SAN JUAN—Beatriz Castellvi, the Executive Vice President and Chief Security Officer of Popular, Inc. (NASDAQ:BPOP), has recently sold 3,500 shares of the company's common stock. The shares were sold at an average price of $99.16, amounting to a total transaction value of approximately $347,060. Following this sale, Castellvi retains ownership of 25,114.954 shares, which includes shares acquired through dividend reinvestment. This transaction was executed on November 6, 2024, as per the latest SEC filing.
In other recent news, financial services provider Popular Inc (NASDAQ:BPOP). reported mixed third-quarter results, primarily marked by deposit outflows and higher provisioning. The company's earnings per share (EPS) of $2.16 fell short of expectations, attributed to lower net interest income (NII) and increased provisioning. A significant detail was the $1.9 billion in deposit outflows, largely from the low-cost Puerto Rico retail segment.
Following these developments, Piper Sandler and RBC Capital both adjusted their price targets for Popular, maintaining their Overweight and Outperform ratings respectively. Despite a downward revision of the 2025 run rate due to lower NII, Popular experienced a loan growth of 1.7% over the last quarter.
The company also acted on its $500 million share repurchase authorization announced in July, buying back 599,000 shares for $58.8 million. Anticipating a consolidated loan growth of around 1% in Q4 2023, Popular remains committed to achieving a long-term sustainable Return on Tangible Common Equity (ROTCE) of 14%. Further guidance on the company's outlook is expected to be provided in January.
InvestingPro Insights
In light of Beatriz Castellvi's recent stock sale, it's worth examining some key financial metrics and insights for Popular, Inc. (NASDAQ:BPOP). According to InvestingPro data, the company's market capitalization stands at $6.89 billion, with a price-to-earnings (P/E) ratio of 13.03, suggesting a relatively modest valuation compared to industry peers.
InvestingPro Tips highlight that Popular has maintained dividend payments for 10 consecutive years and has raised its dividend for 5 consecutive years. This consistent dividend policy may be attractive to income-focused investors, especially considering the current dividend yield of 2.58%. The company's commitment to shareholder returns is further underscored by its dividend growth of 12.73% over the last twelve months.
Despite the recent insider sale, Popular's financial performance remains solid. The company boasts a strong return over the last five years, and analysts predict it will be profitable this year. However, it's worth noting that 5 analysts have revised their earnings downwards for the upcoming period, which investors should monitor closely.
For those interested in a deeper dive into Popular's financials and future prospects, InvestingPro offers additional tips and insights, with 8 more tips available on the platform.
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