California State Teachers Retirement System lessened its stake in Popular, Inc. (NASDAQ:BPOP - Free Report) by 5.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 75,308 shares of the bank's stock after selling 4,613 shares during the quarter. California State Teachers Retirement System owned about 0.12% of Popular worth $12,364,067 as of its most recent SEC filing.
Other hedge funds have also bought and sold shares of the company. Syon Capital LLC raised its holdings in shares of Popular by 16.5% during the second quarter. Syon Capital LLC now owns 3,615 shares of the bank's stock valued at $594,000 after purchasing an additional 511 shares during the period. denkapparat Operations GmbH bought a new stake in shares of Popular in the second quarter worth $482,000. Nykredit A S bought a new stake in Popular in the 2nd quarter valued at $555,000. Proficio Capital Partners LLC bought a new stake in shares of Popular during the 2nd quarter worth approximately $450,000. Finally, BTG Pactual Asset Management US LLC boosted its position in Popular by 44.0% during the second quarter. BTG Pactual Asset Management US LLC now owns 2,545 shares of the bank's stock valued at $418,000 after purchasing an additional 778 shares in the last quarter. 87.27% of the stock is owned by institutional investors.
Insiders Place Their Bets
In related news, Director Maria Ferre sold 3,385 shares of the firm's stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $175.42, for a total transaction 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 trade represents a 25.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Javier D. Ferrer sold 35,000 shares of the company's stock in a transaction on Monday, August 10th. The shares were sold at an average price of $175.43, for a total value of $6,140,050.00. Following the completion of the sale, the chief executive officer owned 96,478 shares in the company, valued at $16,925,135.54. This trade represents a 26.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 53,561 shares of company stock valued at $9,392,259. Corporate insiders own 2.13% of the company's stock.
Wall Street Analysts Forecast Growth
BPOP has been the subject of several research analyst reports. Royal Bank Of Canada increased their target price on shares of Popular from $163.00 to $181.00 and gave the stock an "outperform" rating in a research note on Friday, July 24th. Weiss Ratings restated a "buy (a-)" rating on shares of Popular in a report on Friday, July 31st. Barclays upped their target price on Popular from $190.00 to $200.00 and gave the company an "overweight" rating in a research note on Monday, August 3rd. Wells Fargo & Company boosted their price objective on Popular from $180.00 to $200.00 and gave the company an "overweight" rating in a research report on Monday, August 10th. Finally, Benchmark lifted their price objective on Popular from $214.00 to $216.00 and gave the company a "buy" rating in a report on Monday, August 31st. Three analysts have rated the stock with a Strong Buy rating and ten have assigned a Buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $187.08.
Get Our Latest Research Report on Popular
Popular Price Performance
NASDAQ:BPOP traded down $1.12 during midday trading on Tuesday, reaching $164.56. The stock had a trading volume of 176,598 shares, compared to its average volume of 523,996. Popular, Inc. has a 1-year low of $108.74 and a 1-year high of $179.24. The firm's fifty day simple moving average is $171.36 and its 200-day simple moving average is $155.38. The stock has a market capitalization of $10.50 billion, a P/E ratio of 11.12, a PEG ratio of 0.63 and a beta of 0.60.
Popular (NASDAQ:BPOP - Get Free Report) last announced its quarterly earnings results 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 for the quarter, compared to analyst estimates of $878.41 million. During the same period in the previous year, the firm posted $3.09 EPS. On average, equities research analysts anticipate that Popular, Inc. will post 15.72 earnings per share for the current fiscal year.
Popular Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Thursday, September 10th will be given a dividend of $0.90 per share. This is an increase from Popular's previous quarterly dividend of $0.75. This represents a $3.60 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Thursday, September 10th. Popular's dividend payout ratio (DPR) is 24.32%.
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.
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