JPMorgan Chase & Co., cotée sur le NYSE, est une holding financière, née de la fusion entre la Chase Manhattan Bank et J.P. Morgan & Co. en janvier 2001. Wikipédia
CEO Jamie Dimon bets on J.P. Morgan Chase, to the tune of $26 million
Feb 11, 2016 6:13 p.m. ET
Chairman said to buy 500,000 shares to boost confidence in banking industry
By
JUSTIN
BAER
CHRISTINA
REXRODE
J.P. Morgan Chase & Co. Chairman and Chief Executive James Dimon bought 500,000 of his bank’s shares on Thursday, a person familiar with the matter said.
The $26 million purchase is designed to stem the tide of negative sentiment overwhelming bank stocks this year. The big-ticket stock purchase from one of the country’s most well-known bankers followed a 20% decline in J.P. Morgan’sJPM, +8.33% share price so far this year and a broader selloff that has hit big banks such as Citigroup Inc. C, +7.32% and Bank of America Corp. BAC, +7.08% particularly hard.
Bank stocks have fallen about twice as much as broader stock-market averages this year as investors fret over slowing economic growth, falling energy prices and the possibility that interest rates will fall, a tough combination for bank profits.
“Jamie Dimon stepped up to the plate,” said Mike Mayo, an analyst with CLSA, who took the purchase as a positive sign for shares. “It’s a big number.” The recent market decline is “either a financial catastrophe, or this is an epic buying opportunity, and Dimon is in position to know what outcome is more likely.”
Including his latest purchase, Dimon will own 6,746,402 shares worth a total of about $357.7 million, based on Thursday’s closing price. J.P. Morgan shares rose 2% in aftermarket trading after sliding 4% during the regular trading session.
In recent days, the slide in bank stocks has become an avalanche. Bank of America Corp. shares tumbled 6.8% Thursday, their biggest one-day loss in nearly three years. Citigroup fell 6.5%. In the first six weeks of this year, the biggest U.S. banks have given up nearly three years of gains.
Citigroup and Bank of America now trade for about half their book value, a level last seen in late 2012.
Meanwhile, Citigroup Chief Financial Officer John Gerspach bought about $500,000 worth of Citigroup shares Tuesday, the New York bank disclosed Thursday in a regulatory filing. Citigroup CEO Michael Corbat and Chairman Michael O’Neill bought about $1 million shares each three weeks ago.
Jamie Dimon, chairman and chief executive officer of JPMorgan Chase & Co., spent $26.6 million to buy shares of his bank Thursday after they tumbled to the lowest price in more than two years. On Friday, the stock surged 8 percent, the most in more than four years.
Dimon, 59, bought 500,000 shares, bringing his total holding to 6.75 million shares, according to a regulatory filing. He made the purchase because he believes the stock is cheap after a worldwide rout in equities, according to a person with knowledge of his thinking. JPMorgan, the largest U.S. lender by assets, had dropped 20 percent this year through the end of regular trading Thursday in New York.
Jamie Dimon
Photographer: David Paul Morris/Bloomberg
Other global banks including Citigroup Inc., Bank of America Corp., Credit Suisse Group AG and Deutsche Bank AG had all plunged more than 32 percent through Thursday. On Friday, the 24-company KBW Bank Index added 5 percent, led by JPMorgan, which also was the biggest gainer in the Dow Jones Industrial Average. The shares rose to $57.32 at 12:12 p.m. in New York, the biggest intraday advance since December 2011.
Executives can sometimes shore up confidence in their firms after purchasing shares in the open market. Citigroup CEO Michael Corbat and Chairman Michael O’Neill each bought about $1 million of their bank’s shares on Jan. 22 after they fell to the lowest in more than three years. On Thursday, Citigroup Chief Financial Officer John Gerspach purchased 13,000 shares for about $489,000, according to a filing. Citigroup surged 7.6 percent on Friday, paring its 2016 decline to 27 percent.
Total Pay
A total of 699 officers and directors of U.S. companies purchased their own stock in the past 30 days compared with 828 who sold, the most bullish ratio in more than four years, according to data compiled by the Washington Service and Bloomberg and reported Wednesday. Stocks with the worst losses, such as financial firms, are seeing the biggest increase in demand. Howell D. McCullough III, the CFO of Huntington Bancshares Inc., snapped up 25,000 shares on Feb. 1 after the Ohio lender tumbled 22 percent to start the year.
Dimon’s total compensation for 2015 was $27 million, mostly in stock units linked to the bank’s future performance. That’s a 35 percent raise from a year earlier as profit reached a record $24.4 billion.
by Hugh Son @ BloombergBusiness
Jamie Dimon, chairman and chief executive officer of JPMorgan Chase & Co., spent $26.6 million to buy shares of his bank Thursday after they tumbled to the lowest price in more than two years. On Friday, the stock surged 8 percent, the most in more than four years.
Aucun commentaire:
Enregistrer un commentaire