Popular (BPOP) Declares $0.55 Dividend
Popular said on February 28, 2023 that its board of directors declared a regular quarterly dividend of $0.55 per share ($2.20 annualized). Previously, the company paid $0.55 per share.
Shares must be purchased before the ex-div date of March 17, 2023 to qualify for the dividend. Shareholders of record as of March 20, 2023 will receive the payment on April 3, 2023.
At the current share price of $69.27 / share, the stock's dividend yield is 3.18%. Looking back five years and taking a sample every week, the average dividend yield has been 2.68%, the lowest has been 1.79%, and the highest has been 6.04%. The standard deviation of yields is 0.77 (n=236).
The current dividend yield is 0.65 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 0.14. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.38%, demonstrating that it has increased its dividend over time.
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Analyst Price Forecast Suggests 17.21% Upside
As of March 3, 2023, the average one-year price target for Popular is $81.19. The forecasts range from a low of $74.74 to a high of $98.70. The average price target represents an increase of 17.21% from its latest reported closing price of $69.27.
The projected annual revenue for Popular is $2,294MM, a decrease of 23.06%. The projected annual non-GAAP EPS is $10.20.
What is the Fund Sentiment?
There are 766 funds or institutions reporting positions in Popular. This is an increase of 7 owner(s) or 0.92% in the last quarter. Average portfolio weight of all funds dedicated to BPOP is 0.37%, a decrease of 15.88%. Total shares owned by institutions decreased in the last three months by 2.65% to 75,074K shares. The put/call ratio of BPOP is 1.26, indicating a bearish outlook.
What are large shareholders doing?
Price T Rowe Associates holds 3,596K shares representing 5.00% ownership of the company. In it's prior filing, the firm reported owning 3,319K shares, representing an increase of 7.70%. The firm decreased its portfolio allocation in BPOP by 2.09% over the last quarter.
Polaris Capital Management holds 2,836K shares representing 3.95% ownership of the company. In it's prior filing, the firm reported owning 3,259K shares, representing a decrease of 14.93%. The firm decreased its portfolio allocation in BPOP by 28.93% over the last quarter.
Ameriprise Financial holds 2,392K shares representing 3.33% ownership of the company. In it's prior filing, the firm reported owning 2,170K shares, representing an increase of 9.29%. The firm decreased its portfolio allocation in BPOP by 4.55% over the last quarter.
Wellington Management Group Llp holds 2,325K shares representing 3.24% ownership of the company. In it's prior filing, the firm reported owning 3,663K shares, representing a decrease of 57.55%. The firm decreased its portfolio allocation in BPOP by 45.00% over the last quarter.
T. Rowe Price Investment Management holds 2,280K shares representing 3.17% ownership of the company. In it's prior filing, the firm reported owning 2,217K shares, representing an increase of 2.78%. The firm decreased its portfolio allocation in BPOP by 9.08% over the last quarter.
Popular Background Information
(This description is provided by the company.)
Popular, Inc. 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 story originally appeared on Fintel.