California State Teachers Retirement System increased its position in shares of Popular, Inc. (NASDAQ:BPOP - Free Report) by 15,370.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 12,364,067 shares of the bank's stock after buying an additional 12,284,146 shares during the period. California State Teachers Retirement System owned about 19.39% of Popular worth $2,029,933,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in BPOP. Parallel Advisors LLC lifted its position in Popular by 30.5% in the first quarter. Parallel Advisors LLC now owns 321 shares of the bank's stock valued at $43,000 after acquiring an additional 75 shares during the last quarter. Xponance LLC lifted its holdings in shares of Popular by 2.1% in the 4th 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 boosted its position 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 valued at $974,000 after purchasing an additional 84 shares during the period. Severin Investments LLC grew its stake in Popular by 1.9% during 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 during the last quarter. Finally, Sequoia Financial Advisors LLC increased its position in Popular by 1.7% during the first 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 period. 87.27% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
BPOP has been the topic of several analyst reports. Citigroup lifted their target price on Popular from $178.00 to $188.00 and gave the company a "buy" rating in a research note on Thursday, June 25th. Benchmark upped their price objective on shares of Popular from $214.00 to $216.00 and gave the stock a "buy" rating in a research report on Monday, August 31st. Truist Financial increased their price target on shares of Popular from $192.00 to $197.00 and gave the stock a "buy" rating in a report on Friday, July 24th. Keefe, Bruyette & Woods raised their price objective on shares of Popular from $190.00 to $207.00 and gave the company an "outperform" rating in a research report on Friday, July 24th. Finally, Weiss Ratings reaffirmed a "buy (a-)" rating on shares of Popular in a report on Friday, July 31st. Three investment analysts have rated the stock with a Strong Buy rating and ten have given a Buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $187.08.
Get Our Latest Stock Analysis on Popular
Popular Stock Performance
NASDAQ BPOP opened at $163.71 on Friday. The firm has a market capitalization of $10.44 billion, a price-to-earnings ratio of 11.06, a PEG ratio of 0.63 and a beta of 0.60. Popular, Inc. has a one year low of $108.74 and a one year high of $179.24. The company's 50 day moving average price is $171.42 and its 200 day moving average price is $155.10.
Popular (NASDAQ:BPOP - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The bank reported $4.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.72 by $0.63. Popular had a net margin of 21.37% and a return on equity of 15.34%. The company had revenue of $846.92 million during the quarter, compared to the consensus estimate of $878.41 million. During the same quarter last year, the company earned $3.09 earnings per share. Sell-side analysts forecast that Popular, Inc. will post 15.72 EPS for the current fiscal year.
Popular Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Thursday, September 10th will be issued a dividend of $0.90 per share. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $3.60 dividend on an annualized basis and a yield of 2.2%. This is a boost from Popular's previous quarterly dividend of $0.75. Popular's dividend payout ratio (DPR) is 24.32%.
Insider Activity
In related news, VP Adorno Rodriguez sold 600 shares of the stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $168.79, for a total transaction of $101,274.00. Following the sale, the vice president owned 2,492 shares in the company, valued at $420,624.68. This represents a 19.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Lidio Soriano sold 3,000 shares of the firm's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $174.50, for a total transaction of $523,500.00. Following the completion of the transaction, the executive vice president directly owned 107,320 shares in the company, valued at $18,727,340. This represents a 2.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 53,561 shares of company stock valued at $9,392,259 over the last quarter. 2.13% of the stock is owned by company insiders.
Popular Company Profile
(
Free Report)
Popular, Inc NASDAQ: BPOP is a financial services holding company headquartered in San Juan, Puerto Rico. Founded in 1893, the company operates primarily through Banco Popular de Puerto Rico, one of the largest banking institutions in Puerto Rico.
Banco Popular provides a broad range of financial products and services for individuals, businesses and government entities. Its offerings include deposit accounts, consumer and commercial loans, residential mortgages, credit cards, auto financing, investment services, insurance and trust services.
See Also
Want to see what other hedge funds are holding BPOP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Popular, Inc. (NASDAQ:BPOP - Free Report).
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