JPMorgan CEO Jamie Dimon and Family Sell $150 Million in Bank’s Stock
Following Last Year's Announcement, Dimon Initiates Sale of Shares for the First Time in 18 Years
JPMorgan Chase & Co.’s Chief Executive Officer, Jamie Dimon, and his family have sold $150 million worth of the bank’s stock, marking the implementation of Dimon’s decision, announced last year, to begin selling shares for the first time since assuming leadership 18 years ago.
In a series of transactions on Thursday, Dimon and his family sold about 822,000 shares, as disclosed in a filing with the U.S. Securities and Exchange Commission. Despite the sale, the bank’s stock is currently trading at a record high, having consistently outperformed the broader market and its peers during Dimon’s tenure.
In an October filing, the company stated that Dimon believed in the company’s strong prospects, and his stake in the company would remain significant. After Thursday’s sales, Dimon, along with his family, retains ownership of approximately 7.7 million shares.
JPMorgan emerged as a winner among banks last year, particularly with its deal for First Republic Bank. The bank’s stock rallied 27%, and it posted record net interest income. The current trading price of the stock is nearly $183 per share, compared to approximately $40 when Dimon took over as CEO.
The shares were sold for approximately 30% more than the stock’s value in October when Dimon announced his intention to sell. Analysts on Wall Street are notably bullish on JPMorgan shares, with the highest consensus rating among its major banking peers and a return potential implied by their price targets of over 4% in the next twelve months.
