Popular Announces Capital Actions
January 24 2017 - 8:00AM
Business Wire
Popular, Inc. (NASDAQ: BPOP) or (the “Company”) announced today
that its Board of Directors has approved the following capital
actions:
- increase in the Company’s quarterly
common stock dividend from $0.15 per share to $0.25 per share;
and
- common stock repurchases of up to $75
million.
"As a result of the consistent progress we have made in recent
years and of the strength of our capital position, we are pleased
to announce these capital actions, which provide us with the
ability to increase our dividend and engage in common share
repurchases,” said Chairman and Chief Executive Officer Richard
Carrion. “We remain focused on executing our strategic initiatives
in order to deliver enhanced shareholder returns.”
The Company’s Board of Directors has approved a quarterly cash
dividend of $0.25 per share for the second quarter of 2017 on its
outstanding common stock. The dividend will be payable on April 3,
2017 to shareholders of record at the close of business on March
17, 2017. Future quarterly dividends will be subject to the Board
of Directors' approval at the customary times those dividends are
declared.
Common stock repurchases will be made under a repurchase plan
that has been authorized by the Company’s Board of Directors.
Common stock repurchases may be executed in the open market or in
privately negotiated transactions. The timing and exact amount of
the share repurchases will be subject to various factors, including
the Company’s capital position, financial performance and market
conditions.
These actions follow the non-objection from the Board of
Governors of the Federal Reserve System.
About Popular, Inc.
Founded in 1893, Popular, Inc. is the leading banking
institution by both assets and deposits in Puerto Rico and ranks
among the top 50 U.S. banks by assets. Popular provides retail,
mortgage and commercial banking services through its principal
banking subsidiary, Banco Popular de Puerto Rico, as well as auto
and equipment leasing and financing, investment banking,
broker-dealer and insurance services through specialized
subsidiaries. In the United States, Popular has established a
community-banking franchise providing a broad range of financial
services and products with branches in New York, New Jersey and
Florida under the name of Popular Community Bank.
This information contained in this news release contains
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are not historical facts, but instead represent only
management’s beliefs regarding future events and current
expectations, many of which, by their nature, are inherently
uncertain and outside of the control of the Corporation. It is
possible that the Corporation's actual results and financial
condition may differ, possibly materially, from the anticipated
results and financial condition indicated or implied in these
forward-looking statements. Please refer to our Annual Report on
Form 10-K for the year ended December 31, 2015, the Quarterly
Report on Form 10-Q for the quarter ended September 30, 2016, and
our other filings with the Securities and Exchange Commission for a
discussion of some of the risks and important factors that could
affect the Corporation’s future results and financial condition.
Those filings are available on the Corporation’s website
(www.popular.com) and on the Securities and Exchange Commission
website (www.SEC.gov). The Corporation does not undertake to update
or revise any forward-looking statement to reflect events or
circumstances that may arise after the date of such statements.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170124005415/en/
Popular, Inc.Investor Relations:Brett Scheiner,
212-417-6721Investor Relations OfficerorMedia Relations:Teruca
Rullán, 787-281-5170 or 917-679-3596 (mobile)
Popular (NASDAQ:BPOP)
Historical Stock Chart
From Aug 2024 to Sep 2024
Popular (NASDAQ:BPOP)
Historical Stock Chart
From Sep 2023 to Sep 2024