State Street Corp Buys 10,599 Shares of Popular, Inc. (NASDAQ:BPOP)

State Street Corp raised its stake in shares of Popular, Inc. (NASDAQ:BPOP) by 0.5% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 2,056,377 shares of the bank’s stock after acquiring an additional 10,599 shares during the quarter. State Street Corp’s holdings in Popular were worth $207,475,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Financial Management Professionals Inc. bought a new stake in Popular in the 3rd quarter valued at $29,000. Capital Performance Advisors LLP acquired a new stake in shares of Popular in the 3rd quarter valued at $35,000. Brooklyn Investment Group bought a new position in Popular in the 3rd quarter valued at $47,000. Meeder Asset Management Inc. acquired a new position in shares of Popular during the second quarter worth approximately $48,000. Finally, Headlands Technologies LLC grew its stake in shares of Popular by 216.1% during the second quarter. Headlands Technologies LLC now owns 1,492 shares of the bank’s stock valued at $132,000 after purchasing an additional 1,020 shares during the last quarter. Institutional investors own 87.27% of the company’s stock.

Analyst Ratings Changes

BPOP has been the subject of a number of analyst reports. Wells Fargo & Company lifted their price objective on Popular from $90.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 3rd. Keefe, Bruyette & Woods upped their target price on shares of Popular from $103.00 to $116.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Piper Sandler lowered 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. Barclays lifted their target price on Popular from $104.00 to $110.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Finally, Royal Bank of Canada dropped their price target on Popular from $108.00 to $96.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $106.00.

Insider Buying and Selling at Popular

In other news, EVP Beatriz Castellvi sold 3,500 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $99.16, for a total value of $347,060.00. Following the transaction, the executive vice president now owns 25,115 shares of the company’s stock, valued at approximately $2,490,403.40. This represents a 12.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Adorno Denissa Rodriguez sold 1,825 shares of Popular stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $97.71, for a total value of $178,320.75. Following the sale, the vice president now directly owns 3,332 shares of the company’s stock, valued at approximately $325,569.72. The trade was a 35.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.09% of the company’s stock.

Popular Price Performance

BPOP stock opened at $96.55 on Friday. The business has a 50-day moving average of $96.63 and a 200-day moving average of $95.13. Popular, Inc. has a fifty-two week low of $75.63 and a fifty-two week high of $105.01. The stock has a market capitalization of $6.88 billion, a P/E ratio of 13.12, a P/E/G ratio of 0.78 and a beta of 0.81.

Popular (NASDAQ:BPOP) last posted its quarterly earnings results on Wednesday, October 23rd. The bank reported $2.16 earnings per share for the quarter, missing analysts’ consensus estimates of $2.33 by ($0.17). Popular had a net margin of 12.36% and a return on equity of 11.35%. The company had revenue of $736.56 million during the quarter, compared to the consensus estimate of $766.62 million. During the same quarter in the prior year, the business earned $1.90 earnings per share. The firm’s revenue for the quarter was up 6.2% compared to the same quarter last year. Equities analysts expect that Popular, Inc. will post 8.46 EPS for the current year.

Popular Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 6th will be given a dividend of $0.70 per share. This is a positive change from Popular’s previous quarterly dividend of $0.62. This represents a $2.80 annualized dividend and a yield of 2.90%. The ex-dividend date is Friday, December 6th. Popular’s dividend payout ratio is 38.04%.

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.