By Steve Gelsi
The Dow component's yield now sits around 2.37%, below the SPDR S&P Bank ETF's 2.98%.
JPMorgan Chase & Co. said Wednesday it would increase its quarterly dividend by 9.5%, but even with the boost, its performance still lags that of its peers.
The increase from 10 cents per share to $1.15 per share for JPMorgan Chase's (JPM) quarterly dividend equates to a yield of about 2.37%, based on current stock prices.
That's less than Bank of America Corp.'s (BAC) 2.67%, Goldman Sachs Group Inc.'s (GS) 2.84%, Wells Fargo & Co.'s (WFC) 2.46% and 3.59% of Citigroup Inc. (C). according to FactSet data.
JPMorgan Chase's performance also lags that of the components of the SPDR S&P Bank KBE exchange-traded fund, which yields about 2.98%.
JPMorgan Chase shares rose 0.3% on Wednesday and are up 14.3% so far in 2024.
JPMorgan Chase is one of 30 stocks in the Dow Jones Industrial Average DJIA, which is up 3.7% so far this year. The S&P 500 SPX is now up 8.5%.
JPMorgan Chase shareholders of record as of the close of business on April 5 will receive a quarterly payment of $1.15 per share on April 30, the bank said.
In October, the bank paid a quarterly dividend of $1.05 per share, up from $1 per share previously.
The quarterly dividend had been $1 per share since October 2021, when it was raised from 90 cents per share.
Also Read: Wells Fargo Stock Priced Right After Raise, Analyst Says
-Steve Gelsi
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03-20-24 1045ET
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