Amalgamated Bank Lowers Position in Popular, Inc. (NASDAQ:BPOP)

Amalgamated Bank cut its position in Popular, Inc. (NASDAQ:BPOP - Free Report) by 69.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,895 shares of the bank's stock after selling 8,759 shares during the quarter. Amalgamated Bank's holdings in Popular were worth $391,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Financial Management Professionals Inc. acquired a new position in shares of Popular during the 3rd quarter worth $29,000. Mather Group LLC. acquired a new position in shares of Popular during the 2nd quarter worth $44,000. Meeder Asset Management Inc. acquired a new position in shares of Popular during the 2nd quarter worth $48,000. GAMMA Investing LLC raised its holdings in shares of Popular by 16.8% during the 2nd quarter. GAMMA Investing LLC now owns 1,259 shares of the bank's stock worth $111,000 after buying an additional 181 shares in the last quarter. Finally, Headlands Technologies LLC raised its holdings in shares of Popular by 216.1% during the 2nd quarter. Headlands Technologies LLC now owns 1,492 shares of the bank's stock worth $132,000 after buying an additional 1,020 shares in the last quarter. 87.27% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Popular

In related news, EVP Camille Burckhart sold 5,917 shares of the company's stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $97.60, for a total transaction of $577,499.20. Following the transaction, the executive vice president now directly owns 29,922 shares of the company's stock, valued at approximately $2,920,387.20. This represents a 16.51 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Adorno Denissa Rodriguez sold 1,825 shares of the company's stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $97.71, for a total value of $178,320.75. Following the transaction, the vice president now directly owns 3,332 shares in the company, valued at approximately $325,569.72. This trade represents a 35.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 11,242 shares of company stock worth $1,102,880 in the last 90 days. Corporate insiders own 2.09% of the company's stock.

Popular Stock Down 0.2 %

Shares of NASDAQ BPOP traded down $0.24 during trading on Monday, reaching $95.85. The company had a trading volume of 496,852 shares, compared to its average volume of 424,941. The company's fifty day moving average price is $96.52 and its 200-day moving average price is $94.10. Popular, Inc. has a 12 month low of $71.08 and a 12 month high of $105.01. The stock has a market cap of $6.83 billion, a P/E ratio of 13.14, a PEG ratio of 0.75 and a beta of 0.79.

Popular (NASDAQ:BPOP - Get Free Report) last announced its earnings results on Wednesday, October 23rd. The bank reported $2.16 EPS for the quarter, missing the consensus estimate of $2.33 by ($0.17). Popular had a net margin of 12.36% and a return on equity of 11.35%. The business had revenue of $736.56 million for the quarter, compared to the consensus estimate of $766.62 million. During the same quarter in the previous year, the company earned $1.90 EPS. The firm's revenue for the quarter was up 6.2% on a year-over-year basis. As a group, equities analysts predict that Popular, Inc. will post 8.46 earnings per share for the current year.

Popular Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 6th will be given a dividend of $0.70 per share. This is a positive change from Popular's previous quarterly dividend of $0.62. The ex-dividend date of this dividend is Friday, December 6th. This represents a $2.80 annualized dividend and a dividend yield of 2.92%. Popular's dividend payout ratio is presently 33.70%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on BPOP shares. Royal Bank of Canada reduced their price objective on Popular from $108.00 to $96.00 and set an "outperform" rating on the stock in a research report on Thursday, October 24th. Wells Fargo & Company reduced their price objective on Popular from $105.00 to $98.00 and set an "equal weight" rating on the stock in a research report on Thursday, October 24th. Piper Sandler reduced their price objective on Popular from $112.00 to $100.00 and set an "overweight" rating on the stock in a research report on Thursday, October 24th. Keefe, Bruyette & Woods restated an "outperform" rating and set a $120.00 price objective (up previously from $110.00) on shares of Popular in a research report on Thursday, July 25th. Finally, Hovde Group boosted their price objective on Popular from $113.00 to $123.00 and gave the stock an "outperform" rating in a research report on Thursday, July 25th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $104.88.

About Popular

Popular, Inc, through its subsidiaries, provides various retail, mortgage, and commercial banking products and services in Puerto Rico, the United States, and the 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.