JPMorgan Chase Plans Dividend Increase and $6.4 Billion Capital Repurchase Program
Get Alerts JPM Hot Sheet
Overall Analyst Rating:
NEUTRAL ( Up)
Dividend Yield: 2.4%
EPS Growth %: +12.9%
Join SI Premium – FREE
NEW YORK--(BUSINESS WIRE)-- JPMorgan Chase & Co. (NYSE: JPM) announced today that the Federal Reserve Board had informed the Firm that it does not object to the Firm’s adjusted 2015 capital distribution plan and that the Firm’s Board of Directors intends to increase the quarterly common stock dividend to $0.44 per share (up from the current $0.40 per share), effective the second quarter of 2015, and to authorize the repurchase of up to $6.4 billion of common equity between April 1, 2015, and June 30, 2016. The equity repurchase program would include shares repurchased to offset issuances under the Firm’s equity-based compensation plans.
Jamie Dimon, Chairman and CEO of JPMorgan Chase said: “We are pleased that our Board intends to raise the dividend and continue our equity buyback program.”
The Firm’s dividends will be subject to the Board’s approval at the customary times those dividends are declared. The Board intends to formally authorize the equity repurchase program at its next meeting on March 17, 2015. The 2015 second quarter dividend, which the Board intends to increase to $0.44 per share, would be for shareholders of record on July 6, 2015, payable on July 31, 2015.
The timing and exact amount of common equity purchased will be consistent with the Firm’s capital plan and will depend on various factors, including market conditions, the Firm’s capital position, internal capital generation, alternative investment opportunities, and legal and regulatory considerations; the Firm’s repurchase program does not include specific price targets or timetables, and may be executed through open market purchases or privately negotiated transactions, including the use of Rule 10b5-1 programs, and may be suspended at any time.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.6 trillion and operations worldwide. The firm is a leader in investment banking, financial services for consumers and small business, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
JPMorgan Chase & Co.
Investor Contact:
Sarah
Youngwood, 212-270-7325
or
Media Contact:
Joe
Evangelisti, 212-270-7438
Source: JPMorgan Chase & Co.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- JPMorgan (JPM) Dealmakers Lipsky and Lee Leaving the Bank - Reuters
- SPACEMOBILE ALERT: Bragar Eagel & Squire, P.C. Announces that a Class Action Lawsuit Has Been Filed Against AST SpaceMobile, Inc. and Encourages Investors to Contact the Firm
- MiniTool Released MovieMaker 7.3.0 with New Audio Resources
Create E-mail Alert Related Categories
Press ReleasesRelated Entities
JPMorgan, Jamie Dimon, DividendSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!