JPMorgan has around 3.8 billion shares outstanding. 87% of these shares are held by institutional advisors, out of which 78% (of the total 3.8 billion) are held by institutional investors. Of the remaining non-advisor shares, 4% are held by hedge funds and 3% by pension funds, both of whom have reduced their shareholding this year. The top five holders are Blackrock, Vanguard, State Street, Fidelity Management and Wellington Management. There are only 34 insiders who own around 0.31% of the outstanding shares. In the last six months, none of them have purchased shares from the open market. They have, however, sold 211,166 shares at an average price of $54.85 in a total of nine sales transactions.