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Popular, Inc. (NASDAQ: BPOP) has announced significant capital actions, including an increase in its quarterly common stock dividend from $0.45 to $0.55 per share, effective in the second quarter of 2022, pending Board approval. Additionally, the company plans to execute stock repurchases of up to $500 million during 2022. These steps reflect the strength of Popular's financial performance and capital position, aimed at delivering shareholder value while continuing to invest in its operations.
Positive
Increase in quarterly dividend to $0.55 per share, enhancing shareholder returns.
Authorization for up to $500 million in stock repurchases, reflecting confidence in company value.
Negative
None.
SAN JUAN, Puerto Rico--(BUSINESS WIRE)--
Popular, Inc. (“Popular” or the “Corporation”) (NASDAQ: BPOP) announced today the following capital actions:
an increase in the Corporation’s quarterly common stock dividend from $0.45 per share to $0.55 per share, commencing with the dividend payable in the second quarter of 2022, subject to the approval by the Corporation’s Board of Directors; and
common stock repurchases of up to $500 million during 2022.
“Our capital actions underscore the strength of Popular’s financial performance and capital position, which allow us to deliver value for shareholders while continuing to invest in our franchise,” said Ignacio Alvarez, President & Chief Executive Officer.
The Corporation’s planned common stock repurchases may be executed in the open market or in privately negotiated transactions. The timing and exact amount of such repurchases will be subject to various factors, including market conditions and the Corporation’s capital position and financial performance.
About Popular, Inc.
Popular, Inc. (NASDAQ: BPOP) is the leading financial institution in Puerto Rico, by both assets and deposits, and ranks among the top 50 U.S. bank holding companies by assets. Founded in 1893, Banco Popular de Puerto Rico, Popular’s principal subsidiary, provides retail, mortgage and commercial banking services in Puerto Rico and the U.S. Virgin Islands. Popular also offers in Puerto Rico auto and equipment leasing and financing, investment banking, broker-dealer and insurance services through specialized subsidiaries. In the mainland United States, Popular provides retail, mortgage and commercial banking services through its New York-chartered banking subsidiary, Popular Bank, which has branches located in New York, New Jersey and Florida.
This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including without limitation those about the Corporation’s business, financial condition, results of operations, plans, objectives and future performance. These statements are not guarantees of future performance, are based on management’s current expectations and, by their nature, involve risks, uncertainties, estimates and assumptions. Potential factors, some of which are beyond the Corporation’s control, could cause actual results to differ materially from those expressed in, or implied by, such forward-looking statements. Risks and uncertainties include without limitation the effect of competitive and economic factors, and our reaction to those factors, the adequacy of the allowance for loan losses, delinquency trends, market risk and the impact of interest rate changes, capital market conditions, capital adequacy and liquidity, the effect of legal and regulatory proceedings (including as a result of any participation in and execution of government programs related to the COVID-19 pandemic), new accounting standards on the Corporation’s financial condition and results of operations, the scope and duration of the COVID-19 pandemic (including the appearance of new strains of the virus), actions taken by governmental authorities in response thereto, and the direct and indirect impact of the pandemic on the Corporation, our customers, service providers and third parties. All statements contained herein that are not clearly historical in nature, are forward-looking, and the words “anticipate,” “believe,” “continues,” “expect,” “estimate,” “intend,” “project” and similar expressions, and future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” “may” or similar expressions, are generally intended to identify forward-looking statements.
More information on the risks and important factors that could affect Popular’s future results and financial condition is included in our Annual Report on Form 10-K for the year ended December 31, 2020 and the Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021, June 30, 2021 and September 30, 2021. Our filings are available on Popular’s website (www.popular.com) and on the Securities and Exchange Commission website (www.sec.gov). Popular assumes no obligation to update or revise any forward-looking statements or information which speak as of their respective dates.
Investor Relations:
Paul J. Cardillo, 212-417-6721
Investor Relations Officer
pcardillo@popular.com
or
Media Relations:
María Cristina González Noguera, 917-804-5253
Executive Vice President and Chief Communications & Public Affairs Officer
mc.gonzalez@popular.com
Source: Popular, Inc.
FAQ
What is the new quarterly dividend for Popular, Inc. (BPOP)?
The new quarterly dividend for Popular, Inc. (BPOP) is increased to $0.55 per share.
How much is Popular, Inc. planning to repurchase in stock during 2022?
Popular, Inc. plans to repurchase up to $500 million in stock during 2022.
When will Popular, Inc.'s new dividend take effect?
The new dividend will take effect from the second quarter of 2022, pending Board approval.
What does the capital action announcement indicate about Popular, Inc.'s financial position?
The announcement indicates a strong financial performance and capital position for Popular, Inc.
