Popular, Inc. Announces Quarterly Dividend of $0.62 (NASDAQ:BPOP)

Popular, Inc. (NASDAQ:BPOP - Get Free Report) announced a quarterly dividend on Thursday, May 9th, Zacks reports. Stockholders of record on Thursday, May 30th will be paid a dividend of 0.62 per share by the bank on Monday, July 1st. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.73%. The ex-dividend date of this dividend is Thursday, May 30th.

Popular has raised its dividend by an average of 12.4% annually over the last three years and has raised its dividend annually for the last 5 consecutive years. Popular has a dividend payout ratio of 22.3% meaning its dividend is sufficiently covered by earnings. Research analysts expect Popular to earn $10.54 per share next year, which means the company should continue to be able to cover its $2.48 annual dividend with an expected future payout ratio of 23.5%.

Popular Stock Performance

BPOP traded up $1.12 during midday trading on Friday, reaching $90.92. 293,973 shares of the company were exchanged, compared to its average volume of 331,565. Popular has a one year low of $53.46 and a one year high of $90.99. The stock has a market capitalization of $6.57 billion, a P/E ratio of 13.49, a PEG ratio of 0.85 and a beta of 0.81. The stock's 50-day simple moving average is $85.55 and its 200 day simple moving average is $80.94.

Insider Activity at Popular

In other Popular news, EVP Luis E. Cestero sold 4,641 shares of the business's stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $84.42, for a total transaction of $391,793.22. Following the transaction, the executive vice president now owns 26,772 shares of the company's stock, valued at approximately $2,260,092.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.09% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages have issued reports on BPOP. Keefe, Bruyette & Woods restated an "outperform" rating and set a $110.00 target price (up previously from $103.00) on shares of Popular in a report on Wednesday, April 24th. Barclays lifted their price objective on Popular from $99.00 to $105.00 and gave the company an "overweight" rating in a report on Thursday, April 25th. Piper Sandler lifted their price objective on Popular from $96.00 to $105.00 and gave the company an "overweight" rating in a report on Tuesday, April 9th. Royal Bank of Canada lifted their price objective on Popular from $80.00 to $90.00 and gave the company an "outperform" rating in a report on Friday, January 26th. Finally, Citigroup lifted their price objective on Popular from $103.00 to $107.00 and gave the company a "buy" rating in a report on Wednesday, March 13th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $99.89.

About Popular

Popular, Inc, through its subsidiaries, provides various retail, mortgage, and commercial banking products and services in Puerto Rico, the United States, and the British Virgin Islands. The company provides savings, NOW, money market, and other interest-bearing demand accounts; non-interest bearing demand deposits; and certificates of deposit.