JPMorgan Hikes Quarterly Dividend by 11.1%

JPMorgan Chase & Co. (JPM) has raised its quarterly common stock cash dividend by 11.1% to $1 per share. The dividend is payable on October 31, 2021, to shareholders of record as of October 6, 2021.

JPMorgan Chase & Co. engages in the provision of investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management services. (See JPMorgan stock charts on TipRanks)

Prior to the recent hike, the company had raised its common stock dividend by 12.5% in October 2019. The company also has a share buyback program in place. Its board had approved a share repurchase program of up to $30 billion.

On September 16, Jefferies analyst Ken Usdin assigned a Buy rating to the stock with a price target of $177. The price target implies 15.7% upside potential.

Usdin said, “JPM sees recent strength in IB fees as having duration, with pipelines remaining strong. Trading has started to normalize, but has held up better-than-expected. JPM believes it can at least maintain its market share positions in IB/trading and add in Wholesale Payments and Securities Services.”

Consensus among analysts is a Moderate Buy based on 6 Buys, 4 Holds and 1 Sell. The average JPMorgan Chase & Co. price target stands at $167.80 and implies upside potential of 9.7%.

TipRanks’ Hedge Fund Trading Activity tool shows that confidence in JPMorgan is currently Neutral, as the cumulative change in holdings across all 31 hedge funds that were active in the last quarter was a decrease of 3.3 million shares.