Jamie Dimon sells $32 million in JPMorgan Chase stock as shares vest

Dow Jones03-28

MW Jamie Dimon sells $32 million in JPMorgan Chase stock as shares vest

By Steve Gelsi

Bank chief sells 161,844 shares after pocketing $150M in February in earlier stock sale.

JPMorgan Chase & Co. Chief Executive Jamie Dimon has sold another batch of stock about a month after he raised $150 million through an earlier insider transaction.

Dimon sold 161,845 shares of JPMorgan Chase $(JPM)$ on Wednesday at a price of $195.65 for total proceeds of about $31.66 million, according to a filing.

The proceeds of the stock sale will cover taxes for the vesting of 292,667 performance share units (PSUs) as part of Dimon's compensation package, according to a source familiar with the bank.

Those PSUs are currently valued at about $58.3 million.

Each PSU contains the right to receive one share of JPMorgan common stock upon vesting, based on meeting performance goals.

Dimon in February carried out a plan disclosed late last year and sold 821,800 shares at an average price near $182.73. It was his first sale of company stock since he became chief executive in 2005.

Also read: Why Jamie Dimon's sale of $150 million in JPMorgan's stock could be reason for caution

In October, Dimon disclosed plans to sell stock in a series of transactions this yeaer.

Also read: Jamie Dimon and family selling 1 million shares of JPMorgan stock for 'financial diversification' purposes

Dimon directly owns 1,047,211 shares with a value of about $208 million and indirectly owns 7.39 million shares with a value of about $1.47 billion, according to a filing.

So far this year, JPMorgan stock has risen by 17.2%, ahead of the 10% gain by the S&P 500 SPX and the 5.5% rise by the Dow Jones Industrial Average DJIA.

Also read: Jamie Dimon gets $1.5M raise and heaps of praise after JPMorgan Chase's record profit

-Steve Gelsi

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March 28, 2024 10:08 ET (14:08 GMT)

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Jamie Dimon sells $32 million in JPMorgan Chase stock as shares vest

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