Allspring Global Investments Holdings LLC Grows Stock Holdings in Popular, Inc. $BPOP

Allspring Global Investments Holdings LLC raised its position in Popular, Inc. (NASDAQ:BPOP) by 269.4% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 21,032 shares of the bank’s stock after buying an additional 15,338 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Popular were worth $2,634,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in BPOP. Ethic Inc. acquired a new stake in shares of Popular in the third quarter valued at approximately $653,000. Burney Co. raised its position in shares of Popular by 134.3% in the third quarter. Burney Co. now owns 48,557 shares of the bank’s stock valued at $6,167,000 after buying an additional 27,837 shares during the last quarter. Acadian Asset Management LLC lifted its stake in shares of Popular by 47.3% during the second quarter. Acadian Asset Management LLC now owns 188,960 shares of the bank’s stock valued at $20,818,000 after buying an additional 60,701 shares during the period. Brendel Financial Advisors LLC acquired a new stake in shares of Popular during the third quarter worth $2,660,000. Finally, Nomura Holdings Inc. acquired a new stake in Popular in the 2nd quarter worth about $3,532,000. Institutional investors and hedge funds own 87.27% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on BPOP shares. Barclays reissued an “overweight” rating on shares of Popular in a research report on Wednesday, October 8th. UBS Group reiterated a “neutral” rating on shares of Popular in a report on Tuesday. Wells Fargo & Company cut their price objective on Popular from $150.00 to $135.00 and set an “overweight” rating on the stock in a research report on Friday, October 24th. Truist Financial initiated coverage on Popular in a research report on Thursday, October 9th. They issued a “buy” rating and a $153.00 target price for the company. Finally, Zacks Research lowered Popular from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 10th. Nine research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $133.78.

Popular Stock Up 0.9%

NASDAQ:BPOP opened at $130.18 on Friday. The company has a market cap of $8.68 billion, a PE ratio of 11.52, a P/E/G ratio of 0.49 and a beta of 0.63. The business’s 50 day moving average is $119.16 and its two-hundred day moving average is $118.88. Popular, Inc. has a 52 week low of $78.23 and a 52 week high of $130.85.

Popular (NASDAQ:BPOP) last released its quarterly earnings data on Thursday, October 23rd. The bank reported $3.14 earnings per share for the quarter, topping the consensus estimate of $3.04 by $0.10. The firm had revenue of $720.83 million for the quarter, compared to analyst estimates of $803.95 million. Popular had a net margin of 17.63% and a return on equity of 13.27%. Popular’s quarterly revenue was down 1.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.16 earnings per share. As a group, sell-side analysts expect that Popular, Inc. will post 10.06 EPS for the current fiscal year.

Popular Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 2nd. Investors of record on Friday, December 5th were paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date was Friday, December 5th. Popular’s dividend payout ratio is presently 26.55%.

Insider Buying and Selling at Popular

In related news, VP Adorno Denissa Rodriguez sold 1,000 shares of the stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $114.84, for a total value of $114,840.00. Following the sale, the vice president owned 2,604 shares of the company’s stock, valued at $299,043.36. This trade represents a 27.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richard L. Carrion sold 25,000 shares of Popular stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $113.50, for a total transaction of $2,837,500.00. Following the completion of the sale, the director owned 193,020 shares in the company, valued at approximately $21,907,770. This represents a 11.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.09% of the stock is owned by company insiders.

Popular Profile

Popular, Inc, headquartered in San Juan, Puerto Rico, is a financial holding company and a leading provider of banking services in the United States mainland and Puerto Rico. Through its primary subsidiaries—Banco Popular de Puerto Rico and Popular Bank—the company delivers comprehensive commercial and consumer banking solutions. It offers deposit products, lending facilities, cash management services and payment-processing solutions designed for individuals, small businesses and large corporations.

The company’s product suite encompasses checking and savings accounts, certificates of deposit, residential and commercial mortgage loans, business lines of credit and credit cards.