Acadian Asset Management LLC Buys New Position in Popular, Inc. (NASDAQ:BPOP)

Acadian Asset Management LLC bought a new stake in Popular, Inc. (NASDAQ:BPOP) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 25,827 shares of the bank’s stock, valued at approximately $2,283,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Principal Securities Inc. purchased a new position in shares of Popular during the fourth quarter worth approximately $83,000. QRG Capital Management Inc. raised its stake in shares of Popular by 23.6% during the fourth quarter. QRG Capital Management Inc. now owns 4,410 shares of the bank’s stock worth $362,000 after acquiring an additional 843 shares in the last quarter. Boston Partners raised its stake in shares of Popular by 100.5% during the fourth quarter. Boston Partners now owns 28,475 shares of the bank’s stock worth $2,337,000 after acquiring an additional 14,275 shares in the last quarter. Janney Montgomery Scott LLC raised its stake in shares of Popular by 13.6% during the fourth quarter. Janney Montgomery Scott LLC now owns 6,085 shares of the bank’s stock worth $499,000 after acquiring an additional 729 shares in the last quarter. Finally, Inceptionr LLC purchased a new position in shares of Popular during the fourth quarter worth approximately $201,000. 87.27% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Camille Burckhart sold 5,917 shares of the business’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $97.60, for a total transaction of $577,499.20. Following the sale, the executive vice president now owns 29,922 shares in the company, valued at approximately $2,920,387.20. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 2.09% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on BPOP shares. Piper Sandler started coverage on shares of Popular in a research note on Monday, August 26th. They set an “overweight” rating and a $112.00 price target on the stock. Royal Bank of Canada lifted their price target on shares of Popular from $90.00 to $108.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Hovde Group lifted their price target on shares of Popular from $113.00 to $123.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Barclays lifted their target price on shares of Popular from $103.00 to $115.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $120.00 target price (up from $110.00) on shares of Popular in a research note on Thursday, July 25th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $106.00.

Popular Stock Up 1.6 %

NASDAQ:BPOP opened at $97.57 on Friday. The stock has a market cap of $7.05 billion, a P/E ratio of 14.48, a price-to-earnings-growth ratio of 0.65 and a beta of 0.78. The firm’s fifty day simple moving average is $97.82 and its 200 day simple moving average is $90.32. Popular, Inc. has a twelve month low of $59.27 and a twelve month high of $105.01.

Popular (NASDAQ:BPOP) last released its quarterly earnings results on Wednesday, July 24th. The bank reported $2.46 earnings per share for the quarter, beating the consensus estimate of $2.08 by $0.38. The business had revenue of $1.09 billion for the quarter, compared to analysts’ expectations of $751.57 million. Popular had a net margin of 12.20% and a return on equity of 11.73%. During the same quarter in the previous year, the business posted $2.10 earnings per share. On average, analysts expect that Popular, Inc. will post 8.86 EPS for the current fiscal year.

Popular Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be issued a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date of this dividend is Friday, September 13th. Popular’s dividend payout ratio (DPR) is presently 36.80%.

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.