• Joseph Gladue, CFA, PRM
  • Banking Research & Commentary
  • October 29, 2019
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BPOP: Reducing EPS Estimates on Unfavorable NIM Outlook. Raising Target Price and Reiterating Outperform Rating.

Popular reported a 2Q19 net income to common stockholders of $164.4 million, down 5.8% compared to the $170.20 million posted in 2Q19. On a per share basis, BPOP reported earnings of $1.70 compared to $1.76 in 2Q19. The 3Q19 results exceeded our $1.55 estimate and the median Street estimate of $1.61. The primary drivers of the outperformance versus our projections were a lower-than-expected loan loss provision and higher noninterest income, particularly mortgage banking revenues and loan sale gains. Highlights of the quarter include:

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Media Contact: Joseph Gladue, CFA, PRM

Joseph Gladue has over 30 years industry experience with over 25 years focused on banking research. Mr. Gladue was Director of Research at several firms including Cohen & Company and Merion Capital Group. Previously he was a senior research analyst at B. Riley and worked in finance at Bank of the Internet. Joe has covered small and mid-cap banks across the US and has also follow companies in other financial service industries. Joe also provides his banking expertise in the asset management arena for Bluestone Capital Partners. Joe can be reached at jgladue@aldensecurities.com, 215-572-8700.

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