JPMorgan Raises Quarterly Dividend 10.0% to $1.65

JPMorgan Chase & Co. raised its quarterly dividend 10.0% to $1.65 per share from $1.50. The shares traded ex-dividend on October 6, 2026, and the payment is due October 31, 2026.

Why the dividend changed

The board formally declared the increase on September 15, completing a move JPMorgan had outlined in June. The bank did not attribute the decision to a single operating measure, but its initial announcement placed the higher dividend within a broader capital plan supported by an unchanged regulatory capital requirement. The Federal Reserve kept JPMorgan’s Stress Capital Buffer requirement at 2.5% through September 30, 2027, leaving its standardized Common Equity Tier 1 requirement, including regulatory buffers, at 11.5%. The board also authorized a new $50 billion common-share repurchase program effective July 1. JPMorgan’s capital-plan announcement

Results reported after the declaration show the earnings and capital base behind the decision. JPMorgan earned $15.3 billion in the third quarter, an increase of 6% from a year earlier, while managed revenue rose 8% to $50.9 billion. Its standardized CET1 ratio was 13.9%. Average loans increased 10% and average deposits rose 8%, although credit costs reached $2.7 billion and included a $539 million reserve build. Third-quarter earnings release

Chief Executive Jamie Dimon said JPMorgan’s capital hierarchy continues to put investment in the franchise and support for clients first. The bank reduced share repurchases during the quarter as it directed capital toward lending and other business opportunities. That distinction matters for the dividend: management treated the recurring payment separately from the more discretionary pace of buybacks. Third-quarter earnings release

Dividend track record

The increase extends JPMorgan’s dividend-growth streak to 15 consecutive years. The last annual cut occurred in 2009, during the financial crisis. Since then, the bank has rebuilt the payment while retaining the flexibility required of a systemically important financial institution.

Recent distributions show an accelerating pattern. The annual total rose from $4.05 in 2023 to $4.60 in 2024, an increase of 13.6%, and then to $5.55 in 2025, an increase of 20.7%. The five-year record works out to 9.2% annual growth.

The sequence of individual payments also shows that increases have not been confined to one annual reset. JPMorgan paid $1.25 in January 2025, $1.40 in April and July, and $1.50 in October. It maintained $1.50 through July 2026 before moving to $1.65 for the October installment. The new rate produces an annual dividend of $6.60 per share.

Is the dividend covered?

The dividend consumes 26% of earnings. That leaves most earnings retained for regulatory capital, lending, investments, credit costs and share repurchases. For a bank, earnings coverage and capital adequacy are the central constraints because cash-flow measures used for industrial companies are less informative.

SmarterDividends rates the dividend A, with a safety score of 82. That falls in the very safe range of 80-100. The grade reflects the low earnings payout, the established growth record and the bank’s capacity to absorb variability in credit costs and capital distributions. It does not mean the payment is guaranteed, but it indicates a substantial coverage margin under current conditions.

Yield and valuation

At a share price of $339.72, JPMorgan’s forward dividend yield is 1.94%. That is well below the Financial Services sector median forward yield of 5.83%. The difference means the shares provide less current dividend income than the sector midpoint, despite the latest increase.

SmarterDividends estimates fair value at $364.60, equivalent to 7% upside from the stated share price, and classifies the valuation as fair. The stock has recorded an 8.5% gain over the past year. For 100 shares, the new annual dividend represents $660.00 of income before taxes.

What to watch

The next immediate milestone is the October 31, 2026 payment. After that, attention shifts to fourth-quarter results and the board’s next declaration. The timing of the next ex-dividend date has not been set.

Operating trends will determine how much flexibility JPMorgan retains for dividends, buybacks and business investment. Management expects fourth-quarter net interest income excluding Markets to be approximately $25.5 billion and total net interest income to be about $28 billion. Investors can compare those figures with credit costs, loan growth, deposits and the CET1 ratio when results are released. Third-quarter earnings-call transcript

Capital allocation is another concrete point to monitor. Management reduced repurchases in the third quarter while emphasizing organic deployment opportunities. Changes in that mix, along with regulatory capital requirements and credit-reserve developments, will show whether the bank continues to prioritize balance-sheet growth over discretionary buybacks while maintaining the quarterly dividend.