Insiders Just Sold Shares of This Blue Chip Banking Institution

Following are recent insider transactions by key JP Morgan Chase (NYSE:JPM) personnel:

  • Charles W. Scharf, who is an Executive Vice President, exercised 140,740 options at a price of $42.22 per option, at a gross cost of $5,941,621.  He presently holds 1,152,231 shares of JP Morgan stock, out of 3.91 billion outstanding.
  • David C. Novak, who is a director exercised 6,600 options at a price of $27.84 per share, for a total cost of $183,744.  He also bought 111,300 shares at market prices ranging from $45.12 to $44.68, for a total cost of $4,995,444.  He presently holds 147,171 shares of JP Morgan stock, out of 3.91 billion outstanding.
  • Heidi Miller, an Executive Vice President, exercised 80,000 options at a price of $19.49 per option, for a total cost of 41,559,200.  She presently holds 368,754 shares of JP Morgan stock, out of 3.91 billion outstanding.
  • James Dimon, who is the Chairman & CEO, exercised 231,725 options at a price of $42.62, for a total cost of $9,876,120.  He presently holds 2,941,746 shares of JP Morgan stock, out of 3.91 billion outstanding.

JP Morgan (NYSE:JPM) insiders appear to be pretty bullish on their company’s prospects, at least from what we can tell from recent inside transactions.  Some of these insiders have bought stock on the open market, all of them have exercised options, and none have sold their positions.  JP Morgan’s (NYSE:JPM) stock recently traded at $45.19, slightly off its 52-week high of $48.36.  The stock has appreciated 6.6% this year, and 7.9% over the past year.

Institutional investors have a much larger stake in the company.  They own approximately 74% of the company’s outstanding shares, with the top 10 institutional investors owning a solid 26% of its shares.  Following is a table of major institutional shareholders:

Institution/Fund Name JPM Shares held Change in number of JPM shares % Change in number of JPM shares $ change in number of JPM shares # of outstanding JPM stock this stake represents $ of the institution’s portfolio that its JPM stake represents RPT DATE
State Street Global Advisors (NYSE:STT) 159,177,968 7,258,388 4.8 970,270,208 4.1 1.2 12/31/10
Vanguard Group, Inc. 140,439,984 -4,428,734 -3.1 443,760,736 3.6 1 12/31/10
BlackRock Institutional Trust Company, N.A. (NYSE:BLK) 136,752,112 -1,391,097 -1 543,294,080 3.5 1 12/31/10
Fidelity Management & Research 121,197,944 -5,074,717 -4 335,279,328 3.1 1 12/31/10
T. Rowe Price Associates, Inc. (NASDAQ:TROW) 104,487,408 2,714,532 2.7 558,880,192 2.7 1.5 12/31/10
AllianceBernstein L.P. 87,941,576 -8,434,508 -8.8 62,407,904 2.3 2.8 12/31/10
Wellington Management Company, LLP 76,912,840 10,705,602 16.2 742,795,200 2 1.2 12/31/10
Capital Research Global Investors 76,173,640 319,739 0.4 344,286,336 1.9 1.3 12/31/10
Capital World Investors 71,744,600 -4,467,600 -5.9 142,769,600 1.8 1 12/31/10
American Funds Growth Fund of America 45,120,988 -3,689,811 -7.6 56,293,304 1.2 1.3 12/31/10
Vanguard Total Stock Market Index Fund 41,827,828 -1,085,925 -2.5 141,039,024 1.1 1.2 12/31/10
Invesco Advisers, Inc. 40,554,352 1,987,451 5.2 252,459,344 1 1.5 12/31/10
MFS Investment Management 37,093,320 3,193,839 9.4 283,284,384 0.9 1.8 12/31/10
Vanguard 500 Index Fund 35,002,988 -1,055,851 -2.9 112,427,336 0.9 1.5 12/31/10
Columbia Management Investment Advisers, LLC 34,318,356 4,245,494 14.1 311,211,552 0.9 1.1 12/31/10
TIAA-CREF 31,263,512 3,106,905 11 254,557,728 0.8 1 12/31/10
SPDR S&P 500 ETF (NYSE:SPY) 30,732,080 1,769,579 6.1 7,582,914 0.8 1.5 12/31/10
Vanguard Institutional Index Fund 30,078,888 956,708 3.3 167,556,256 0.8 1.5 12/31/10
Norges Bank Investment Management (NBIM) 29,474,104 13,014,326 79.1 709,209,088 0.8 0.5 12/31/09
Statens Pensjonsfond Utland 29,474,104 13,014,326 79.1 709,209,088 0.8 0.4 12/31/09
Northern Trust Investments, N.A. (NASDAQ:NTRS) 28,278,400 -3,248,102 -10.3 -328,938 0.7 1.2 12/31/10
Vanguard Windsor II Fund 24,289,408 435,700 1.8 122,484,568 0.6 2.9 12/31/10
CREF Stock Account 19,465,660 -674,855 -3.4 3,518,767 0.5 0.7 9/30/10
Vanguard Wellington Fund, Inc. 19,408,376 950,600 5.2 120,800,352 0.5 2.1 12/31/10
American Funds Investment Company of America 16,290,000 630,000 4 95,002,200 0.4 1.2 12/31/10
American Funds Fundamental Investors Fund, Inc. 14,515,000 -2,270,000 -13.5 -23,110,800 0.4 1.4 12/31/10
Hartford Capital Appreciation Fund 14,081,900 1,860,700 15.2 132,215,328 0.4 3 12/31/10
Fidelity Spartan 500 Index Fund 13,901,588 -345,275 -2.4 71,689,424 0.4 1.5 12/31/10
T. Rowe Price Equity Income Fund 13,621,100 -39,300 -0.3 57,892,240 0.3 2.9 12/31/10
Financial Select Sector SPDR Fund 12,859,609 -2,268,545 -15 -64,405,000 0.3 9.3 9/30/10

More from The Cheat Sheet