Bank of New York Mellon Corp Purchases New Position in Popular, Inc. $BPOP

Key Points

• Bank of New York Mellon acquired 334,489 shares of Popular, valued at approximately $54.9 million, giving it a 0.52% stake. Institutional investors collectively own 87.27% of the bank.
• Popular reported quarterly EPS of $4.35, beating consensus estimates of $3.72, although revenue of $846.9 million fell short of expectations. The company also raised its quarterly dividend from $0.75 to $0.90, implying a 2.1% annual yield.
• Analysts remain broadly bullish, with the stock receiving a consensus “Buy” rating and an average price target of $186.92. However, insiders sold more than 53,500 shares worth approximately $9.4 million over the past 90 days.

Bank of New York Mellon Corp acquired a new position in Popular, Inc. (NASDAQ:BPOP - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 334,489 shares of the bank's stock, valued at approximately $54,916,000. Bank of New York Mellon Corp owned about 0.52% of Popular at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BPOP. Parallel Advisors LLC increased its position in Popular by 30.5% in the first quarter. Parallel Advisors LLC now owns 321 shares of the bank's stock worth $43,000 after purchasing an additional 75 shares during the last quarter. Xponance LLC lifted its position in Popular by 2.1% during the fourth quarter. Xponance LLC now owns 3,892 shares of the bank's stock valued at $485,000 after purchasing an additional 80 shares during the last quarter. Gamco Investors INC. ET AL grew its stake in shares of Popular by 1.2% in the 1st quarter. Gamco Investors INC. ET AL now owns 7,262 shares of the bank's stock worth $974,000 after buying an additional 84 shares in the last quarter. Severin Investments LLC grew its stake in shares of Popular by 1.9% in the 1st quarter. Severin Investments LLC now owns 4,799 shares of the bank's stock worth $644,000 after buying an additional 91 shares in the last quarter. Finally, Sequoia Financial Advisors LLC increased its holdings in shares of Popular by 1.7% in the 1st quarter. Sequoia Financial Advisors LLC now owns 5,693 shares of the bank's stock worth $764,000 after buying an additional 95 shares during the last quarter. 87.27% of the stock is currently owned by institutional investors.

Popular Stock Performance

BPOP opened at $169.75 on Thursday. The stock's 50 day moving average price is $170.57 and its 200-day moving average price is $153.20. Popular, Inc. has a one year low of $108.74 and a one year high of $179.24. The stock has a market cap of $10.83 billion, a price-to-earnings ratio of 11.47, a P/E/G ratio of 0.65 and a beta of 0.61.

Popular (NASDAQ:BPOP - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The bank reported $4.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.72 by $0.63. The company had revenue of $846.92 million during the quarter, compared to analysts' expectations of $878.41 million. Popular had a return on equity of 15.34% and a net margin of 21.37%.During the same quarter in the previous year, the business earned $3.09 EPS. As a group, analysts predict that Popular, Inc. will post 15.72 earnings per share for the current fiscal year.

Popular Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Thursday, September 10th will be issued a $0.90 dividend. The ex-dividend date is Thursday, September 10th. This is a boost from Popular's previous quarterly dividend of $0.75. This represents a $3.60 dividend on an annualized basis and a dividend yield of 2.1%. Popular's dividend payout ratio (DPR) is currently 20.27%.

Analysts Set New Price Targets

Several research firms recently commented on BPOP. Royal Bank Of Canada lifted their price target on Popular from $163.00 to $181.00 and gave the stock an "outperform" rating in a research report on Friday, July 24th. Keefe, Bruyette & Woods raised their price objective on Popular from $190.00 to $207.00 and gave the company an "outperform" rating in a research note on Friday, July 24th. Piper Sandler reiterated an "overweight" rating and issued a $198.00 target price (up from $190.00) on shares of Popular in a report on Friday, July 24th. Weiss Ratings restated a "buy (a-)" rating on shares of Popular in a report on Friday, July 31st. Finally, Wells Fargo & Company raised their price target on Popular from $180.00 to $200.00 and gave the stock an "overweight" rating in a research report on Monday, August 10th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $186.92.

Insider Buying and Selling

In other Popular news, Director Maria Luisa Ferre sold 3,385 shares of the company's stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $175.42, for a total value of $593,796.70. Following the completion of the sale, the director directly owned 10,156 shares in the company, valued at approximately $1,781,565.52. This represents a 25.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Javier D. Ferrer sold 35,000 shares of the business's stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $175.43, for a total transaction of $6,140,050.00. Following the completion of the sale, the chief executive officer owned 96,478 shares of the company's stock, valued at approximately $16,925,135.54. This represents a 26.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 53,561 shares of company stock worth $9,392,259 over the last ninety days. 2.13% of the stock is owned by insiders.

Key Popular News

Here are the key news stories impacting Popular this week:

• Neutral Sentiment: Reported short interest was listed at zero shares as of August 25, implying no measurable bearish positioning. However, the report also showed an invalid “NaN” change and a zero-day short-interest ratio, suggesting the data may be incomplete or unreliable.
• Negative Sentiment: Popular SVP and Comptroller Adorno Denissa Rodriguez sold 600 shares for approximately $101,274 at an average price of $168.79. The transaction reduced her holdings by 19.4%, which may modestly weigh on sentiment, though she still owns 2,492 shares and the sale does not necessarily indicate a change in the company’s outlook. Senior Executive’s Bold Move Shakes Up Popular’s Insider Activity

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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