Popular Inc. BPOP,
It said Wednesday it expects to buy back $500 million of its stock in 2022, and that it raised its quarterly dividend by 22%, to 55 cents per share from 45 cents. The new dividend for the Puerto Rican-based financial services company will be paid in the second quarter of 2022. Based on Tuesday’s closing price of $92.57, the new annual dividend would mean a dividend yield of 2.38%, compared to the implied return of the S Index and b. 500 SPX,
than 1.31%. The stock buyback plan represents about 6.8% of Popular’s market capitalization of about $7.39 billion. The stock, which was little changed in pre-market trading, is up 15.2% over the past three months, while the S&P 500 is up 8.3%.