Wall Street is well aware of the company's success. In fact, the stock is trading just below its all-time highs. The stock's price-to-sales, price-to-earnings, and price-to-book ratios are all above their five-year averages, and by meaningful amounts. To put some numbers on that, the stock's P/S ratio sits at 4.8x, versus a five-year average of 3.6x. The current P/E ratio is roughly 15.5x compared to a longer-term average of around 11x. And the P/B ratio is 2.5x compared to the five-year average of just under 1.8x.</p>
<div class="lb-trans"><p>这个故事的问题在于华尔街对公司的成功非常清楚。事实上，股票的交易价格刚好低于历史最高点。股票的市销率、市盈率和市净率均高于五年平均水平，并且差距相当大。具体来说，股票的市销率为 4.8 倍，而五年平均为 3.6 倍。当前的市盈率大约为 15.5 倍，而长期平均约为 11 倍。市净率为 2.5 倍，而五年平均略低于 1.8 倍。</p>
</div><p>Simply put, JPMorgan Chase is looking rather expensive today. Even the company's forward P/E ratio is notably out of line with its past, sitting at 14.9x compared to a five-year average of 12x. A large dividend hike and stock buyback plan won't change the valuation facts here, even if they are nice to see. For investors who have even the slightest value lean, this looks like a stock for the wishlist, not the buy list, today. A recession and/or a bear market could make this large, well-run bank a more attractive value.</p>
<div class="lb-trans"><p>简单来说，摩根大通今天看起来相当昂贵。即使公司的前瞻市盈率明显与过去不符，当前为 14.9 倍，而五年平均为 12 倍。大幅增加股息和股票回购计划并不会改变这里的估值事实，即使这些措施令人欣慰。对于那些即使有 一点点价值倾向 的投资者来说，今天这只股票看起来更像是愿望清单上的股票，而不是购买清单上的股票。经济衰退和/或熊市可能会使这家大型、管理良好的银行成为更具吸引力的价值投资。</p>
</div>

JPMorgan Chase Just Authorized a $50 Billion Buyback and Raised Its Dividend. Is the Stock a Buy Near Record Highs?

- JPMorgan Chase 通过了美联储的银行压力测试，股东将获益。  
- 银行的一级资本比率为 14.3%，远高于要求的 11.5%。  
- 然而，股票估值较高，建议投资者保持观望。

Motley Fool

Defiance Daily Target 2X Long JPM ETF

YieldMax JPM Option Income Strategy ETF

伯克希尔哈撒韦-A

伯克希尔哈撒韦-B

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL

JPMorgan Chase & Co.

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

摩根大通刚刚批准了一项 500 亿美元的股票回购计划并提高了股息。在接近历史高点时，这只股票是否值得买入？