Tidal Investments LLC Invests $1.64 Million in Popular, Inc. (NASDAQ:BPOP)

Tidal Investments LLC bought a new position in shares of Popular, Inc. (NASDAQ:BPOP - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 16,303 shares of the bank's stock, valued at approximately $1,635,000.

Several other hedge funds have also recently modified their holdings of BPOP. State Street Corp boosted its position in Popular by 0.5% during the third quarter. State Street Corp now owns 2,056,377 shares of the bank's stock worth $207,475,000 after acquiring an additional 10,599 shares during the last quarter. American Century Companies Inc. lifted its position in Popular by 10.3% during the second quarter. American Century Companies Inc. now owns 1,218,828 shares of the bank's stock worth $107,781,000 after buying an additional 113,838 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Popular by 7.3% in the 3rd quarter. Principal Financial Group Inc. now owns 1,054,849 shares of the bank's stock valued at $105,769,000 after buying an additional 71,782 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of Popular by 8.1% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 902,931 shares of the bank's stock worth $90,537,000 after acquiring an additional 67,620 shares during the period. Finally, AQR Capital Management LLC grew its holdings in shares of Popular by 23.6% in the second quarter. AQR Capital Management LLC now owns 859,794 shares of the bank's stock valued at $75,129,000 after purchasing an additional 164,270 shares during the period. Institutional investors and hedge funds own 87.27% of the company's stock.

Popular Price Performance

Shares of Popular stock traded down $3.86 during trading on Wednesday, hitting $90.02. The stock had a trading volume of 641,191 shares, compared to its average volume of 430,178. The business has a fifty day moving average of $96.54 and a two-hundred day moving average of $95.36. The firm has a market cap of $6.42 billion, a P/E ratio of 12.23, a PEG ratio of 0.76 and a beta of 0.81. Popular, Inc. has a fifty-two week low of $79.01 and a fifty-two week high of $105.01.

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

Popular Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 6th will be issued a dividend of $0.70 per share. The ex-dividend date is Friday, December 6th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.11%. This is a positive change from Popular's previous quarterly dividend of $0.62. Popular's payout ratio is currently 38.04%.

Wall Street Analyst Weigh In

BPOP has been the subject of several analyst reports. Wells Fargo & Company increased their price target on shares of Popular from $90.00 to $105.00 and gave the company an "equal weight" rating in a research note on Tuesday, December 3rd. Piper Sandler reduced their price target on shares of 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 upped their price target on Popular from $103.00 to $116.00 and gave the stock an "outperform" rating in a report on Wednesday, December 4th. Barclays upped their target price on shares of Popular from $104.00 to $110.00 and gave the stock an "overweight" rating in a research note on Thursday, December 5th. Finally, Royal Bank of Canada lowered their price target on Popular from $108.00 to $96.00 and set an "outperform" rating for the company in a report on Thursday, October 24th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $107.63.

Insiders Place Their Bets

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

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.