Jamie Dimon Buys 500,000 Shares of JP Morgan

Wel, well, well, it looks like Jamie Dimon is trying to send a message to everyone that he thinks his bank is undervalued right now. Dimon bought 500,000 share of JPM at an average price of $34.01 to $34.46.

“I expect this is meant as a sign of his confidence in the bank,” John Coffee, a securities-law professor at Columbia University Law School, said in an e-mail. (Bloomberg)

Dimon sold some of his preferred shares of JPM, though. The stock didn’t move much on the news. Here’s the SEC Form showing the stock transactions by Dimon. He’ll also collect a nice dividend, as JPM currently has a yield of 3.54%.