Popular Beats on Q3 EPS at $4.21 but Revenue Falls Short
BPOP sits 46% above its 52-week low of $108.74.
Summary
Popular earned $4.21 per share in Q3, ahead of the $3.95 consensus and up from $3.14 a year ago. The beat is narrower than it looks: revenue came in at $698.93 million, well below the $791.98 million analysts expected, and net income of $265.98 million slipped from $278.2 million in Q2. The quality question is credit — the 8-K filed this morning showed nonperforming loans rising to 1.16% on a $74 million commercial loan, which is the number that matters more than the EPS line. Four analysts cut estimates in the last 30 days heading into this print, and the stock is up 30.3% year to date, so expectations were already high.
At the time of this announcement, BPOP was trading at $159.17 on NASDAQ in the Finance sector, with a market capitalization of approximately $10.2B. The 52-week trading range was $108.74 to $179.24. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Reuters.