Mon, Mar. 23, 10:15 AM
- The Moody's report will surely add to the factors blocking the closing of a $2.9B bond deal which could provide a financial lifeline to the island. Also among those factors, reports Reuters, are three prominent lawmakers who plan to try and amend Puerto Rico's constitution to allow for debt restructuring.
- An amendment would need two-thirds majority in the legislature, and then a majority from the electorate.
- In other news, Goldman Sachs upgrades Popular (BPOP -0.1%) to Neutral from Sell.
Mon, Mar. 2, 9:44 AM
- Popular (BPOP +1.7%) and First BanCorp (FBP +1.1%) are "major winners" from the closing of Doral Financial, says Sterne Agee's Brett Rabatin, and weekend deals to take over Doral assets could add $1 per share to BPOP's tangible book value.
- The shutdown of Doral, says Rabatin, should give investors confidence steps are being taken to improve the banking climate on the island. The space, he says, is highly value-oriented and underappreciated. BPOP, FBP, and OFG Bancorp (NYSE:OFG) are all buy-rated, with BPOP Rabatin's island favorite.
- BPOP's slide deck on the Doral acquisition
- Previously: Doral Financial taken over by FDIC (Feb. 27)
Fri, Feb. 27, 3:17 PM
Thu, Jan. 22, 8:48 AM
Wed, Jan. 21, 5:30 PM
Oct. 22, 2014, 10:23 AM
- Adj. Net Income from continuing operations of $81.7M
- Adj. Net Interest Income of $347.1M. Adj. NIM of 4.64% vs. 4.68% in Q2 due to 180bps decline in income from the covered loans portfolio
- Tangible book value per share of $36.24 vs. $35.84 in Q2
- Return on Average Assets 0.71%.
- Tier I risk based capital of 16.93% vs. 19.23% in Q2
- Conference call at 10:30 ET. Webcast here.
- BPOP +2.3%
- Previously: Popular Adj. Net Income of $81.7M
Oct. 22, 2014, 8:40 AM
Oct. 21, 2014, 5:30 PM
Jul. 24, 2014, 8:56 AM
Jul. 23, 2014, 5:30 PM
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Jul. 3, 2014, 8:01 AM
- "We bring to a close a difficult chapter in our history and we emerge as a stronger and more focused institution," says BPOP CEO Richard Carrion after repurchasing $935M of trust capital securities issued to the Treasury in 2008 in exchange for TARP bailout funds.
- The bank also offers to repurchase the warrant issued to Treasury, representing the right to purchase 2.093M shares of Popular at $67 each.
- Source: Press Release
Jun. 27, 2014, 2:42 PM
- About $400M of the 5-year senior notes with 7% coupon will go towards repaying the government $935M. The other $50M will be for additional liquidity for the holding company.
- Popular's (BPOP +0.4%) nice run continues, with the stock ahead nearly 17% YTD.
- Press release
- Previously: Popular green-lighted to repay TARP funds
Jun. 19, 2014, 7:37 AM
- The catalyst many Popular (BPOP) bulls have been waiting for, the bank announces regulatory approval to repay $935M in TARP bailout money it received. Popular expects to fund the repayment with cash on hand and about a $400M debt issue.
- The bank also intends to repurchase all outstanding warrants (2.09M) issued to Treasury giving the government the right to buy Popular common stock at $67 per share.
- The stock gained 0.2% in after-hours trade following the announcement.
- Press release
Jun. 3, 2014, 1:20 PM
- Popular (BPOP +3.8%) and First Bancorp (FBP +4.5%) are posting strong gains in the wake of fellow Puerto Rico lender Doral Financial's (DRL -17.7%) escalating liquidity issues.
- Both Popular and First Bancorp are no doubt eyeing assets they can maybe pick up on the cheap, and yesterday FBP purchased from Doral servicing rights on mortgages with about $242.1M of UPB.
- Previously: Doral completes sale of mortgages; evaluating strategic alternatives
Apr. 23, 2014, 8:53 AM
- As tipped last night, Popular (BPOP) inks deals to sell its operations in Chicago, Southern California, and Central Florida, leaving the lender to concentrate its U.S. mainland business in New York and South Florida.
- Together the deals include 41 branches, about $1.8B in related loan portfolios, and about $2.1B in deposits. The Chicago buyer is First Midwest Bank (FMBI), the California buyer is Banc of California (BANC), and Florida is Harbor Community Bank.
- The deal will include the closing of Popular's mainland headquarters in Rosemont, IL along with an Orlando office. Off the roughly 550 positions at those locations, 100 will be move to other mainland offices and 200 to Puerto Rico.
- Popular says the sales will results in a net premium of about $25M along with a goodwill writedown of $160M and restructuring charges of $53M.
- Shares +1.9% premarket
- Previously: Popular nears sale of some mainland U.S. branches
Apr. 23, 2014, 7:15 AM
BPOP vs. ETF Alternatives
Popular Inc is a publicly owned bank holding company, which offers retail and commercial banking services through its banking subsidiary, Banco Popular de Puerto Rico. The Bank also offers insurance and reinsurance services.
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