JP Morgan CEO Jamie Dimon has sold a total of 1 million JPMorgan shares, earning $183 million in proceeds. This includes $33 million worth of stock sold on Monday and a $150 million tranche sold in February. Dimon's sales were motivated by financial diversification and tax planning purposes. This marks the first time Dimon has sold JPMorgan shares in 19 years. Despite the disposals, Dimon still retains ownership of approximately 8.7 million shares. In his annual letter to shareholders, Dimon has expressed concerns about potential threats to financial markets and the US economy, such as rising tensions, inflation, and foreign conflicts. [c43f7607]
JPMorgan Chase has raised its forecast for net interest income (NII) to $91 billion for 2024, excluding the markets division. The previous forecast of $89 billion had disappointed analysts. The bank's shares rose about 1% ahead of its investor day event. JPMorgan acquired billions in loans after buying First Republic Bank last May, boosting interest income and profits. The bank expects total expenses in 2024 to be about $92 billion. CEO Jamie Dimon has identified Jennifer Piepszak, Troy Rohrbaugh, Marianne Lake, and Mary Erdoes as candidates for the top job. [2bbea38c]
JPMorgan Chase predicts it will earn more income from rising interest rates despite economic uncertainty. The company raised its forecast for net interest income (NII) to $91 billion, above its previous forecast of $89 billion. The bank's CFO cited increasing regulation and geopolitical uncertainty as factors contributing to a more complicated environment. The path of NII is expected to be 'noisy' in the coming quarters. JPMorgan's total expenses are projected to rise to about $92 billion in 2024. The bank's board has identified Jennifer Piepszak, Troy Rohrbaugh, Marianne Lake, and Mary Erdoes as candidates for the top job. JPMorgan plans to increase stock buybacks to return excess capital to shareholders. The stock has risen 20.4% in 2024, outpacing the S&P index of bank shares and the broader equity markets. [2c8b0565]
CNO Financial's Chief Information Officer, Mead Michael E., sold 7,690 shares of the company's common stock on May 28, 2024, for a total value of over $217,588. The shares were sold at a weighted average price of $28.295. The sale was conducted under a Rule 10b5-1 trading plan. CNO Financial Group is a holding company for a group of insurance companies operating in the United States. [11cd7a69]
Goldman Sachs Group Inc. has increased its stake in Juniper Networks, Inc. (NYSE:JNPR) by 6.4% in the 4th quarter, purchasing an additional 219,410 shares. The fund now owns 3,646,833 shares of Juniper Networks, worth $107,509,000. CEO Rami Rahim sold 5,555 shares of Juniper Networks stock at an average price of $37.06, while CFO Kenneth Bradley Miller sold 15,000 shares at an average price of $34.47. Juniper Networks stock is currently trading at $35.46 on the NYSE. The company reported $0.09 earnings per share for the quarter, missing analysts' consensus estimates of $0.18. Juniper Networks also announced a quarterly dividend of $0.22 per share, with a dividend yield of 2.48%. The ex-dividend date is June 3rd. The stock has a consensus rating of 'Hold' and a consensus price target of $34.55. [19711c31]
The U.K.'s Competition and Markets Authority (CMA) has launched an inquiry into Hewlett Packard Enterprise's potential $14B acquisition of Juniper Networks. The CMA will investigate if the transaction could result in a substantial lessening of competition within any market in the U.K. The phase 1 of the merger inquiry is open for comments until July 3, and the CMA is expected to announce its decision on whether to refer the merger for a phase 2 investigation by August 14. In April, Juniper's shareholders approved the deal, which values the networking company at about $14B. The deal is unlikely to need approval in China as it falls below the country's merger threshold. The status of the U.S. regulatory review of the pending acquisition has caused uncertainty about the deal. [de7a57bc]