JPMorgan Chase & Co.
) declared a quarterly dividend of 40 cents per share. This marks a
5.3% hike from the previous payout. The dividend is payable on Jul
31, 2014, to stockholders of record at the close of business on Jul
Prior to this, the bank paid a dividend of 38 cents per share to
shareholders on Apr 30, 2014, the announcement of which was made on
Mar 18, 2014. The latest dividend hike is reflective of the Federal
Reserve Board's 2014 Comprehensive Capital Analysis and Review
(CCAR) results wherein JPMorgan got the no-objection for its
proposed 2014 capital distribution plan.
The hike reflected the bank's commitment to reward shareholders.
The Board also authorized the bank to repurchase $6.5 billion of
common equity between Apr 1, 2014 and Mar 31, 2015.
JPMorgan had $2.5 trillion in total assets and $204.6 million in
common stockholders' equity as of Mar 31, 2014. Before the latest
hike, the bank had announced a dividend hike in May 21 last year,
when the payout was increased 26.7% to 38 cents per share.
Similar to JPMorgan,
The PNC Financial Services Group, Inc.
) raised its quarterly common stock dividend by 9% to 48 cents per
The Bank of New York Mellon Corp.
) announced a 13% raise in its quarterly cash dividend and
) increased the quarterly cash dividend by 5%. All these dividend
hikes followed the Fed's approval of the 2014 capital plans of
these major regional banks.
At present, JPMorgan has a Zacks Rank # 4 (Sell).
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