Florida's 2nd congressional district representative, Neal Patrick Dunn, has reported sales of shares from two major financial institutions, J P Morgan Chase & Co (NYSE:JPM$J) and Wells Fargo & Company (NYSE:WFC$D). The transactions, which took place on April 24, 2024, were reported on May 6, 2024.
The J P Morgan Chase & Co shares sold by Dunn represent a 1/400th interest in a share of JPMorgan Chase (NYSE:JPM) & Co. 4.75% Non-Cumulative Preferred Stock, Series GG. Similarly, the Wells Fargo & Company shares sold represent a 1/1,000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series DD. Both transactions fall in the dollar value range of $1,001 - $15,000.
These transactions occurred within Dunn's IRA #2, held at Merrill Lynch. IRA accounts are commonly used by individuals to invest for their retirement while taking advantage of tax benefits. It's important to note that the transactions were new filings and not part of an initial public offering.
As a member of Congress, Dunn is required to disclose all transactions as per the STOCK Act, which aims to prevent insider trading by government officials. Dunn's recent sales of J P Morgan Chase & Co and Wells Fargo & Company shares are in compliance with these regulations.
InvestingPro Insights
As Representative Neal Patrick Dunn divests from J P Morgan Chase & Co, it's worth noting that the financial giant has demonstrated a robust financial performance. According to real-time data from InvestingPro, JPMorgan Chase & Co boasts a Market Cap of $565.63 billion USD, underscoring its significant presence in the banking sector. Moreover, the company's Price/Earnings (P/E) Ratio stands at an attractive 11.51, as of the last twelve months leading up to Q1 2024, suggesting that the stock may be undervalued relative to its earnings potential.
An InvestingPro Tip highlights that JPMorgan Chase & Co has raised its dividend for 13 consecutive years, reflecting a strong commitment to returning value to shareholders. Additionally, the company's Dividend Yield is currently at 2.32%, with a notable Dividend Growth of 15.0% over the last twelve months leading up to Q1 2024. This consistent performance in dividend payments, which has been maintained for an impressive 54 consecutive years, could be a reassuring factor for investors seeking steady income streams.
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