Dallas, Texas 11/26/2013 (Financialstrend) – One would have thought that with all the legal trouble that U.S largest financial institution JPMorgan Chase & Co. (NYSE:JPM) has been in for close to half a decade now, its stock would have taken a beating at the browsers. This thought flow is even more warranted in the recent past, where in the bank is making the headlines every other week with its decision to own up to some of its past mistakes and tying to make it go away by shelling out huge fines in the form of monetary penalties running into billions of dollars.
Star Performer Among Peer Bank Stock
But the storyline about the company share price runs contrary to this expected line of thinking. In the past year, the stock has posted a not to be scoffed at 45% appreciation in its market value and just in the past month it has posted a significant 9.25% which is well above the banking index average appreciation in the same period. It is interesting to note that more profitably run financial institutions like U.S. Bancorp (NYSE:USB) and Bank of America Corp (NYSE:BAC) stock have posted lesser appreciation at the browsers in comparison to JP Morgan
Surges Past 52 Week High Pricing
During trading yesterday, the stock gained a minor 0.33% which took the share price past its prior 52 week high pricing to set up a new 52 week high benchmark. It ended the day 0.23% above its previous one year high price point. The overcoming of the 52 week mark is a significant indicator of the steady but slow claw back of investor confidence in the management and the policies of JPMorgan Chase & Co. (NYSE:JPM).
Investors Repose Faith In The Stock
Investors seem to be looking at the huge corpus of $23 billion that the bank has set aside with resignation and are hoping at in some point in near future, JPMorgan Chase & Co. (NYSE:JPM) would be able to square up to its hoary past after paying the requisite fines to atone for its past mistakes. The investors are also rewarding the company for cutting off non focus assets and emerging leaner from the financial crisis in 2007.