Cubist Systematic Strategies LLC Increases Stake in Popular, Inc. $BPOP

Key Points

• Cubist Systematic Strategies LLC increased its stake in Popular, Inc. by 247.1% during the first quarter, owning 36,136 shares valued at $3.34 million.
• Multiple institutional investors have also expanded their positions in Popular, contributing to a total of 87.27% of the stock being owned by hedge funds and institutional investors.
• Popular's stock currently holds a consensus rating of "Buy" with a price target increase from various analysts, with Citigroup setting a target of $142.00.

Cubist Systematic Strategies LLC raised its stake in shares of Popular, Inc. (NASDAQ:BPOP - Free Report) by 247.1% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 36,136 shares of the bank's stock after purchasing an additional 25,725 shares during the period. Cubist Systematic Strategies LLC owned 0.05% of Popular worth $3,338,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Envestnet Asset Management Inc. boosted its stake in Popular by 10.5% in the 1st quarter. Envestnet Asset Management Inc. now owns 87,106 shares of the bank's stock worth $8,046,000 after purchasing an additional 8,262 shares during the period. Cerity Partners LLC lifted its position in shares of Popular by 164.7% during the first quarter. Cerity Partners LLC now owns 15,731 shares of the bank's stock worth $1,453,000 after purchasing an additional 9,788 shares during the last quarter. Janney Montgomery Scott LLC raised its holdings in shares of Popular by 50.0% in the first quarter. Janney Montgomery Scott LLC now owns 14,449 shares of the bank's stock valued at $1,335,000 after acquiring an additional 4,818 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in Popular by 105.1% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 12,256 shares of the bank's stock valued at $1,132,000 after acquiring an additional 6,281 shares in the last quarter. Finally, QRG Capital Management Inc. boosted its stake in Popular by 4.7% in the first quarter. QRG Capital Management Inc. now owns 4,309 shares of the bank's stock valued at $398,000 after acquiring an additional 195 shares in the last quarter. Hedge funds and other institutional investors own 87.27% of the company's stock.

Popular Stock Down 0.1%

Shares of NASDAQ:BPOP traded down $0.16 during trading on Thursday, hitting $124.80. 475,482 shares of the stock traded hands, compared to its average volume of 516,565. The company has a fifty day moving average price of $118.20 and a two-hundred day moving average price of $104.55. Popular, Inc. has a 52-week low of $78.23 and a 52-week high of $128.66. The company has a market cap of $8.43 billion, a price-to-earnings ratio of 12.09, a P/E/G ratio of 0.65 and a beta of 0.68.

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, beating the consensus estimate of $2.60 by $0.49. The business had revenue of $800.03 million for the quarter, compared to the consensus estimate of $777.38 million. Popular had a net margin of 16.49% and a return on equity of 12.48%. During the same period last year, the firm posted $2.46 earnings per share. On average, equities research analysts predict that Popular, Inc. will post 10.06 EPS for the current fiscal year.

Popular Announces Dividend

The firm also recently disclosed a sep 25 dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be given a dividend of $0.1328 per share. Popular's payout ratio is 27.13%.

Insider Buying and Selling at Popular

In related news, EVP Gilberto Monzon sold 18,001 shares of the stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $124.47, for a total transaction of $2,240,584.47. Following the transaction, the executive vice president owned 24,773 shares of the company's stock, valued at approximately $3,083,495.31. This represents a 42.08% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.09% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on BPOP shares. Barclays upped their price objective on shares of Popular from $125.00 to $140.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. UBS Group restated a "neutral" rating on shares of Popular in a research note on Wednesday, July 9th. Piper Sandler increased their price objective on Popular from $110.00 to $123.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. Wells Fargo & Company lifted their target price on Popular from $135.00 to $140.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Finally, Citigroup raised their price target on shares of Popular from $133.00 to $142.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, Popular presently has a consensus rating of "Buy" and an average target price of $128.88.

About Popular

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.