Minneapolis Portfolio Management Group LLC decreased its stake in Popular, Inc. (NASDAQ:BPOP - Free Report) by 3.0% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 390,668 shares of the bank's stock after selling 12,147 shares during the period. Popular accounts for about 5.1% of Minneapolis Portfolio Management Group LLC's holdings, making the stock its 4th biggest position. Minneapolis Portfolio Management Group LLC owned about 0.54% of Popular worth $39,172,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Financial Management Professionals Inc. bought a new position in shares of Popular during the 3rd quarter worth $29,000. Headlands Technologies LLC bought a new position in shares of Popular in the first quarter worth $42,000. Mather Group LLC. purchased a new position in shares of Popular in the second quarter valued at $44,000. Meeder Asset Management Inc. purchased a new position in shares of Popular in the second quarter valued at $48,000. Finally, GAMMA Investing LLC raised its stake in shares of Popular by 16.8% during the 2nd quarter. GAMMA Investing LLC now owns 1,259 shares of the bank's stock valued at $111,000 after purchasing an additional 181 shares during the period. 87.27% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of equities research analysts have recently issued reports on the stock. Royal Bank of Canada lowered their price target on shares of Popular from $108.00 to $96.00 and set an "outperform" rating on the stock in a report on Thursday, October 24th. Keefe, Bruyette & Woods reiterated an "outperform" rating and issued a $120.00 target price (up from $110.00) on shares of Popular in a research note on Thursday, July 25th. Wells Fargo & Company cut their price target on shares of Popular from $105.00 to $98.00 and set an "equal weight" rating for the company in a report on Thursday, October 24th. Piper Sandler decreased their price target on shares of Popular from $112.00 to $100.00 and set an "overweight" rating on the stock in a report on Thursday, October 24th. Finally, Hovde Group lifted their price objective on Popular from $113.00 to $123.00 and gave the company an "outperform" rating in a research note on Thursday, July 25th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $104.88.
View Our Latest Stock Analysis on Popular
Insiders Place Their Bets
In other news, EVP Camille Burckhart sold 5,917 shares of the firm's stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $97.60, for a total value of $577,499.20. Following the transaction, the executive vice president now owns 29,922 shares in the company, valued at approximately $2,920,387.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.09% of the company's stock.
Popular Price Performance
BPOP stock traded up $0.25 during mid-day trading on Friday, hitting $89.48. 449,913 shares of the stock were exchanged, compared to its average volume of 563,442. The business has a fifty day moving average price of $97.51 and a 200 day moving average price of $93.44. Popular, Inc. has a 12 month low of $66.19 and a 12 month high of $105.01. The stock has a market capitalization of $6.47 billion, a price-to-earnings ratio of 12.16, a PEG ratio of 0.62 and a beta of 0.79.
Popular (NASDAQ:BPOP - Get Free Report) last posted 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 return on equity of 11.65% and a net margin of 12.36%. The business had revenue of $736.56 million for the quarter, compared to analysts' expectations of $766.62 million. During the same period last year, the business posted $1.90 earnings per share. The company's revenue was up 6.2% compared to the same quarter last year. As a group, equities analysts forecast that Popular, Inc. will post 8.51 EPS for the current fiscal year.
Popular Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were given a dividend of $0.62 per share. The ex-dividend date was Friday, September 13th. This represents a $2.48 annualized dividend and a yield of 2.77%. Popular's payout ratio is 33.70%.
About Popular
(
Free Report)
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.
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