JPMorgan CEO Jamie Dimon and Family Sell $150 Million Worth of Bank’s Stock
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon and his family have made headlines with their recent sale of $150 million worth of the bank’s stock. This move comes as Dimon follows through on his announcement last year that he would begin selling shares for the first time since taking the helm 18 years ago.
According to a filing with the U.S. Securities and Exchange Commission, Dimon and his family sold approximately 822,000 shares in a series of transactions on Thursday. It is worth noting that the stock, which has consistently outperformed the broader market and its peers during Dimon’s tenure, is currently trading at a record high.
Despite the sale, JPMorgan made it clear that Dimon still believes in the company’s strong prospects and that his stake in the company will remain significant. In an October filing, the company stated, “Mr. Dimon continues to believe the company’s prospects are very strong and his stake in the company will remain very significant.” However, a representative for the firm declined to provide further comment on Friday.
The October announcement revealed that Dimon planned to sell one million shares, subject to the terms of a stock-trading plan. Even after the recent sales, Dimon and his family still hold approximately 7.7 million shares.
JPMorgan had an impressive year in 2021, particularly due to its deal for First Republic Bank. The company’s stock rallied 27%, and it posted record net interest income. This success is a testament to Dimon’s leadership and strategic decision-making.
When Dimon took over as CEO, the stock was trading at around $40. However, he sold the shares on Thursday for nearly $183 each, as the stock had rallied approximately 30% since his October announcement to offload shares. On Friday, shares gained 0.5%, further solidifying the bank’s positive trajectory.
On Wall Street, analysts are overwhelmingly bullish on JPMorgan shares’ prospects. With two dozen buy-equivalent recommendations, the bank has the highest consensus rating among its biggest banking peers. Furthermore, the price targets set by these analysts imply a return potential of over 4% over the next twelve months.
In conclusion, Jamie Dimon’s decision to sell $150 million worth of JPMorgan stock has garnered attention in the financial world. Despite the sale, Dimon remains confident in the company’s future and retains a significant stake. With JPMorgan’s impressive performance and positive outlook, it is clear why analysts are bullish on its shares. As the bank continues to thrive under Dimon’s leadership, investors eagerly anticipate its continued success.