Kevin Hern, the congressperson representing Oklahoma's 1st congressional district, has recently made several financial moves according to a newly released congressional trade report. The transactions included purchases in both stocks and corporate securities.
The first transaction involved Inland Real Estate Income Trust, a non-publicly traded stock [PS]. Hern purchased an undisclosed amount within the range of $1,001 to $15,000 on April 8, 2024. This transaction was part of a dividend reinvestment plan through the Hern Family Revocable Trust's brokerage investment account.
Next, Hern purchased common stock [ST] in JP Morgan Chase & Co. (NYSE:JPM) on April 30, 2024. The value of this purchase also fell within the $1,001 to $15,000 range. The funds for this acquisition also came from the Hern Family Revocable Trust's brokerage investment account as part of a dividend reinvestment plan.
The most significant transaction reported by Hern was the purchase of Corporate Securities [CS] in Toronto Dominion Bank (NYSE:TD)'s series E note, which matures on April 27, 2029. This transaction, which took place on April 24, 2024, was valued between $250,001 and $500,000. Unlike the previous two transactions, this purchase was made through the Hern Family Foundation.
It's important to note that all these transactions were filed as new holdings, meaning they were not previously part of Hern's portfolio. All transactions were made in the United States.
The Hern Family Revocable Trust holds 100% interest in a brokerage investment account that deals in stocks, bonds, ETFs, and mutual funds. The Hern Family Foundation also holds a 100% interest in its assets. The details of these investment vehicles were highlighted in the trade report.
As with all congressional trade reports, these transactions are disclosed in compliance with the STOCK Act, which mandates transparency in the financial dealings of Congress members.
InvestingPro Insights
Amid the financial disclosures of Congressman Kevin Hern, his purchase of JP Morgan Chase & Co. (NYSE:JPM) stock stands out. InvestingPro data indicates that JPMorgan has a robust market capitalization of $570.26 billion, reflecting its significant presence in the financial industry. The company's P/E ratio, a measure of its current share price relative to its per-share earnings, is 11.99, which adjusts slightly to 11.61 when considering the last twelve months as of Q1 2024. This suggests that the stock is trading at a low price relative to near-term earnings growth, possibly presenting an attractive opportunity for investors seeking value.
Moreover, JPMorgan has demonstrated a strong performance with a revenue growth of 16.17% over the last twelve months as of Q1 2024. The company's dividend yield stands at 2.31%, with a notable dividend growth of 15.0% in the same period, indicating a commitment to returning value to shareholders. Not only has JPMorgan raised its dividend for 13 consecutive years, but it has also maintained dividend payments for an impressive 54 consecutive years, as highlighted by one of the InvestingPro Tips. This suggests a stable and reliable income for investors like Hern who participate in dividend reinvestment plans.
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