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), 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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03-20-24 1045ET

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