Gabelli Funds LLC Reduces Stock Holdings in Popular, Inc. (NASDAQ:BPOP)

Gabelli Funds LLC trimmed its holdings in Popular, Inc. (NASDAQ:BPOPFree Report) by 2.7% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 17,800 shares of the bank’s stock after selling 500 shares during the period. Gabelli Funds LLC’s holdings in Popular were worth $1,122,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Vanguard Group Inc. raised its position in shares of Popular by 11.6% in the third quarter. Vanguard Group Inc. now owns 7,880,331 shares of the bank’s stock valued at $567,856,000 after buying an additional 816,384 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Popular by 21.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 4,382,121 shares of the bank’s stock valued at $251,579,000 after buying an additional 786,453 shares during the last quarter. First Trust Advisors LP raised its position in shares of Popular by 474.1% in the first quarter. First Trust Advisors LP now owns 3,531,550 shares of the bank’s stock valued at $202,746,000 after buying an additional 2,916,412 shares during the last quarter. BlackRock Inc. increased its position in Popular by 2.4% during the first quarter. BlackRock Inc. now owns 3,479,741 shares of the bank’s stock worth $199,772,000 after purchasing an additional 82,374 shares during the last quarter. Finally, State Street Corp increased its position in Popular by 7.1% during the first quarter. State Street Corp now owns 2,527,461 shares of the bank’s stock worth $146,812,000 after purchasing an additional 167,707 shares during the last quarter. 86.76% of the stock is currently owned by institutional investors and hedge funds.

Popular Trading Up 1.5 %

BPOP stock opened at $84.55 on Friday. Popular, Inc. has a twelve month low of $49.34 and a twelve month high of $89.70. The company’s 50 day moving average is $81.73 and its two-hundred day moving average is $72.10. The stock has a market cap of $6.10 billion, a P/E ratio of 11.23 and a beta of 0.83.

Popular (NASDAQ:BPOPGet Free Report) last released its quarterly earnings data on Thursday, January 25th. The bank reported $1.94 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.89. The company had revenue of $702.92 million for the quarter, compared to analysts’ expectations of $699.76 million. Popular had a net margin of 13.86% and a return on equity of 13.08%. On average, equities research analysts predict that Popular, Inc. will post 8.49 earnings per share for the current year.

Popular Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 2nd. Stockholders of record on Thursday, December 7th were issued a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.93%. This is a boost from Popular’s previous quarterly dividend of $0.55. The ex-dividend date of this dividend was Wednesday, December 6th. Popular’s payout ratio is presently 32.93%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on BPOP shares. Citigroup started coverage on shares of Popular in a research report on Friday, December 1st. They set a “buy” rating and a $86.00 price objective for the company. UBS Group increased their target price on shares of Popular from $84.00 to $91.00 and gave the stock a “neutral” rating in a research note on Friday, January 26th. Royal Bank of Canada increased their target price on shares of Popular from $80.00 to $90.00 and gave the stock an “outperform” rating in a research note on Friday, January 26th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Popular from $95.00 to $103.00 and gave the company an “outperform” rating in a research note on Friday, January 26th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $84.67.

Read Our Latest Research Report on Popular

Insider Activity

In other news, EVP Camille Burckhart sold 7,764 shares of Popular stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $71.58, for a total value of $555,747.12. Following the transaction, the executive vice president now directly owns 29,763 shares of the company’s stock, valued at approximately $2,130,435.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Popular news, EVP Camille Burckhart sold 7,764 shares of the business’s stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $71.58, for a total value of $555,747.12. Following the transaction, the executive vice president now directly owns 29,763 shares of the company’s stock, valued at approximately $2,130,435.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Luis E. Cestero sold 599 shares of the business’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $85.65, for a total transaction of $51,304.35. Following the completion of the transaction, the executive vice president now directly owns 26,529 shares in the company, valued at $2,272,208.85. The disclosure for this sale can be found here. Corporate insiders own 2.09% of the company’s stock.

Popular Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Popular (NASDAQ:BPOP)

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