<p><strong>摩根大通</strong>( JPM 0.11%) 是全球最大的金融公司之一，僅次於 <strong>伯克希爾哈撒韋</strong>( BRKA +1.41%)( BRKB +1.40%)。儘管如此，這家巨型銀行在美聯儲宣佈其通過了銀行壓力測試時收到了非常好的消息。摩根大通的股東也因此受益，因為該銀行迅速宣佈了 10% 的股息增長和 500 億美元的股票回購計劃。</p>
<h2>摩根大通處於強勢地位</h2>
<p>美聯儲銀行壓力測試的第一個重要結論是，摩根大通是一家財務穩健的銀行。值得注意的是，美聯儲要求的一級資本充足率為 11.5%，而該銀行的一級資本充足率為 14.3%。一級資本充足率表明銀行在逆境中的準備程度，數字越高表示準備越充分。顯然，摩根大通不僅是 全球最大的銀行之一，而且也是最強的銀行之一。</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>圖片來源：Getty Images。</p>
<p>然而，僅憑這一點並不足以使股票值得購買。它還在第一季度展現了強勁的財務業績，各項業務均實現增長。每股收益同比增長 17%，有形普通股權益回報率提高了兩個百分點。總的來説，今天有很多理由看好摩根大通。</p>
<p>展開</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="摩根大通股票報價" 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>今日變動</p>
<p>(-0.11%) $-0.37</p>
<p>當前價格</p>
<p>$333.70</p>
<h3>關鍵數據點</h3>
<p>市值</p>
<p>$8960 億</p>
<p>日內區間</p>
<p>$331.77 - $338.27</p>
<p>52 周區間</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 萬</p>
<p>股息收益率</p>
<p>1.76%</p>
<h2>現在還不要急於購買摩根大通</h2>
<p>這個故事的問題在於華爾街對公司的成功非常清楚。事實上，股票的交易價格剛好低於歷史最高點。股票的市銷率、市盈率和市淨率均高於五年平均水平，並且差距相當大。具體來説，股票的市銷率為 4.8 倍，而五年平均為 3.6 倍。當前的市盈率大約為 15.5 倍，而長期平均約為 11 倍。市淨率為 2.5 倍，而五年平均略低於 1.8 倍。</p>
<p>簡單來説，摩根大通今天看起來相當昂貴。即使公司的前瞻市盈率明顯與過去不符，當前為 14.9 倍，而五年平均為 12 倍。大幅增加股息和股票回購計劃並不會改變這裏的估值事實，即使這些措施令人欣慰。對於那些即使有 一點點價值傾向 的投資者來説，今天這隻股票看起來更像是願望清單上的股票，而不是購買清單上的股票。經濟衰退和/或熊市可能會使這家大型、管理良好的銀行成為更具吸引力的價值投資。</p>

摩根大通

JPMO

<p>摩根大通通過了美聯儲的壓力測試，宣佈進行 500 億美元的股票回購和 10% 的股息增加。儘管財務業績強勁且資本比率高，但該股票的交易價格接近歷史最高點，估值倍數高於五年平均水平。因此，文章建議該股票價格昂貴，推薦將其列入願望清單，而非立即購買，並指出經濟衰退可能會提供更好的價值</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，僅次於 <strong>伯克希爾哈撒韋</strong>( BRKA +1.41%)( BRKB +1.40%)。儘管如此，這家巨型銀行在美聯儲宣佈其通過了銀行壓力測試時收到了非常好的消息。摩根大通的股東也因此受益，因為該銀行迅速宣佈了 10% 的股息增長和 500 億美元的股票回購計劃。</p>
</div><h2>JPMorgan Chase is in a strong position</h2>
<div class="lb-trans"><h2>摩根大通處於強勢地位</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>美聯儲銀行壓力測試的第一個重要結論是，摩根大通是一家財務穩健的銀行。值得注意的是，美聯儲要求的一級資本充足率為 11.5%，而該銀行的一級資本充足率為 14.3%。一級資本充足率表明銀行在逆境中的準備程度，數字越高表示準備越充分。顯然，摩根大通不僅是 全球最大的銀行之一，而且也是最強的銀行之一。</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>圖片來源：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，僅憑這一點並不足以使股票值得購買。它還在第一季度展現了強勁的財務業績，各項業務均實現增長。每股收益同比增長 17%，有形普通股權益回報率提高了兩個百分點。總的來説，今天有很多理由看好摩根大通。</p>
</div><p>Expand</p>
<div class="lb-trans"><p>展開</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>今日變動</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>當前價格</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>關鍵數據點</h3>
</div><p>Market Cap</p>
<div class="lb-trans"><p>市值</p>
</div><p>$896B</p>
<div class="lb-trans"><p>$8960 億</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日內區間</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 周區間</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 萬</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>現在還不要急於購買摩根大通</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>這個故事的問題在於華爾街對公司的成功非常清楚。事實上，股票的交易價格剛好低於歷史最高點。股票的市銷率、市盈率和市淨率均高於五年平均水平，並且差距相當大。具體來説，股票的市銷率為 4.8 倍，而五年平均為 3.6 倍。當前的市盈率大約為 15.5 倍，而長期平均約為 11 倍。市淨率為 2.5 倍，而五年平均略低於 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>簡單來説，摩根大通今天看起來相當昂貴。即使公司的前瞻市盈率明顯與過去不符，當前為 14.9 倍，而五年平均為 12 倍。大幅增加股息和股票回購計劃並不會改變這裏的估值事實，即使這些措施令人欣慰。對於那些即使有 一點點價值傾向 的投資者來説，今天這隻股票看起來更像是願望清單上的股票，而不是購買清單上的股票。經濟衰退和/或熊市可能會使這家大型、管理良好的銀行成為更具吸引力的價值投資。</p>
</div>

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

- JPMorgan Chase 通過了美聯儲的銀行壓力測試，股東將獲益。  
- 銀行的一級資本比率為 14.3%，遠高於要求的 11.5%。  
- 然而，股票估值較高，建議投資者保持觀望。

Motley Fool

Defiance Daily Target 2X Long JPM ETF

YieldMax JPM Option Income Strategy ETF

伯克希爾哈撒韋-A

伯克希爾哈撒韋-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

摩根大通剛剛批准了一項 500 億美元的股票回購計劃並提高了股息。在接近歷史高點時，這隻股票是否值得買入？