Covestor Ltd grew its holdings in shares of Popular, Inc. (NASDAQ:BPOP – Free Report) by 9.6% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 4,277 shares of the bank’s stock after buying an additional 374 shares during the quarter. Covestor Ltd’s holdings in Popular were worth $259,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. ING Groep NV bought a new position in Popular in the 1st quarter valued at $34,000. CWM LLC grew its holdings in shares of Popular by 51.5% in the second quarter. CWM LLC now owns 606 shares of the bank’s stock worth $37,000 after purchasing an additional 206 shares during the last quarter. Assetmark Inc. increased its stake in Popular by 47.6% in the 1st quarter. Assetmark Inc. now owns 688 shares of the bank’s stock worth $39,000 after buying an additional 222 shares during the period. AXS Investments LLC purchased a new stake in shares of Popular in the first quarter valued at approximately $56,000. Finally, Lazard Asset Management LLC grew its position in shares of Popular by 51.9% during the 1st quarter. Lazard Asset Management LLC now owns 1,121 shares of the bank’s stock worth $91,000 after buying an additional 383 shares in the last quarter. 86.76% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several research firms recently weighed in on BPOP. Wells Fargo & Company decreased their price objective on Popular from $80.00 to $75.00 and set an “overweight” rating for the company in a report on Wednesday, October 4th. Bank of America assumed coverage on shares of Popular in a research report on Tuesday, October 10th. They issued a “neutral” rating and a $63.00 price target for the company. Royal Bank of Canada lifted their price objective on shares of Popular from $64.00 to $70.00 and gave the company an “outperform” rating in a report on Thursday, July 27th. Finally, StockNews.com began coverage on Popular in a report on Thursday, October 5th. They set a “hold” rating for the company. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Popular presently has an average rating of “Moderate Buy” and a consensus price target of $69.83.
Popular Price Performance
NASDAQ BPOP traded down $0.91 on Tuesday, hitting $71.48. The stock had a trading volume of 94,450 shares, compared to its average volume of 540,660. Popular, Inc. has a 52-week low of $49.34 and a 52-week high of $73.99. The business’s fifty day moving average price is $64.90 and its 200 day moving average price is $64.08. The stock has a market cap of $5.16 billion, a price-to-earnings ratio of 7.40 and a beta of 0.88.
Popular (NASDAQ:BPOP – Get Free Report) last announced its earnings results on Thursday, October 26th. The bank reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.81 by $0.09. The company had revenue of $693.60 million for the quarter, compared to analyst estimates of $703.21 million. Popular had a return on equity of 16.06% and a net margin of 18.83%. The firm’s quarterly revenue was down 31.1% compared to the same quarter last year. During the same period in the prior year, the company posted $5.70 EPS. As a group, sell-side analysts anticipate that Popular, Inc. will post 7.67 EPS for the current year.
Popular Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Thursday, December 7th will be paid a $0.62 dividend. The ex-dividend date is Wednesday, December 6th. This is a boost from Popular’s previous quarterly dividend of $0.55. This represents a $2.48 dividend on an annualized basis and a yield of 3.47%. Popular’s dividend payout ratio (DPR) is 25.36%.
Insiders Place Their Bets
In other news, EVP Camille Burckhart sold 7,000 shares of Popular stock in a transaction on Friday, September 8th. The shares were sold at an average price of $64.40, for a total transaction of $450,800.00. Following the completion of the sale, the executive vice president now directly owns 37,387 shares in the company, valued at $2,407,722.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, EVP Camille Burckhart sold 7,000 shares of Popular stock in a transaction dated Friday, September 8th. The stock was sold at an average price of $64.40, for a total transaction of $450,800.00. Following the completion of the sale, the executive vice president now owns 37,387 shares of the company’s stock, valued at $2,407,722.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Maria Luisa Ferre sold 2,095 shares of the stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $67.99, for a total transaction of $142,439.05. Following the completion of the transaction, the director now owns 34,400 shares in the company, valued at approximately $2,338,856. The disclosure for this sale can be found here. 2.09% of the stock is owned by insiders.
Popular, Inc, through its subsidiaries, provides various retail, mortgage, and commercial banking products and services in Puerto Rico, the United States, and British Virgin Islands. The company provides savings, NOW, money market, and other interest-bearing demand accounts; non-interest bearing demand deposits; and certificates of deposit.
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