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Chase Hikes Payout

New York money center bank JPMorgan Chase & Co. (NYSE: JPM – $114.30) said the Board of Directors raised the quarterly dividend 43% to $0.80 per share, from $0.56 paid in the previous quarter. The Federal Reserve recently approved JPM’s capital plans, which included the increased payout to shareholders. The new annualized rate of Chase’s dividend is now $3.20 and will yield investors 2.8% at current quotations. The dividend is payable on October 31, to shareholders of record on Oct. 5.

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