Popular, Inc. (NASDAQ:BPOP) Stock Position Lowered by Bank of America Corp DE

Bank of America Corp DE trimmed its position in shares of Popular, Inc. (NASDAQ:BPOP) by 32.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 264,538 shares of the bank’s stock after selling 128,556 shares during the period. Bank of America Corp DE owned 0.37% of Popular worth $24,882,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Proficio Capital Partners LLC acquired a new stake in shares of Popular in the fourth quarter worth $27,000. Picton Mahoney Asset Management lifted its stake in Popular by 56.7% in the 4th quarter. Picton Mahoney Asset Management now owns 326 shares of the bank’s stock worth $31,000 after acquiring an additional 118 shares in the last quarter. Smartleaf Asset Management LLC boosted its position in Popular by 56.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 603 shares of the bank’s stock worth $57,000 after acquiring an additional 218 shares during the period. R Squared Ltd purchased a new position in Popular during the 4th quarter valued at about $166,000. Finally, Yousif Capital Management LLC purchased a new position in Popular during the 4th quarter valued at about $202,000. 87.27% of the stock is currently owned by hedge funds and other institutional investors.

Popular Price Performance

NASDAQ BPOP opened at $104.52 on Monday. Popular, Inc. has a fifty-two week low of $78.23 and a fifty-two week high of $106.81. The stock’s 50-day moving average is $91.96 and its two-hundred day moving average is $95.75. The firm has a market cap of $7.16 billion, a P/E ratio of 12.21, a price-to-earnings-growth ratio of 0.75 and a beta of 0.60.

Popular (NASDAQ:BPOP) last issued its quarterly earnings data on Wednesday, April 23rd. The bank reported $2.56 EPS for the quarter, beating analysts’ consensus estimates of $2.26 by $0.30. The business had revenue of $755.46 million for the quarter, compared to analyst estimates of $760.45 million. Popular had a return on equity of 11.89% and a net margin of 14.15%. The firm’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.43 EPS. On average, equities analysts expect that Popular, Inc. will post 10.06 EPS for the current year.

Popular Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Thursday, May 29th will be given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.68%. The ex-dividend date of this dividend is Thursday, May 29th. Popular’s dividend payout ratio is 28.90%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Barclays reissued an “overweight” rating and issued a $125.00 price target (up from $115.00) on shares of Popular in a research report on Thursday, April 24th. Wells Fargo & Company upgraded Popular from an “equal weight” rating to an “overweight” rating and lowered their target price for the company from $110.00 to $100.00 in a research note on Wednesday, April 9th. StockNews.com lowered Popular from a “buy” rating to a “hold” rating in a research report on Friday, May 2nd. Keefe, Bruyette & Woods lifted their price target on Popular from $122.00 to $125.00 and gave the company an “outperform” rating in a report on Thursday, April 24th. Finally, Piper Sandler boosted their price target on Popular from $110.00 to $123.00 and gave the company an “overweight” rating in a research note on Thursday. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $114.43.

Insider Transactions at Popular

In other news, VP Adorno Denissa Rodriguez sold 500 shares of Popular stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $104.43, for a total value of $52,215.00. Following the transaction, the vice president now directly owns 3,604 shares in the company, valued at approximately $376,365.72. The trade was a 12.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.09% of the stock is owned by corporate insiders.

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.