Popular, Inc. (NASDAQ:BPOP) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company trimmed its holdings in Popular, Inc. (NASDAQ:BPOP) by 7.1% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 400,823 shares of the bank’s stock after selling 30,772 shares during the period. The Manufacturers Life Insurance Company owned 0.55% of Popular worth $40,191,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Massachusetts Financial Services Co. MA increased its position in Popular by 52.2% during the second quarter. Massachusetts Financial Services Co. MA now owns 835,311 shares of the bank’s stock worth $73,867,000 after purchasing an additional 286,450 shares during the last quarter. Los Angeles Capital Management LLC increased its position in Popular by 235.5% during the third quarter. Los Angeles Capital Management LLC now owns 332,093 shares of the bank’s stock worth $33,299,000 after purchasing an additional 233,119 shares during the last quarter. AQR Capital Management LLC increased its position in Popular by 23.6% during the second quarter. AQR Capital Management LLC now owns 859,794 shares of the bank’s stock worth $75,129,000 after purchasing an additional 164,270 shares during the last quarter. American Century Companies Inc. increased 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 purchasing an additional 113,838 shares during the last quarter. Finally, Jupiter Asset Management Ltd. increased its position in Popular by 38.5% during the second quarter. Jupiter Asset Management Ltd. now owns 314,318 shares of the bank’s stock worth $27,795,000 after purchasing an additional 87,312 shares during the last quarter. 87.27% of the stock is currently owned by institutional investors and hedge funds.

Popular Stock Performance

NASDAQ BPOP opened at $99.72 on Friday. The firm has a 50 day simple moving average of $96.57 and a 200-day simple moving average of $94.60. Popular, Inc. has a one year low of $71.23 and a one year high of $105.01. The firm has a market cap of $7.11 billion, a price-to-earnings ratio of 13.55, a PEG ratio of 0.80 and a beta of 0.79.

Popular (NASDAQ:BPOP) last posted its quarterly earnings data 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 net margin of 12.36% and a return on equity of 11.35%. The business had revenue of $736.56 million during the quarter, compared to analysts’ expectations of $766.62 million. During the same period in the previous year, the business posted $1.90 EPS. The company’s revenue for the quarter was up 6.2% compared to the same quarter last year. Equities analysts predict that Popular, Inc. will post 8.46 EPS for the current fiscal year.

Popular Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 6th will be paid a $0.70 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $2.80 dividend on an annualized basis and a yield of 2.81%. This is an increase from Popular’s previous quarterly dividend of $0.62. Popular’s payout ratio is currently 38.04%.

Insider Buying and Selling

In related news, VP Adorno Denissa Rodriguez sold 1,825 shares of Popular stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $97.71, for a total value 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. The trade was a 35.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Beatriz Castellvi sold 3,500 shares of Popular stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $99.16, for a total transaction of $347,060.00. Following the completion of the transaction, the executive vice president now owns 25,115 shares of the company’s stock, valued at $2,490,403.40. This represents a 12.23 % decrease in their position. The disclosure for this sale can be found here. 2.09% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms recently issued reports on BPOP. Barclays cut their price objective on shares of Popular from $117.00 to $104.00 and set an “overweight” rating for the company in a research report on Thursday, October 24th. Piper Sandler cut their price objective on shares of Popular from $112.00 to $100.00 and set an “overweight” rating for the company in a research report on Thursday, October 24th. Wells Fargo & Company cut their price objective on shares of Popular from $105.00 to $98.00 and set an “equal weight” rating for the company in a research report on Thursday, October 24th. Finally, Royal Bank of Canada lowered their target price on shares of Popular from $108.00 to $96.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $104.88.

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.