JPMorgan Chase shares touched an all-time intraday high of $363.02 on August 11, extending a run that has lifted the stock roughly 10.5% year to date and 24.3% over the trailing twelve months. The session closed at $359.79 on volume of 5.3 million shares, giving the bank a market capitalization of about $1.11 trillion.
The move caps a period in which the largest U.S. bank by assets has consistently exceeded its own 17% return target under CEO Jamie Dimon, even as the Federal Funds rate held at 4.75–5.00%. In early August the company completed a $31.61 billion share repurchase program that retired 103.9 million shares, amplifying per-share earnings at a time when adjusted return on tangible common equity ran at 23% in the second quarter.
That quarter, reported in mid-July, showed net income of $21.2 billion on managed revenue of $58.0 billion. After stripping out a $4.6 billion gain on Visa shares and $1.0 billion of other equity-investment gains, adjusted net income was $16.9 billion and adjusted earnings per share came in at $6.14. The Common Equity Tier 1 ratio stood at 14.1%, well above the 11.5% regulatory requirement.