Popular Launches $1B Buyback, Hikes Dividend 20% as CEO Retires
BPOP sits 58% above its 52-week low of $108.74 on light trading volume (0.2× avg).
Summary
Popular, Inc. announced a $1 billion share buyback and a 20% dividend increase to $0.90 per share, signaling strong capital return confidence. The prior $500 million buyback was fully used, with $280 million repurchased this year. CEO Javier Ferrer will retire August 31, with CFO Jorge García stepping up as CEO—a planned internal succession. The moves follow strong Q2 earnings reported today, with net income of $278 million. The buyback represents about 9% of market cap, a material return of capital that should support the stock near its 52-week high.
At the time of this announcement, BPOP was trading at $171.54 on NASDAQ in the Finance sector, with a market capitalization of approximately $11.1B. The 52-week trading range was $108.74 to $175.12. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.