JPMorgan increases quarterly dividend to 30 cents

AP News
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Posted: Mar 13, 2012 4:42 PM
JPMorgan increases quarterly dividend to 30 cents

JPMorgan Chase says it is increasing its quarterly stock dividend to 30 cents per share from 25 cents.

The bank says the increase was authorized by the Federal Reserve, which recently conducted a stress test on the 19 largest financial institutions. Results of the tests will be released on Thursday.

JPMorgan, the largest bank in the nation by assets, said Tuesday that the Fed also authorized it to buy back $15 billion of its own stock by the end of the first quarter of 2013.

JPMorgan stock is rising on the news. It's up 7 percent on the day.