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JPMorgan Chase & Co (NYSE:JPM)
Shares Outstanding
3,789 Mil (As of Sep. 2014)

Shares outstanding are shares that have been authorized, issued, and purchased by investors and are held by them. JPMorgan Chase & Co's shares outstanding for the quarter that ended in Sep. 2014 was 3,789 Mil.

JPMorgan Chase & Co's quarterly shares outstanding declined from Jun. 2014 (3,813 Mil) to Sep. 2014 (3,789 Mil). It means JPMorgan Chase & Co bought back shares from Jun. 2014 to Sep. 2014 .

JPMorgan Chase & Co's annual shares outstanding declined from Dec. 2012 (3,822 Mil) to Dec. 2013 (3,815 Mil). It means JPMorgan Chase & Co bought back shares from Dec. 2012 to Dec. 2013 .


Definition

Shares outstanding are shares that have been authorized, issued, and purchased by investors and are held by them. They have voting rights and represent ownership in the corporation by the person that holds the shares. They should be distinguished from treasury shares, which are shares held by the corporation itself, having no exercisable rights.

Shares outstanding can be calculated as either basic or fully diluted. The fully diluted shares outstanding count includes diluting securities, such as options, warrants or convertibles.


Explanation

A company may buy back shares or issue shares in any fiscal period. If a company buys back shares, we should observe that the total number of shares decline. If the company issues new shares, the number of shares outstanding increases.

If a company buys back shares, we should also observe negative number for Net Issuance of Stock in its cash flow statement. If a company issues shares, we will observe positive number of Net Issuance of Stock.


Be Aware

Usually the presence of treasury shares and a history of buyback are good indicators that company has competitive advantage. But studies have shown that companies usually buy back at wrong time. Buying back shares below its intrinsic value increases value for remaining shareholders. Buying back overvalued shares destroys value for existing shareholders.


Related Terms

Net Issuance of Stock, Buy Back Rate


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

JPMorgan Chase & Co Annual Data

Dec04Dec05Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13
Shares Outstanding 2,8513,5573,5743,5083,6053,8803,9773,9203,8223,815

JPMorgan Chase & Co Quarterly Data

Jun12Sep12Dec12Mar13Jun13Sep13Dec13Mar14Jun14Sep14
Shares Outstanding 3,8213,8143,8213,8473,8143,7673,7973,8243,8133,789
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