Boothbay Fund Management LLC cut its stake in shares of Popular, Inc. (NASDAQ:BPOP – Get Rating) by 85.6% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,912 shares of the bank’s stock after selling 17,317 shares during the period. Boothbay Fund Management LLC’s holdings in Popular were worth $210,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in BPOP. Private Trust Co. NA purchased a new stake in Popular during the second quarter valued at about $26,000. Assetmark Inc. acquired a new stake in Popular during the 3rd quarter worth approximately $27,000. Picton Mahoney Asset Management purchased a new position in Popular in the third quarter valued at approximately $62,000. Denali Advisors LLC acquired a new position in Popular during the third quarter valued at approximately $79,000. Finally, Covestor Ltd grew its stake in Popular by 68.9% during the first quarter. Covestor Ltd now owns 1,096 shares of the bank’s stock worth $90,000 after buying an additional 447 shares during the period. 86.01% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of brokerages have recently commented on BPOP. Keefe, Bruyette & Woods downgraded shares of Popular from an “outperform” rating to a “market perform” rating and cut their target price for the company from $85.00 to $74.00 in a research note on Thursday, January 26th. Wells Fargo & Company decreased their target price on Popular from $80.00 to $75.00 and set an “overweight” rating for the company in a research report on Thursday, December 15th. Royal Bank of Canada dropped their target price on Popular from $80.00 to $75.00 in a report on Thursday, January 26th. StockNews.com cut Popular from a “buy” rating to a “hold” rating in a report on Tuesday, January 10th. Finally, UBS Group dropped their price objective on shares of Popular to $100.00 in a research note on Wednesday, November 16th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $80.80.
Popular Stock Up 1.2 %
Popular (NASDAQ:BPOP – Get Rating) last issued its quarterly earnings results on Wednesday, January 25th. The bank reported $3.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.75 by $0.81. The business had revenue of $559.57 million during the quarter, compared to analyst estimates of $730.82 million. Popular had a net margin of 32.75% and a return on equity of 26.28%. The business’s revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.58 earnings per share. As a group, sell-side analysts anticipate that Popular, Inc. will post 8.63 EPS for the current year.
Popular Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Monday, April 3rd. Investors of record on Monday, March 20th will be paid a $0.55 dividend. The ex-dividend date is Friday, March 17th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 3.14%. Popular’s dividend payout ratio (DPR) is presently 14.95%.
Popular, Inc operates as a holding company. The firm engages in the provision of banking and financial services. It operates through the following segments: Banco Popular de Puerto Rico, Popular U.S., and Corporate Group. The Banco Popular de Puerto Rico segment includes commercial banking, consumer and retail banking, and other financial services.
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