The stock of JPMorgan Chase & Co. has been climbing so much that "at a certain price," the company may consider issuing a special dividend to distribute excess capital rather than buying back additional stock, chief executive Jamie Dimon said on Tuesday.

Dimon, speaking at an investor conference, said that if the stock is not cheap compared to its intrinsic value, he would generally rather pay out capital to existing shareholders than buy back stock from selling investors.

JPMorgan shares traded at $82.66 shortly after Dimon spoke, down 0.6 percent in morning trading. They are up this year by 25 percent, with three-fourths of that gain having come since the U.S. presidential election.