Popular Inc Stock Price, News & Analysis

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb+" (Good) for Popular Life Re (PLRe), a life insurance subsidiary of Popular, Inc. (BPOP). The ratings reflect PLRe's very strong balance sheet strength and adequate operating performance, with a stable outlook. Despite some challenges, such as declining premium growth and geographic concentration risk, PLRe continues to seek expansion opportunities in Latin America. Overall, the ratings indicate a favorable credit profile for PLRe within the insurance market.

Popular, Inc. (NASDAQ: BPOP) has declared a monthly cash dividend of $0.132813 per share for its 6.375% Non-Cumulative Monthly Income Preferred Stock, 2003 Series A, payable on March 31, 2022. Holders of record by March 15, 2022 will receive the payment. Additionally, the company announced a distribution of $0.127604 per security for its 6.125% Cumulative Monthly Income Trust Preferred Securities, payable on April 1, 2022. This reflects Popular's ongoing commitment to providing returns to shareholders.

Popular, Inc. (NASDAQ: BPOP) announced an accelerated share repurchase agreement to buy back $400 million of its common stock, part of a $500 million repurchase plan revealed in January 2022. The initial payment of $400 million will yield approximately 3.48 million shares. This move will enhance shareholder equity, recognizing $320 million in treasury stock and $80 million as a reduction in capital surplus. Final settlement of the agreement is expected by Q3 2022, with an additional $100 million in stock repurchases planned for later in the year, depending on market conditions.

Evertec, Inc. (NYSE: EVTC) has announced a strategic agreement with Banco Popular de Puerto Rico (NASDAQ: BPOP) to extend key commercial agreements. This includes a 10-year extension of the Merchant Acquiring ISO Agreement, a 5-year extension of the ATH Network Participation Agreement, and a 3-year extension of the Master Services Agreement. Additionally, Evertec will sell certain assets to BPPR for approximately $197 million, payable in Evertec stock. Post-transaction, Evertec aims to enhance flexibility for growth opportunities, no longer being classified as a subsidiary of Popular.

Popular, Inc. (NASDAQ: BPOP) announced an acquisition agreement with Evertec, Inc. for $196.6 million, aiming to enhance its digital transformation. The deal involves acquiring assets from Evertec while assuming specific liabilities. Popular plans to amend existing service agreements with Evertec to reduce costs and improve service flexibility. The acquisition is expected to add around 175 employees and subsequently reduce Popular's voting stake in Evertec below 4.5%. The transaction is projected to yield approximately $350 million in after-tax gains and is set to close around June 30, 2022.

Popular, Inc. (NASDAQ: BPOP) will participate in the RBC Capital Markets Financial Institutions Conference on March 9, 2022. Carlos J. Vázquez, Executive VP and CFO, will speak at 10:00 a.m. ET. A live audio webcast will be accessible via the Popular, Inc. Investor Relations website, with a replay available after the event. Founded in 1893, Popular is the leading financial institution in Puerto Rico and ranks among the top 50 U.S. bank holding companies. The company offers a range of banking services in Puerto Rico, the U.S. Virgin Islands, and mainland U.S.

Popular, Inc. (NASDAQ: BPOP) has declared a quarterly cash dividend of $0.55 per share on its common stock. This dividend will be payable on April 1, 2022, to shareholders recorded by the close of business on March 15, 2022. As the leading financial institution in Puerto Rico regarding assets and deposits, Popular also ranks among the top 50 U.S. bank holding companies. Founded in 1893, the company offers a range of banking services through its principal subsidiary, Banco Popular de Puerto Rico, and has operations in the U.S. mainland via Popular Bank.

Popular, Inc. (NASDAQ: BPOP) declared a cash dividend of $0.132813 per share on its 6.375% Non-Cumulative Monthly Income Preferred Stock, payable on February 28, 2022, to shareholders of record as of February 15, 2022. Additionally, a distribution of $0.127604 per security will be paid on its 6.125% Cumulative Monthly Income Trust Preferred Securities on March 1, 2022, also to holders of record as of February 15, 2022.

Popular, Inc. (NASDAQ:BPOP) reported Q4 2021 net income of $206.1 million, down from $248.1 million in Q3 2021, and an annual net income of $934.9 million, up from $506.6 million in 2020. The net interest margin was 2.78%, slightly improved from 2.77% in Q3 2021. Non-performing loans (NPLs) decreased by $85 million to a ratio of 1.9%. The company announced a 22% dividend increase and a $500 million stock repurchase program for 2022, reflecting strong capital position and revenue diversity.