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Published: February 23, 2024 at 5:49 PM ET
JPMorgan Chase & Co. CEO Jamie Dimon sold $150 million of the company’s stock on Thursday in his first sale, according to a recent filing. He had previously indicated his intention to unload inventory.
Mr. Dimon sold 821,800 JPMorgan shares at an average price of around $182.73, according to a filing with the Securities and Exchange Commission. The sale was conducted through a Rule 10b5-1 trading plan, which allows company personnel, such as officers and directors, to arrange for the sale of stock under predetermined conditions.
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JPMorgan Chase & Co. CEO Jamie Dimon sold $150 million of the company’s stock on Thursday in his first sale, according to a recent filing. He had previously indicated his intention to unload inventory.
Mr. Dimon sold 821,800 shares of JPMorgan stock.
J.P.M.
The average price was nearly $182.73, according to a filing with the Securities and Exchange Commission. The sale was conducted through a Rule 10b5-1 trading plan, which allows company personnel, such as officers and directors, to arrange for the sale of stock under predetermined conditions.
JP Morgan’s stock price has reached a new high in the past few days, so it is unclear whether this was the trigger or whether a sale plan was planned based on the timing, according to Verity Data, which tracks insider activity. wrote Ben Silverman, vice president of research at. .
“A review of the daily chart of the stock price raises some questions as to whether the trigger price was adopted,” he said in a report. Dimon’s sale came on the first day in history that JPMorgan stock traded above $182, he emphasized.
JPMorgan’s stock price has risen about 30% since Dimon adopted the trading plan, and “this would be a fairly ambitious catalyst for a relatively short-term plan,” Silverman said. Ta. The plan expires on Aug. 23, and Mr. Dimon could sell up to an additional 178,000 shares under the plan.
Mr. Dimon announced last year that he planned to sell up to 1 million shares “for financial diversification and tax savings purposes.” JPMorgan on Friday declined to comment on the sale beyond Mr. Dimon’s October filing.
Mr. Silverman had expected Mr. Dimon to begin selling near this time because the “cooling-off” period for the transaction plan had recently ended, but Mr. He said he expected the company to sell its shares “in a systematic manner.”
On Thursday, other JPMorgan insiders sold shares as well. Chief information officer Lori Beal sold $716,000 in stock and general counsel Stacey Friedman sold $1.1 million. Troy Rohrbaugh, co-chief executive officer of JPMorgan’s commercial and investment bank, unloaded $13.7 million in stock.
These sales came from trading plans.
“These are sales of a small portion of our stock holdings and are in accordance with our 10b5-1 sales program,” a JPMorgan spokesperson said.
Before Thursday’s sale, Mr. Dimon was a buyer of JPMorgan stock, Mr. Silverman said, and he last bought the stock on the open market in February 2016.
“Mr. Dimon’s surprising selling behavior, and the fact that he has a strong buying history alongside a string of sales, represents a cautious data point,” he wrote.
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