JPMorgan: Jamie Dimon's Buyback Warning Makes The 5.75% Preferred The Better Buy

JPMorgan Chase & Co. common stock trades at ~3x tangible book, reflecting strong business momentum but limited upside at current valuation.

I rate JPM.PR.D preferred shares a buy near $24–$24.50, offering a 6% yield, modest capital gain potential, and robust dividend safety.

JPM common is rated Hold; current buyers need both sustained business growth and premium valuation to achieve attractive returns.

Jamie Dimon's cautious buyback stance signals prudence, not weakness, emphasizing disciplined capital allocation amid elevated asset prices.