Popular, Inc. (BPOP) to Issue Quarterly Dividend of $0.62 on October 1st

Popular, Inc. (NASDAQ:BPOP) declared a quarterly dividend on Friday, August 23rd, Zacks reports. Shareholders of record on Friday, September 13th will be given a dividend of 0.62 per share by the bank on Tuesday, October 1st. This represents a $2.48 dividend on an annualized basis and a yield of 2.56%. The ex-dividend date is Friday, September 13th.

Popular has increased its dividend payment by an average of 12.4% annually over the last three years. Popular has a payout ratio of 22.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect Popular to earn $10.89 per share next year, which means the company should continue to be able to cover its $2.48 annual dividend with an expected future payout ratio of 22.8%.

Popular Trading Down 0.3 %

Shares of Popular stock opened at $97.05 on Wednesday. The firm’s 50 day moving average is $97.21 and its 200 day moving average is $90.13. The firm has a market capitalization of $7.02 billion, a PE ratio of 14.40, a price-to-earnings-growth ratio of 0.65 and a beta of 0.78. Popular has a 1 year low of $59.27 and a 1 year high of $105.01.

Popular (NASDAQ:BPOP) last announced its quarterly earnings results on Wednesday, July 24th. The bank reported $2.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.08 by $0.38. Popular had a net margin of 12.20% and a return on equity of 11.73%. The company had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $751.57 million. During the same period in the prior year, the business earned $2.10 earnings per share. As a group, research analysts anticipate that Popular will post 8.86 earnings per share for the current year.

Insider Activity

In other news, EVP Camille Burckhart sold 5,917 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $97.60, for a total value of $577,499.20. Following the completion of the sale, the executive vice president now directly owns 29,922 shares in the company, valued at approximately $2,920,387.20. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 2.09% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

BPOP has been the topic of a number of recent research reports. Royal Bank of Canada lifted their price target on Popular from $90.00 to $108.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Hovde Group boosted their target price on shares of Popular from $113.00 to $123.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Barclays raised their price target on shares of Popular from $103.00 to $115.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. Piper Sandler assumed coverage on shares of Popular in a research note on Monday, August 26th. They issued an “overweight” rating and a $112.00 price objective on the stock. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $120.00 target price (up from $110.00) on shares of Popular in a research report on Thursday, July 25th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $106.00.

Popular Company Profile

Popular, Inc, through its subsidiaries, provides various retail, mortgage, and commercial banking products and services in Puerto Rico, the United States, and the British Virgin Islands. The company provides savings, NOW, money market, and other interest-bearing demand accounts; non-interest bearing demand deposits; and certificates of deposit.