The news flow around J.P. Morgan Chase & Co. (NYSE: JPM) and Jamie Dimon has overshadowed the possibility that the largest bank by assets is increasing its dividend for the common stock holders. The new raised dividend will be $0.38 per share per quarter and that compares to a dividend of $0.30 that has been in place for each of the last 5 quarters. We would note that the dividend hike has already been telegraphed well ahead of today when the bank announced its approved capital plan under the Federal Reserve supervision.

Back on April 12 along with earnings, the bank’s press release said, “As previously announced, the Board of Directors intends to increase the second-quarter common stock dividend to $0.38 per share from the current $0.30 per share, returning the dividend to its highest level. The Board has also authorized the Firm to repurchase $6 billion of common equity commencing with the second quarter of this year through the end of the first quarter of 2014. During the first quarter of 2013, the Firm repurchased $2.6 billion of common equity. The Federal Reserve asked the Firm to submit by the end of the third quarter an additional capital plan addressing the weaknesses it identified in the Firm’s capital planning processes. The Firm is dramatically increasing the resources deployed and intends to fully address their requirements. Following their review, the Federal Reserve may require the Firm to modify its capital distributions.”

Shares of J.P. Morgan Chase have hit a new post-recession high today. The higher dividend is payable on July 31, 2013 to stockholders of record at the close of business on July 5, 2013. At $53.43, the old dividend yield would be about 2.25%. The new dividend yield will be closer to 2.85%. As we pointed out that the old dividend was in place, most of the online financial website stock ticker screens already reflect the higher declared payout.

The bank’s press release confirmed that it will be officially keeping Jamie Dimon as both Chairman and as Chief Executive Officer. The annual shareholder meeting showed that the vote to split the roles of Chairman and CEO received only 32% of the votes.

While a vote of 32% of voting to split the roles might seem high, this is actually more supportive than it was in 2012 when shareholders voted some 40% of the votes to split the CEO and Chairman roles. It appears that Jamie Dimon won about 98% of shareholder support to remain as a director. All of the company’s directors were reelected as well.

Shares of J.P. Morgan hit a new post-recession high and the new 52-week trading range is $30.83 to $53.67.

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