JPMorgan Chase & Co. (JPMorgan (JPM)) shares are inching higher in extended trading Wednesday after the bank raised its quarterly dividend and announced a fresh buyback.
JPMorgan announced that its board of directors plans to increase the company's common stock dividend to $1.65 per share in the third quarter, up from $1.50 per share. The banking giant also authorized a new $50 billion share repurchase program, effective July 1.
“Our fortress balance sheet, with significant excess capital and robust liquidity, enables us to be a pillar of strength, allowing us to consistently serve our clients and communities,” said Jamie Dimon, chairman and CEO of JPMorgan. “The new share repurchase program provides us with the flexibility to deploy capital in ways that enhance shareholder value over time.”
JPMorgan had $4.9 trillion in assets and $364 billion in stockholders’ equity as of March 31.
JPMorgan shares are up 0.73% in after-hours, trading at $335.90 at publication time. The stock is trading near record levels, approaching all-time highs of approximately $338.09.
