JPMorgan Chase & Co. Chief Executive Jamie Dimon and his family sold $150 million worth of shares in the bank, following his announcement last year that he would begin selling shares for the first time since he had taken the helm 18 years ago.
Dimon and his family sold about 822,000 shares in a series of transactions Thursday, according to a U.S. Securities and Exchange Commission filing. The stock, which has outperformed the broader market and its peers during his tenure, is trading at a record high.
“Mr. Dimon continues to believe that the company’s prospects are very strong and that his stake in the company will remain very significant,” the company said in an October document regarding the planned sales. A company representative declined further comment Friday.
The October announcement said Dimon planned to sell one million shares, subject to the terms of a stock purchase plan. He and his family continue to hold about 7.7 million shares after Thursday’s sales.
JPMorgan was a winner among banks last year thanks to its First Republic Bank deal, with its shares rising 27% and the New York-based company posting record net interest income.
When he took over as CEO, shares were trading for around $40. He sold the shares for nearly $183 a piece on Thursday, as the stock had risen about 30% since he announced in October that he planned to sell the stock. Shares gained 0.5% on Friday.
On Wall Street, analysts are decidedly bullish on the prospects of JPMorgan stock. Two dozen banks have buy-equivalent recommendations, giving it the highest consensus rating among its handful of major bank peers. The return potential implied by their price targets is above 4% over the next twelve months.