JPMorgan (JPM) Buying Back $15 Billion in Shares

After being cleared in a stress test conducted by the Federal Reserve, JPMorgan (NYSE:JPM) announced it has boosted its dividend and will buy back $15 billion in shares.

The share repurchase will be over a period of years, with $8 billion being acquired in 2011. This program will replace the prior $10 billion stock repurchase which had $3.2 billion remaining on it.

JPMorgan also said its boosting its quarterly dividend to 25 cents. It had cut the dividend in early 2009 during the financial meltdown to 5 cents from 38 cents. The dividend is payable on April 30 to stockholders of record April 6.

The bank was trading at $45.94, up $1.38, or 3.11 percent, as of 1:39 PM EDT.