Ieq Capital LLC Acquires 17,329 Shares of Popular, Inc. $BPOP

Key Points

• Ieq Capital LLC significantly increased its stake in Popular, Inc. by 87.6%, now holding 37,104 shares valued at approximately $3.4 million.
• Popular, Inc. reported earnings of $3.09 per share for the last quarter, exceeding estimates by $0.49 and generating revenue of $800.03 million.
• The company announced a quarterly dividend increase to $0.75 per share, up from $0.70, reflecting a 2.4% dividend yield.

Ieq Capital LLC increased its holdings in Popular, Inc. (NASDAQ:BPOP - Free Report) by 87.6% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 37,104 shares of the bank's stock after purchasing an additional 17,329 shares during the quarter. Ieq Capital LLC owned 0.05% of Popular worth $3,427,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Venturi Wealth Management LLC lifted its stake in Popular by 4.2% in the first quarter. Venturi Wealth Management LLC now owns 2,847 shares of the bank's stock worth $263,000 after purchasing an additional 116 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH lifted its stake in Popular by 0.3% in the first quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 62,660 shares of the bank's stock worth $5,788,000 after purchasing an additional 185 shares during the last quarter. GSA Capital Partners LLP lifted its stake in Popular by 3.4% in the first quarter. GSA Capital Partners LLP now owns 5,875 shares of the bank's stock worth $543,000 after purchasing an additional 191 shares during the last quarter. QRG Capital Management Inc. lifted 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 worth $398,000 after purchasing an additional 195 shares during the last quarter. Finally, Perkins Coie Trust Co lifted its stake in Popular by 6.7% in the first quarter. Perkins Coie Trust Co now owns 3,200 shares of the bank's stock worth $296,000 after purchasing an additional 200 shares during the last quarter. 87.27% of the stock is owned by institutional investors.

Insider Buying and Selling at Popular

In other news, EVP Gilberto Monzon sold 18,001 shares of Popular stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $124.47, for a total transaction of $2,240,584.47. Following the sale, the executive vice president owned 24,773 shares of the company's stock, valued at approximately $3,083,495.31. The trade was a 42.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 2.09% of the company's stock.

Popular Stock Down 1.0%

Shares of BPOP traded down $1.21 during trading hours on Friday, reaching $125.85. 124,430 shares of the company traded hands, compared to its average volume of 562,041. The company's fifty day moving average price is $116.92 and its two-hundred day moving average price is $103.80. The company has a market capitalization of $8.50 billion, a price-to-earnings ratio of 12.20, a price-to-earnings-growth ratio of 0.65 and a beta of 0.68. Popular, Inc. has a 12 month low of $78.23 and a 12 month high of $128.66.

Popular (NASDAQ:BPOP - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The bank reported $3.09 earnings per share for the quarter, beating analysts' consensus estimates of $2.60 by $0.49. The firm had revenue of $800.03 million for the quarter, compared to analyst estimates of $777.38 million. Popular had a net margin of 16.49% and a return on equity of 12.48%. During the same quarter in the previous year, the firm posted $2.46 EPS. On average, analysts expect that Popular, Inc. will post 10.06 EPS for the current year.

Popular Announces Dividend

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

Analysts Set New Price Targets

BPOP has been the subject of several recent research reports. Keefe, Bruyette & Woods boosted their price target on shares of Popular from $125.00 to $132.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. Hovde Group reissued an "outperform" rating on shares of Popular in a report on Friday, August 29th. UBS Group reissued a "neutral" rating on shares of Popular in a report on Wednesday, July 9th. Wells Fargo & Company raised their price target on shares of Popular from $135.00 to $140.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Finally, Citigroup increased their price objective on Popular from $133.00 to $142.00 and gave the stock a "buy" rating in a 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 stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $128.88.

Popular 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.