JPMorgan Chase Has Raised Its Dividend for 14 Years Running. Is It the Best Dividend Stock in Banking?

Wall Street has a short memory, which is why JPMorgan Chase's (NYSE: JPM) 14-year dividend streak sounds so impressive. To be fair, that's a great streak, including two dividend increases in 2025, totaling a 20% increase from where the dividend started the year. Before dividend investors buy the stock, however, you need to ask what happened 14 years ago.

JPMorgan is an industry giant that has a lot to offer

To give credit where credit is due, JPMorgan is one of the world's largest financial companies. It is a bank, but its business extends well beyond its local branch network, including asset management and investment banking. The business is doing very well right now, too. Revenues jumped 13% year over year in the first quarter of 2026, with earnings per share up 17%.

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There's just one small problem: investors are aware of the finance giant's recent success. Its price-to-book value ratio is currently 2.3x, well above its five-year average of roughly 1.8x. That is also notably above many of the company's peers, like Bank of America (NYSE: BAC), which has a P/B ratio of 1.3%. JPMorgan's yield is also just 2%, which is below the average bank yield of 2.3%. While the payout ratio is a healthy 30% or so, like its peers, JPMorgan looks like a well-run company that is perhaps a bit expensive today.

What about JPMorgan's 14-year dividend streak?

For long-term investors, the dividend streak should be examined, as well. That's because the current 14-year streak of increases follows JPMorgan's dividend cut during the Great Recession. It wasn't the only bank to cut its dividends, noting that Bank of America cut, too. However, some banks didn't resort to a dividend cut during that difficult period.

One worth examining right now for income investors is Canadian banking giant Bank of Nova Scotia (NYSE: BNS). It has paid a dividend every year since 1833. And while the dividend hasn't been increased every year, it wasn't cut (in Canadian dollars) during the Great Recession. Scotiabank, as it is more commonly known, has a yield of 4.1%, more than twice JPMorgan's yield. While the payout ratio is a bit high at 65%, the Canadian bank has historically returned more cash to investors via dividends. So, if you are a dividend lover, the payout ratio probably shouldn't stop you from buying Scotiabank.

JPMorgan Chase is probably a solid, though expensive, option for dividend growth investors. However, if you are a conservative investor looking to maximize yield, Bank of Nova Scotia may actually be the best dividend stock for you.

Bank of America is an advertising partner of Motley Fool Money. JPMorgan Chase is an advertising partner of Motley Fool Money. Reuben Gregg Brewer has positions in Bank Of Nova Scotia. The Motley Fool has positions in and recommends JPMorgan Chase. The Motley Fool recommends Bank Of Nova Scotia. The Motley Fool has a disclosure policy.