Investment banking leader JPMorgan Chase (JPM) has a new marketing plan, and it is reaching out to sponsor a team in the Women’s National Basketball Association (WNBA) to get the job done. The move met with some resistance from shareholders, however, and Chase was down fractionally in Wednesday afternoon’s trading.
Chase reached out to become a “jersey patch” sponsor of the Golden State Valkyries, which is the next expansion team for the San Francisco Bay Area. With this, the Chase Freedom logo will show up on every Valkyrie jersey for the term of the sponsorship.
Reports note that the deal, which will last several years, is a “seven-figure investment,” which also makes it one of the largest jersey patch deals that the league has ever seen. Chase’s chief marketing officer, Carla Hassan, noted, “There is no denying the growth of women’s sports right now.” That, in turn, left Chase “…excited to work with the Valkyries to really continue to drive this meteoric rise we’re seeing right now.”
The Chase Free Money Glitch
Meanwhile, Chase had another problem on its hands as a new concept went downright viral on social media recently: the Chase Free Money Glitch. Several TikTok videos went viral recently, featuring people getting what they believed was “free money” from Chase ATMs. Users would deposit checks for large sums of money, then stage withdrawals for smaller sums, which somehow made them believe they had found a bug in Chase’s ATM systems. As it turns out, it was just check fraud.
Currently, Chase is “reviewing the situation,” according to a CNN report, but the Federal Reserve would not comment on whether federal regulators were getting involved in the matter. Further, the Office of the Comptroller of the Currency does not “…comment on specific banks or supervisory activities.”
Is It a Good Time to Buy JPMorgan Stock?
Turning to Wall Street, analysts have a Strong Buy consensus rating on JPM stock based on 16 Buys and four Holds assigned in the past three months, as indicated by the graphic below. After a 55.15% rally in its share price over the past year, the average JPM price target of $225.51 per share implies 2.6% upside potential.
