Popular, Inc. (NASDAQ:BPOP) Stake Decreased by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia reduced its stake in Popular, Inc. by 54.0%, holding 58,631 shares after selling 68,841 during the first quarter.
• Popular, Inc. reported quarterly earnings per share of $3.09, exceeding estimates by $0.49, with revenues of $800.03 million.
• The company's quarterly dividend was $0.70 per share, translating to a 2.4% dividend yield.

Bank of Nova Scotia trimmed its position in Popular, Inc. (NASDAQ:BPOP - Free Report) by 54.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 58,631 shares of the bank's stock after selling 68,841 shares during the quarter. Bank of Nova Scotia owned 0.08% of Popular worth $5,416,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of BPOP. Versant Capital Management Inc raised its holdings in shares of Popular by 589.9% in the 1st quarter. Versant Capital Management Inc now owns 821 shares of the bank's stock worth $76,000 after purchasing an additional 702 shares during the period. PNC Financial Services Group Inc. raised its holdings in shares of Popular by 33.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,749 shares of the bank's stock worth $162,000 after purchasing an additional 438 shares during the period. Crestline Management LP purchased a new position in shares of Popular in the 4th quarter worth about $215,000. Vise Technologies Inc. purchased a new position in shares of Popular in the 4th quarter worth about $227,000. Finally, Polymer Capital Management US LLC purchased a new position in shares of Popular in the 4th quarter worth about $246,000. 87.27% of the stock is currently owned by hedge funds and other institutional investors.

Popular Trading Up 1.2%

BPOP stock traded up $1.32 during midday trading on Friday, hitting $114.95. 290,406 shares of the company's stock were exchanged, compared to its average volume of 444,652. Popular, Inc. has a 12-month low of $78.23 and a 12-month high of $118.54. The firm has a 50 day moving average price of $110.76 and a 200-day moving average price of $101.30. The stock has a market capitalization of $7.88 billion, a price-to-earnings ratio of 11.14, a price-to-earnings-growth ratio of 0.59 and a beta of 0.65.

Popular (NASDAQ:BPOP - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The bank reported $3.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.60 by $0.49. Popular had a return on equity of 12.60% and a net margin of 16.49%. The company had revenue of $800.03 million for the quarter, compared to the consensus estimate of $777.38 million. During the same period in the previous year, the business earned $2.46 EPS. On average, sell-side analysts forecast that Popular, Inc. will post 10.06 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on BPOP. Keefe, Bruyette & Woods raised their price objective on Popular from $125.00 to $132.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. Citigroup raised their target price on Popular from $133.00 to $142.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Barclays raised their target price on Popular from $125.00 to $140.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. UBS Group reiterated a "neutral" rating on shares of Popular in a report on Wednesday, July 9th. Finally, Royal Bank Of Canada reiterated an "outperform" rating on shares of Popular in a report on Thursday, July 24th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Popular currently has an average rating of "Moderate Buy" and an average price target of $128.88.

Insider Activity at Popular

In other news, VP Adorno Denissa Rodriguez sold 500 shares of Popular stock in a transaction that occurred 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 completion of 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Camille Burckhart sold 7,000 shares of Popular stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $104.14, for a total value of $728,980.00. Following the completion of the transaction, the executive vice president owned 27,382 shares of the company's stock, valued at approximately $2,851,561.48. The trade was a 20.36% decrease in their position. The disclosure for this sale can be found here. 2.09% of the stock is currently owned by company insiders.

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.