JPMorgan Chase yield still lags peers, even after latest dividend increase

MW JPMorgan Chase yield still lags peers, even after latest dividend increase

By Steve Gelsi

The Dow component's yield is now about 2.37%, which is below the 2.98% for the SPDR S&P Bank ETF

JPMorgan Chase & Co. on Wednesday said it would hike its quarterly dividend by 9.5%, but even with the boost, its yield still lags those of its peers.

The increase of 10 cents a share to $1.15 a share for JPMorgan Chase's $(JPM)$ quarterly dividend amounts to a yield of about 2.37%, based on current share prices.

That's less than the 2.67% for Bank of America Corp. $(BAC.SI)$, 2.84% for Goldman Sachs Group Inc. $(GS)$, 2.46% for Wells Fargo & Co. $(WFC)$ and 3.59% for Citigroup Inc. (C), according to FactSet data.

JPMorgan Chase's yield also lags components of the SPDR S&P Bank exchange-traded fund KBE, which yields about 2.98%.

JPMorgan Chase's stock rose 0.3% on Wednesday and is up 14.3% so far in 2024.

JPMorgan Chase is one the 30 stocks in the Dow Jones Industrial Average DJIA, which is up 3.7% year to date. The S&P 500 SPX is now up by 8.5%.

JPMorgan Chase shareholders of record as of the close of trading on April 5 will be paid the quarterly of $1.15 a share on April 30, the bank said.

In October, the bank paid a quarterly dividend of $1.05 a share, up from $1 a share previously.

The quarterly dividend had been $1 a share since October of 2021, when it was raised from 90 cents a share.

Also read: Wells Fargo's stock has reached a fair price after runup, analyst says

-Steve Gelsi

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March 20, 2024 10:45 ET (14:45 GMT)

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