Allianz Asset Management GmbH Sells 32,966 Shares of Popular, Inc. (NASDAQ:BPOP)

Key Points

• Allianz Asset Management GmbH sold 32,966 shares of Popular, Inc. (NASDAQ:BPOP), reducing its holdings by 30.7% to 74,445 shares valued at approximately $6.88 million.
• Popular, Inc. recently beat earnings estimates with an EPS of $3.09 for the last quarter, surpassing the consensus estimate of $2.60.
• The company announced a quarterly dividend of $0.70 per share, translating to an annualized dividend of $2.80 and a yield of 2.43%.

Allianz Asset Management GmbH reduced its position in Popular, Inc. (NASDAQ:BPOP - Free Report) by 30.7% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 74,445 shares of the bank's stock after selling 32,966 shares during the period. Allianz Asset Management GmbH owned about 0.11% of Popular worth $6,876,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Los Angeles Capital Management LLC increased its stake in shares of Popular by 162.5% during the first quarter. Los Angeles Capital Management LLC now owns 109,904 shares of the bank's stock worth $10,152,000 after purchasing an additional 68,035 shares in the last quarter. OneAscent Financial Services LLC purchased a new position in Popular during the 1st quarter valued at about $726,000. Massachusetts Financial Services Co. MA boosted its position in shares of Popular by 4.7% in the first quarter. Massachusetts Financial Services Co. MA now owns 1,485,141 shares of the bank's stock worth $137,182,000 after acquiring an additional 66,412 shares during the last quarter. Edgestream Partners L.P. lifted its position in shares of Popular by 722.8% during the first quarter. Edgestream Partners L.P. now owns 72,208 shares of the bank's stock worth $6,670,000 after purchasing an additional 63,432 shares in the last quarter. Finally, MQS Management LLC bought a new stake in Popular during the first quarter valued at $343,000. Institutional investors own 87.27% of the company's stock.

Wall Street Analysts Forecast Growth

BPOP has been the subject of several research reports. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Popular in a research report on Thursday, July 24th. Hovde Group increased their price target on Popular from $126.00 to $140.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. Barclays raised their target price on Popular from $125.00 to $140.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Wall Street Zen lowered Popular from a "buy" rating to a "hold" rating in a research note on Friday, May 2nd. Finally, Keefe, Bruyette & Woods increased their target price on Popular from $125.00 to $132.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $128.88.

Popular Trading Down 0.3%

Shares of Popular stock traded down $0.32 on Thursday, reaching $113.88. 65,166 shares of the stock were exchanged, compared to its average volume of 573,151. The firm has a market capitalization of $7.80 billion, a PE ratio of 11.04, a PEG ratio of 0.62 and a beta of 0.63. Popular, Inc. has a 1-year low of $78.23 and a 1-year high of $118.54. The business has a fifty day moving average price of $109.18 and a two-hundred day moving average price of $100.53.

Popular (NASDAQ:BPOP - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The bank reported $3.09 earnings per share for the quarter, beating the consensus estimate of $2.60 by $0.49. Popular had a net margin of 16.49% and a return on equity of 12.60%. The business had revenue of $800.03 million during the quarter, compared to the consensus estimate of $777.38 million. During the same period in the prior year, the firm earned $2.46 earnings per share. Research 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 was paid on Tuesday, July 1st. Stockholders of record on Thursday, May 29th were given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date was Thursday, May 29th. Popular's dividend payout ratio is 27.13%.

Insiders Place Their Bets

In related news, VP Adorno Denissa Rodriguez sold 500 shares of the firm's stock in a transaction on 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 owned 3,604 shares in the company, valued at approximately $376,365.72. This trade represents a 12.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Camille Burckhart sold 7,000 shares of the company's stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $104.14, for a total value of $728,980.00. Following the completion of the sale, the executive vice president owned 27,382 shares in the company, valued at $2,851,561.48. The trade was a 20.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.09% of the company's stock.

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.