Jamie Dimon Sells $32 Million in Jpmorgan Chase Stock as Shares Vest

JPMorgan Chase & Co.'s CEO, Jamie Dimon, has recently executed another stock sale, following up on a previous insider transaction that raised $150 million roughly a month ago.

‍

In this latest move, Dimon offloaded 161,845 shares of JPMorgan Chase (JPM) on Wednesday at a price of $195.65 per share, amounting to total proceeds of approximately $31.66 million, as per a regulatory filing.

‍

The purpose behind this stock sale is to cover the taxes associated with the vesting of 292,667 performance share units (PSUs) granted to Dimon as part of his compensation package, according to a source familiar with the bank. Presently, these PSUs hold a value of around $58.3 million.

‍

Each PSU entitles its holder to receive one share of JPMorgan common stock upon fulfilling predetermined performance targets.

‍

Dimon initiated a previously disclosed plan in February, selling 821,800 shares at an average price close to $182.73. This marked his first divestment of company stock since assuming the role of chief executive officer in 2005.

‍

Back in October, Dimon had outlined intentions to conduct stock sales across a series of transactions throughout the year.

‍

As per regulatory filings, Dimon directly holds 1,047,211 shares valued at roughly $208 million and indirectly possesses 7.39 million shares valued at about $1.47 billion.

‍

In terms of market performance, JPMorgan stock has witnessed a rise of 17.2% since the beginning of the year, outpacing the 10% gain seen in the S&P 500 and the 5.5% increase in the Dow Jones Industrial Average.

‍