Allspring Global Investments Holdings LLC Sells 10,055 Shares of Popular, Inc. $BPOP

Allspring Global Investments Holdings LLC cut its stake in Popular, Inc. (NASDAQ:BPOP) by 63.8% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,694 shares of the bank’s stock after selling 10,055 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Popular were worth $642,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in BPOP. Steph & Co. bought a new position in Popular in the 2nd quarter worth $39,000. Farther Finance Advisors LLC lifted its position in Popular by 112.2% during the 2nd quarter. Farther Finance Advisors LLC now owns 418 shares of the bank’s stock valued at $46,000 after acquiring an additional 221 shares during the period. BI Asset Management Fondsmaeglerselskab A S bought a new stake in Popular during the first quarter worth about $47,000. IFP Advisors Inc grew its holdings in Popular by 3,925.0% in the second quarter. IFP Advisors Inc now owns 483 shares of the bank’s stock worth $53,000 after purchasing an additional 471 shares during the period. Finally, Quarry LP purchased a new stake in Popular in the first quarter worth about $84,000. 87.27% of the stock is currently owned by institutional investors.

Popular Stock Performance

NASDAQ:BPOP opened at $114.00 on Friday. The firm has a market cap of $7.70 billion, a P/E ratio of 11.05, a P/E/G ratio of 0.50 and a beta of 0.68. Popular, Inc. has a fifty-two week low of $78.23 and a fifty-two week high of $129.32. The firm has a 50-day simple moving average of $123.29 and a two-hundred day simple moving average of $111.03.

Popular (NASDAQ:BPOP) last announced its quarterly earnings results on Thursday, October 23rd. The bank reported $3.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.04 by $0.10. The firm had revenue of $817.70 million for the quarter, compared to the consensus estimate of $803.95 million. Popular had a net margin of 16.49% and a return on equity of 12.48%. The business’s quarterly revenue was down 1.3% compared to the same quarter last year. During the same quarter last year, the firm posted $2.16 EPS. On average, equities research analysts predict that Popular, Inc. will post 10.06 EPS for the current year.

Popular Announces Dividend

The business also recently declared a sep 25 dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were issued a dividend of $0.1328 per share. Popular’s payout ratio is presently 29.07%.

Analyst Ratings Changes

BPOP has been the topic of a number of recent research reports. Weiss Ratings restated a “buy (b)” rating on shares of Popular in a report on Wednesday, October 8th. Truist Financial initiated coverage on shares of Popular in a report on Thursday, October 9th. They issued a “buy” rating and a $153.00 price objective on the stock. Hovde Group restated an “outperform” rating on shares of Popular in a report on Friday, August 29th. Royal Bank Of Canada restated an “outperform” rating on shares of Popular in a report on Thursday, July 24th. Finally, Zacks Research cut shares of Popular from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 30th. Nine research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Popular currently has an average rating of “Moderate Buy” and an average price target of $132.67.

Insider Activity

In other news, EVP Gilberto Monzon sold 18,001 shares of the firm’s stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $124.47, for a total transaction of $2,240,584.47. Following the sale, the executive vice president owned 24,773 shares of the company’s stock, valued at $3,083,495.31. This trade represents a 42.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.09% of the stock is currently owned by insiders.

Popular Company 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.