Popular, Inc. (NASDAQ:BPOP) Stock Position Cut by Quarry LP

Quarry LP reduced its stake in Popular, Inc. (NASDAQ:BPOP) by 44.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 299 shares of the bank’s stock after selling 241 shares during the period. Quarry LP’s holdings in Popular were worth $30,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in the stock. Algert Global LLC boosted its position in shares of Popular by 10.4% in the 2nd quarter. Algert Global LLC now owns 88,379 shares of the bank’s stock valued at $7,815,000 after purchasing an additional 8,317 shares during the period. TCW Group Inc. grew its stake in Popular by 70.7% during the 2nd quarter. TCW Group Inc. now owns 82,321 shares of the bank’s stock valued at $7,280,000 after acquiring an additional 34,107 shares in the last quarter. Acadian Asset Management LLC acquired a new position in shares of Popular in the 2nd quarter valued at about $2,283,000. AQR Capital Management LLC increased its stake 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 worth $75,129,000 after acquiring an additional 164,270 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in Popular by 279.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 38,798 shares of the bank’s stock valued at $3,890,000 after acquiring an additional 28,574 shares during the last quarter. Institutional investors and hedge funds own 87.27% of the company’s stock.

Popular Price Performance

BPOP opened at $96.55 on Friday. The company has a market capitalization of $6.88 billion, a P/E ratio of 13.12, a P/E/G ratio of 0.78 and a beta of 0.81. The firm’s fifty day moving average price is $96.63 and its two-hundred day moving average price is $95.13. Popular, Inc. has a fifty-two week low of $75.63 and a fifty-two week high of $105.01.

Popular (NASDAQ:BPOP) last issued its earnings results 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 business had revenue of $736.56 million for the quarter, compared to analyst estimates of $766.62 million. During the same quarter last year, the firm posted $1.90 earnings per share. Popular’s revenue was up 6.2% on a year-over-year basis. On average, equities research analysts expect 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. Stockholders of record on Friday, December 6th will be paid a $0.70 dividend. This is a positive change from Popular’s previous quarterly dividend of $0.62. This represents a $2.80 annualized dividend and a dividend yield of 2.90%. The ex-dividend date of this dividend is Friday, December 6th. Popular’s dividend payout ratio is currently 38.04%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Piper Sandler reduced their price objective on shares of Popular from $112.00 to $100.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. 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 report on Thursday, October 24th. Wells Fargo & Company raised their target price on Popular from $90.00 to $105.00 and gave the company an “equal weight” rating in a report on Tuesday, December 3rd. Barclays upped their price target on Popular from $104.00 to $110.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Popular from $103.00 to $116.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $106.00.

Insider Transactions at Popular

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 value of $347,060.00. Following the completion of the transaction, the executive vice president now owns 25,115 shares in the company, valued at approximately $2,490,403.40. The trade was a 12.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal 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 that occurred on Wednesday, November 6th. The stock was sold at an average price of $97.71, for a total value of $178,320.75. Following the sale, 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 ownership of the stock. The disclosure for this sale can be found here. 2.09% of the stock is currently owned by insiders.

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.