JPMorgan Chase Raises Dividend to 30 Cents

In last week’s CWS Market Review, I wrote:

Jamie Dimon can easily afford to raise JPMorgan’s ($JPM) dividend from the current 25 cents to, say, 30 cents per share. Jamie has said that he’d prefer to ditch the dividend altogether but he understands that shareholders like it. The dividend increase last year was announced on March 18th, so another increase may come soon.

Sure enough, look at what just happened:

JPMorgan Chase & Co. (JPM) said it boosted its common stock quarterly dividend by 5 cents to 30 cents a share.

The lender also authorized a new $15 billion stock buyback program, of which up to $12 billion is approved for this year and up to an additional $3 billion is approved through the end of the first quarter of 2013. JPMorgan said the Federal Reserve raised no objections to the proposed capital distributions.

The shares are currently up about 6% today. Going by this afternoon’s price, JPM yields 2.8%.

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Posted by on March 13th, 2012 at 3:16 pm

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