Popular Inc (NASDAQ:BPOP) has reached a new 52-week high, with its stock price soaring to $103.29. This milestone reflects a significant uptick in the company's performance, marking a high point in its recent trading history. Over the past year, Popular Inc has seen a substantial increase in its value, with a 1-year change of 52.27%. This impressive growth underscores the company's robust financial health and its ability to deliver strong returns to its shareholders.
In other recent news, Popular, Inc. has announced plans to repurchase up to $500 million of its common stock and increase its quarterly common stock dividend from $0.62 to $0.70 per share. The company has also reported robust Q1 earnings, with a net income of $103 million, adjusted to $135 million for specific items. Meanwhile, Keefe, Bruyette & Woods have raised their price target for the company to $110 from the previous $103, maintaining an Outperform rating on the shares.
On the personnel front, Javier D. Ferrer has been appointed as the new President of Popular, Inc. Ferrer, who has been serving as the company's Chief Operating Officer since 2022, will continue in this role while also assuming presidential duties. These recent developments underscore the company's strong capital standing, which enables it to meet customer needs while also increasing shareholder returns through dividends and stock repurchases.
InvestingPro Insights
As Popular Inc (BPOP) celebrates its new 52-week high, the bullish sentiment is echoed by several metrics and analyst insights available on InvestingPro. The company's market capitalization stands at a solid $7.42 billion, and it boasts a price-to-earnings (P/E) ratio of 15.19, which has been slightly adjusted to 14.75 when considering the last twelve months as of Q1 2024. This P/E ratio could suggest a reasonable valuation relative to the company's earnings.
InvestingPro Tips highlight that Popular Inc has not only raised its dividend for 5 consecutive years but also maintained these payments for 10 consecutive years, demonstrating a commitment to returning value to shareholders. Additionally, four analysts have revised their earnings upwards for the upcoming period, indicating a positive outlook on the company's financial prospects.
The company's recent performance also shows a strong 1-month price total return of 18.06% and a 3-month price total return of 17.36%, further emphasizing the stock's upward momentum. For investors looking for more insights and tips on Popular Inc, InvestingPro offers additional tips to inform their investment decisions. Use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, and gain access to these valuable resources.
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