JPMorgan
Chase Chairman and CEO
Jamie Dimon
just sold shares of his bank for the first time.
Dimon sold 683,038 JPMorgan shares for $125 million today, an average price of $182.73 each. According to a form he filed with the Securities and Exchange Commission, the stock was sold through trusts that he controls. Also, his spouse Judith Kent sold 138,740 JPMorgan shares for $25.3 million, an average price of $182.73 each. The sales were executed through a so-called Rule 10b5-1(c) plan, which was disclosed at the end of November.
Such plans automatically conduct trades when preset conditions, such as price and volume, are met. The purpose is to remove potential bias an insider may have from knowledge of nonpublic information.
JPMorgan didn’t immediately respond to a request to make Dimon available for comment. The November filing noted the sales would be “for financial diversification and tax-planning purposes.”
Dimon still owns 311,861 JPMorgan shares in a personal account, 8,707 shares in a 401(k) plan, and 152,940 shares through a limited liability company. The trusts now own 6.6 million JPMorgan shares, and Kent now owns 595,316 shares.
JPMorgan stock set a record high of $183.42 in Thursday trading, and sports a year-to-date gain of 7.6%.
Dimon’s planned selling covers 1 million shares, and is effective until Aug. 23, according to JPMorgan’s 10-K filed earlier this month.
Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.
Write to Ed Lin at [email protected] and follow @BarronsEdLin.
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