Arrowstreet Capital Limited Partnership Purchases New Holdings in Popular, Inc. $BPOP

Key Points

• Arrowstreet Capital acquired 26,079 shares of Popular during the first quarter, valued at approximately $3.5 million. Institutional investors collectively own 87.27% of the bank’s outstanding stock.
• Popular reported quarterly EPS of $4.35, surpassing analyst expectations of $3.72, while generating $846.9 million in revenue. The company also pays a quarterly dividend of $0.75, equal to a 1.7% yield.
• Analysts maintain a broadly positive outlook, with a consensus “Buy” rating and an average price target of $185.25, compared with the stock’s reported price of $173.65.

Arrowstreet Capital Limited Partnership purchased a new position in shares of Popular, Inc. (NASDAQ:BPOP - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 26,079 shares of the bank's stock, valued at approximately $3,499,000.

Other institutional investors have also recently bought and sold shares of the company. Acumen Wealth Advisors LLC purchased a new stake in shares of Popular during the 4th quarter valued at $26,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in Popular in the fourth quarter valued at about $28,000. Parallel Advisors LLC boosted its stake in Popular by 70.8% in the fourth quarter. Parallel Advisors LLC now owns 246 shares of the bank's stock valued at $31,000 after acquiring an additional 102 shares during the last quarter. Advisory Services Network LLC bought a new position in shares of Popular during the 3rd quarter valued at approximately $31,000. Finally, Atlas Capital Advisors Inc. bought a new position in shares of Popular during the 4th quarter valued at approximately $50,000. Institutional investors own 87.27% of the company's stock.

Popular Stock Performance

Shares of BPOP opened at $173.65 on Tuesday. The stock's 50-day simple moving average is $163.89 and its 200 day simple moving average is $148.11. The stock has a market capitalization of $11.21 billion, a price-to-earnings ratio of 11.73, a price-to-earnings-growth ratio of 0.67 and a beta of 0.61. Popular, Inc. has a 52-week low of $108.74 and a 52-week high of $179.00.

Popular (NASDAQ:BPOP - Get Free Report) last posted its earnings results on Thursday, July 23rd. The bank reported $4.35 earnings per share for the quarter, beating analysts' consensus estimates of $3.72 by $0.63. Popular had a return on equity of 15.47% and a net margin of 21.37%.The business had revenue of $846.92 million during the quarter, compared to analyst estimates of $878.41 million. During the same quarter in the previous year, the firm earned $3.09 EPS. On average, research analysts forecast that Popular, Inc. will post 15.72 earnings per share for the current fiscal year.

Popular Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Friday, May 29th were issued a $0.75 dividend. The ex-dividend date of this dividend was Friday, May 29th. This represents a $3.00 annualized dividend and a dividend yield of 1.7%. Popular's dividend payout ratio is presently 20.27%.

Analysts Set New Price Targets

A number of research firms recently commented on BPOP. UBS Group lifted their price target on shares of Popular from $160.00 to $170.00 and gave the stock a "buy" rating in a report on Friday, April 24th. Piper Sandler restated an "overweight" rating and issued a $198.00 target price (up from $190.00) on shares of Popular in a research note on Friday, July 24th. Wells Fargo & Company upped their price target on Popular from $165.00 to $180.00 and gave the company an "overweight" rating in a research report on Monday, July 6th. Barclays increased their price target on Popular from $190.00 to $200.00 and gave the stock an "overweight" rating in a research note on Monday. Finally, Royal Bank Of Canada lifted their price objective on Popular from $163.00 to $181.00 and gave the stock an "outperform" rating in a report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, Popular presently has a consensus rating of "Buy" and an average target price of $185.25.

Insider Activity

In other Popular news, Director Maria Luisa Ferre sold 3,385 shares of the company's stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $175.42, for a total value of $593,796.70. Following the transaction, the director directly owned 10,156 shares in the company, valued at $1,781,565.52. This represents a 25.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Alejandro M. Sanchez sold 300 shares of the business's stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $150.36, for a total transaction of $45,108.00. Following the completion of the transaction, the director directly owned 3,960 shares of the company's stock, valued at approximately $595,425.60. This represents a 7.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 6,761 shares of company stock valued at $1,173,483. 2.13% of the stock is owned by company insiders.

About Popular

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.

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