In its latest SEC 13F filing, Meritage Portfolio Management reported selling 5,129 shares of JPMorgan Chase & Co. during the third quarter, an 8.7% reduction that left the firm holding 53,824 shares. Those remaining shares accounted for roughly 1.1% of Meritage’s overall investment portfolio, making JPMorgan its 12th largest position. At quarter-end, the value of that holding stood at $16.98 million, down from $18.56 million prior to the sale.

Several other hedge funds and institutional investors updated their JPMorgan holdings in Q3. Mizuho Securities Co. increased its stake by 450%, adding 90 shares to reach 110 shares. Mountain Hill Investment Partners initiated a new position worth approximately $32,000. Family Legacy Financial Solutions nearly doubled its allocation, buying 50 additional shares to reach 104 shares. Clarity Asset Management expanded its holding by 87.1%, acquiring 101 shares to total 217 shares. Collectively, institutional investors now hold 71.55% of outstanding JPMorgan shares, underscoring continued confidence in the bank despite selective portfolio rebalancing.

The trimming by Meritage and selective adjustments by other funds reflect tactical rebalancing rather than a broad retreat from JPMorgan’s shares. With the bank reporting quarterly revenue growth of 7.1% year-over-year to $46.77 billion and earnings per share beating consensus by $0.30, analysts maintain a consensus “Hold” rating and an average price target near $336. Investors should weigh these position changes against JPMorgan’s robust return on equity of 17.16%, 20.35% net margin, and a diversified revenue stream spanning retail banking, investment banking and asset management.