Jacobs Levy Equity Management Inc. Has $54.95 Million Stake in Popular, Inc. (NASDAQ:BPOP)

Jacobs Levy Equity Management Inc. grew its position in Popular, Inc. (NASDAQ:BPOP) by 18.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 548,057 shares of the bank’s stock after purchasing an additional 84,839 shares during the quarter. Jacobs Levy Equity Management Inc.’s holdings in Popular were worth $54,954,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Financial Management Professionals Inc. acquired a new position in Popular in the 3rd quarter valued at $29,000. Capital Performance Advisors LLP bought a new stake in Popular during the third quarter valued at about $35,000. Mather Group LLC. acquired a new stake in shares of Popular in the second quarter valued at about $44,000. Brooklyn Investment Group bought a new position in shares of Popular in the third quarter worth about $47,000. Finally, Meeder Asset Management Inc. acquired a new position in Popular during the 2nd quarter valued at $48,000. Institutional investors own 87.27% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on BPOP shares. Barclays dropped their price objective on shares of Popular from $117.00 to $104.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Wells Fargo & Company raised their target price on Popular from $90.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Royal Bank of Canada dropped 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. Finally, Piper Sandler reduced 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 equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $105.75.

Insiders Place Their Bets

In other news, EVP Beatriz Castellvi sold 3,500 shares of Popular stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $99.16, for a total transaction of $347,060.00. Following the completion of the sale, the executive vice president now owns 25,115 shares in the company, valued at $2,490,403.40. The trade was a 12.23 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Adorno Denissa Rodriguez sold 1,825 shares of the stock in a transaction that occurred 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 $325,569.72. This represents a 35.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.13% of the company’s stock.

Popular Stock Performance

Shares of NASDAQ:BPOP opened at $98.49 on Wednesday. The business has a fifty day moving average of $96.47 and a 200-day moving average of $94.78. Popular, Inc. has a twelve month low of $74.97 and a twelve month high of $105.01. The firm has a market cap of $7.02 billion, a PE ratio of 13.38, a price-to-earnings-growth ratio of 0.77 and a beta of 0.81.

Popular (NASDAQ:BPOP) last posted its quarterly earnings data on Wednesday, October 23rd. The bank reported $2.16 earnings per share 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 company had revenue of $736.56 million during the quarter, compared to analyst estimates of $766.62 million. During the same quarter in the previous year, the business posted $1.90 EPS. The company’s revenue was up 6.2% compared to the same quarter last year. On average, analysts anticipate that Popular, Inc. will post 8.46 EPS for the current fiscal year.

Popular Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 6th will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.84%. The ex-dividend date is Friday, December 6th. This is a boost from Popular’s previous quarterly dividend of $0.62. Popular’s payout ratio is 33.70%.

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.