Welcome to our dedicated page for Popular news (Ticker: BPOP), a resource for investors and traders seeking the latest updates and insights on Popular stock.
Popular, Inc. reports developments as a Puerto Rico-based financial holding company whose principal banking subsidiary is Banco Popular de Puerto Rico. The company provides retail, mortgage and commercial banking in Puerto Rico and the U.S. and British Virgin Islands, auto and equipment leasing and financing in Puerto Rico, and broker-dealer and insurance services through specialized subsidiaries.
Recurring BPOP news includes quarterly financial results, loan and credit quality trends, common stock dividends, preferred stock dividends, trust preferred securities distributions, executive leadership changes and investor conference participation. Updates also cover Popular Bank, the company’s New York-chartered mainland U.S. banking subsidiary with branches in New York, New Jersey and Florida.
Popular, Inc. (NASDAQ:BPOP) is set to announce its financial results for the third quarter ending September 30, 2022 on October 26, 2022, before market opening. A conference call will follow at 11:00 a.m. ET to discuss these results, which will be accessible via the company's investor relations website. As the leading financial institution in Puerto Rico by assets and deposits, Popular, Inc. continues to provide various banking services across the region and mainland U.S.
Popular, Inc. (NASDAQ: BPOP) declared a monthly cash dividend of $0.132813 per share for its 6.375% Non-Cumulative Monthly Income Preferred Stock, payable on September 30, 2022, to holders of record as of September 15, 2022. Additionally, a monthly distribution of $0.127604 per security for its 6.125% Cumulative Monthly Income Trust Preferred Securities (BPOPM) will be paid on October 3, 2022, also to holders of record as of September 15, 2022. These dividends reflect the company's commitment to return value to shareholders.
Popular, Inc. (NASDAQ: BPOP) announced an accelerated share repurchase agreement on August 24, 2022, to repurchase $231 million of its common stock. The initial payment of $231 million will be made on August 26, 2022, resulting in the delivery of approximately 2.34 million shares. The transaction will decrease capital surplus by $46 million and increase treasury stock by $185 million. This repurchase is part of the Corporation’s 2022 capital actions, further bolstered by $131 million in after-tax gains from the sale of shares of EVERTEC, Inc.
Popular, Inc. (NASDAQ: BPOP) has declared a quarterly cash dividend of $0.55 per share on its outstanding common stock. This dividend will be payable on October 3, 2022, to shareholders of record as of September 7, 2022. As the leading financial institution in Puerto Rico by both assets and deposits, Popular offers a range of services, including retail, mortgage, and commercial banking, alongside investment and insurance services.
Popular, Inc. (NASDAQ:BPOP) has successfully sold its remaining 7,065,634 shares of EVERTEC, Inc. (NYSE:EVTC). This includes 6,262,293 shares sold through an underwritten public offering, generating approximately $219.8 million in total proceeds.
With an after-tax gain of around $131 million, Popular plans to use these gains for common stock repurchases, enhancing shareholder value. Following this transaction, Popular no longer holds any shares of EVERTEC.
EVERTEC, Inc. (NYSE: EVTC) has priced a secondary offering of 6,262,293 shares at $32.00 each, expected to close by August 15, 2022. The Selling Stockholder, Popular, Inc. (NASDAQ: BPOP), will net all proceeds from this sale, while EVERTEC itself will not receive any financial benefits. Concurrently, EVERTEC has agreed to repurchase $25 million worth of its shares from the Selling Stockholder post-offering. This move will likely lead to the Selling Stockholder divesting all equity in EVERTEC following the completion of this transaction.
EVERTEC has announced an underwritten secondary offering of 6,355,694 shares of common stock by Selling Stockholder Popular, Inc. The proceeds from this offering will go entirely to Popular, Inc., as EVERTEC will not sell any shares or receive any proceeds. Concurrently, EVERTEC will repurchase approximately $25 million of its common stock from Popular, Inc. This repurchase is subject to the offering’s completion but is not contingent on it. After the offering and repurchase, Popular, Inc. will no longer hold equity in EVERTEC.
Popular, Inc. (NASDAQ: BPOP) has declared a monthly cash dividend of $0.132813 for its 6.375% Non-Cumulative Monthly Income Preferred Stock, payable on August 31, 2022, to shareholders on record as of August 15, 2022. Additionally, a monthly distribution of $0.127604 for its 6.125% Cumulative Monthly Income Trust Preferred Securities (BPOPM) will be paid on September 1, 2022, with the same record date. The company is a leading financial institution based in Puerto Rico, offering various banking services both locally and in the mainland U.S.
Popular, Inc. reported net income of $211.4 million for Q2 2022, slightly down from $211.7 million in Q1 2022. The net interest margin increased to 3.09% from 2.75%, aided by higher interest rates and loan growth across most categories, except mortgages. Non-performing loans decreased by $42 million, with a ratio of 1.6% of total loans. Total assets grew by $2 billion, while deposits increased by $2.5 billion. The bank's Common Equity Tier 1 ratio remained strong at 16.39%.
EVERTEC, Inc. (NYSE: EVTC) has successfully closed its Popular Transaction and the acquisition of BBR, SpA for approximately USD$53 million. The Popular Transaction entails significant extensions to commercial agreements with Banco Popular of Puerto Rico, enhancing their merchant acquiring relationship, including a revenue-sharing provision. The BBR acquisition expands EVERTEC's operations into Chile and Peru, reinforcing its growth strategy in Latin America. These developments are pivotal for future growth and market presence.