Summit Global Investments Sells 6,656 Shares of Popular, Inc. (NASDAQ:BPOP)

Summit Global Investments cut its position in shares of Popular, Inc. (NASDAQ:BPOP - Free Report) by 31.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 14,319 shares of the bank's stock after selling 6,656 shares during the quarter. Summit Global Investments' holdings in Popular were worth $1,347,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Proficio Capital Partners LLC acquired a new position in shares of Popular in the 4th quarter valued at about $27,000. Picton Mahoney Asset Management increased its position in Popular by 56.7% in the fourth quarter. Picton Mahoney Asset Management now owns 326 shares of the bank's stock worth $31,000 after buying an additional 118 shares during the period. Brooklyn Investment Group bought a new stake in Popular in the third quarter valued at $47,000. Smartleaf Asset Management LLC grew its position in shares of Popular by 56.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 603 shares of the bank's stock worth $57,000 after acquiring an additional 218 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB acquired a new stake in shares of Popular in the 3rd quarter worth about $81,000. 87.27% of the stock is currently owned by institutional investors.

Popular Stock Down 0.4 %

NASDAQ:BPOP traded down $0.34 on Thursday, reaching $93.20. The stock had a trading volume of 396,655 shares, compared to its average volume of 438,190. The company has a market capitalization of $6.49 billion, a P/E ratio of 10.89, a price-to-earnings-growth ratio of 0.75 and a beta of 0.77. Popular, Inc. has a 1-year low of $80.60 and a 1-year high of $106.81. The stock has a fifty day moving average price of $98.25 and a 200-day moving average price of $97.02.

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Popular (NASDAQ:BPOP - Get Free Report) last released its quarterly earnings results on Tuesday, January 28th. The bank reported $2.51 EPS for the quarter, topping analysts' consensus estimates of $2.04 by $0.47. Popular had a return on equity of 11.89% and a net margin of 14.15%. Sell-side analysts predict that Popular, Inc. will post 10.06 earnings per share for the current fiscal year.

Popular Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Tuesday, March 18th will be issued a $0.70 dividend. The ex-dividend date of this dividend is Tuesday, March 18th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.00%. Popular's dividend payout ratio is 32.71%.

Insider Buying and Selling

In related news, EVP Gilberto Monzon sold 9,600 shares of the business's stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $102.57, for a total value of $984,672.00. Following the completion of the transaction, the executive vice president now owns 39,170 shares in the company, valued at $4,017,666.90. The trade was a 19.68 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Eduardo J. Negron sold 10,000 shares of the company's stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $104.02, for a total value of $1,040,200.00. Following the transaction, the executive vice president now directly owns 32,866 shares in the company, valued at approximately $3,418,721.32. This represents a 23.33 % 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

Several analysts have weighed in on BPOP shares. Barclays lifted their target price on Popular from $110.00 to $115.00 and gave the company an "overweight" rating in a research note on Friday, December 20th. Wells Fargo & Company boosted their price objective on Popular from $105.00 to $110.00 and gave the stock an "equal weight" rating in a report on Thursday, January 30th. Keefe, Bruyette & Woods lifted their price target on Popular from $116.00 to $129.00 and gave the company an "outperform" rating in a report on Wednesday, January 29th. UBS Group started coverage on shares of Popular in a research report on Tuesday, December 17th. They issued a "neutral" rating and a $104.00 price target for the company. Finally, Royal Bank of Canada increased their price objective on Popular from $100.00 to $110.00 and gave the stock an "outperform" rating in a report on Wednesday, January 29th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $113.00.

Popular Company 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.