Bank of Montreal Can Acquires Shares of 23,707 Popular, Inc. (NASDAQ:BPOP)

Bank of Montreal Can acquired a new position in Popular, Inc. (NASDAQ:BPOP - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 23,707 shares of the bank's stock, valued at approximately $2,337,000.

Several other institutional investors have also recently modified their holdings of BPOP. Mercer Global Advisors Inc. ADV lifted its holdings in Popular by 3.0% in the second quarter. Mercer Global Advisors Inc. ADV now owns 4,087 shares of the bank's stock valued at $361,000 after acquiring an additional 118 shares during the period. Assetmark Inc. increased its stake in shares of Popular by 4.0% in the 3rd quarter. Assetmark Inc. now owns 3,749 shares of the bank's stock valued at $376,000 after purchasing an additional 143 shares in the last quarter. Pathstone Holdings LLC raised its holdings in Popular by 0.8% in the 3rd quarter. Pathstone Holdings LLC now owns 19,690 shares of the bank's stock worth $1,974,000 after purchasing an additional 148 shares during the period. GAMMA Investing LLC boosted its position in Popular by 16.8% during the second quarter. GAMMA Investing LLC now owns 1,259 shares of the bank's stock worth $111,000 after purchasing an additional 181 shares in the last quarter. Finally, Wedmont Private Capital lifted its position in shares of Popular by 9.5% during the 2nd quarter. Wedmont Private Capital now owns 2,987 shares of the bank's stock valued at $278,000 after buying an additional 258 shares in the last quarter. 87.27% of the stock is currently owned by hedge funds and other institutional investors.

Popular Price Performance

Shares of BPOP traded down $0.01 during mid-day trading on Friday, reaching $99.15. The stock had a trading volume of 411,248 shares, compared to its average volume of 427,270. The firm has a market cap of $7.07 billion, a price-to-earnings ratio of 13.57, a P/E/G ratio of 0.77 and a beta of 0.81. The business's fifty day moving average is $96.51 and its 200 day moving average is $94.85. Popular, Inc. has a 52-week low of $75.17 and a 52-week high of $105.01.

Popular (NASDAQ:BPOP - Get Free Report) last released its quarterly 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 firm had revenue of $736.56 million for the quarter, compared to analysts' expectations of $766.62 million. During the same period in the previous year, the firm posted $1.90 EPS. The firm's quarterly revenue was up 6.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Popular, Inc. will post 8.46 EPS for the current fiscal year.

Popular Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 6th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.82%. This is an increase from Popular's previous quarterly dividend of $0.62. The ex-dividend date of this dividend is Friday, December 6th. Popular's payout ratio is 33.70%.

Insider Buying and Selling

In related news, VP Adorno Denissa Rodriguez sold 1,825 shares of the business's stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $97.71, for a total transaction of $178,320.75. Following the completion of the transaction, the vice president now owns 3,332 shares in the company, valued at approximately $325,569.72. The trade was a 35.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Beatriz Castellvi sold 3,500 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $99.16, for a total value of $347,060.00. Following the completion of the transaction, the executive vice president now directly owns 25,115 shares in the company, valued at $2,490,403.40. This trade represents a 12.23 % decrease in their position. The disclosure for this sale can be found here. 2.09% of the stock is owned by corporate insiders.

Analyst Ratings Changes

BPOP has been the topic of several research analyst reports. Keefe, Bruyette & Woods lifted their target price on shares of Popular from $103.00 to $116.00 and gave the company an "outperform" rating in a research report on Wednesday. Royal Bank of Canada cut their price objective on Popular from $108.00 to $96.00 and set an "outperform" rating for the company in a research note on Thursday, October 24th. Barclays increased their target price on Popular from $104.00 to $110.00 and gave the company an "overweight" rating in a report on Thursday. Wells Fargo & Company increased their price objective on Popular from $90.00 to $105.00 and gave the company an "equal weight" rating in a research note on Tuesday. Finally, Piper Sandler lowered their target price on shares of Popular from $112.00 to $100.00 and set an "overweight" rating on the stock in a research note on Thursday, October 24th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $106.00.

Popular Profile

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.