Popular Announces 2020 Planned Capital Actions

About this update from Popular, Inc.

[{"type":"text","content":" SAN JUAN, Puerto Rico--(BUSINESS WIRE)--\nPopular, Inc. (“Popular” or the “Company”) (NASDAQ: BPOP) announced today the following planned capital actions for 2020:\n\n\n\nan increase in the Company’s quarterly common stock dividend from $0.30 per share to $0.40 per share, commencing with the dividend payable in the second quarter of 2020, subject to the approval by the Company’s Board of Directors; and\n\n\ncommon stock repurchases of up to $500 million.\n\n\n\n“We are pleased to announce our proposed capital actions for 2020 which are in line with our continued goal of delivering enhanced shareholder returns while maintaining prudent capital levels,” said Ignacio Alvarez, President & Chief Executive Officer. “This increase in capital return to our shareholders reflects Popular’s strong financial and capital position. We remain focused on executing our strategic initiatives in order to continue driving long-term shareholder returns.”\n\n\nCommon 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 market conditions and the Company’s capital position and financial performance.\n\n\nThe announcement of the planned common stock repurchases follows the non-objection from the Board of Governors of the Federal Reserve System.\n\n\nThe Company also announced that, on December 12, 2019, the Company completed the previously announced $250 million accelerated share repurchase transaction (“ASR”) with respect to its common stock. In connection therewith, the Company received an initial delivery of 3,500,000 shares of common stock during the first quarter of 2019 and received 1,165,607 additional shares of common stock on December 12, 2019. The final number of shares delivered at settlement was based on the average daily volume weighted average price of its common stock, net of a discount, during the term of the ASR, which amounted to $53.58. The Company accounted for this as a treasury stock transaction.\n\n\nAbout Popular, Inc.\n\n\nPopular, 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 c...

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