Popular's stock surged 5.29% during intraday trading on Tuesday following the release of its fourth-quarter financial results, which significantly exceeded analyst expectations.
The financial services firm reported quarterly earnings of $3.53 per diluted share, beating the FactSet consensus estimate of $3.04 and showing a substantial increase from $2.51 per share in the same period last year. The company's net income rose to $233.9 million, supported by higher net interest income driven by lower interest expenses on deposits and increased loan income.
Additional positive factors included a decrease in operating expenses due to a partial reversal of the FDIC special assessment reserve, stable credit quality with decreased non-performing loans, and share repurchases totaling $147.8 million during the quarter. Wall Street analysts maintain a positive outlook, with an average "buy" rating and a median price target suggesting further upside potential.
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