Jacobs Asset Management LLC Cuts Stock Position in Popular, Inc. $BPOP

Key Points

• Jacobs Asset Management LLC reduced its stake in Popular, Inc. by 10.6%, holding 122,934 shares worth approximately $11.36 million, making it the 3rd largest holding in their portfolio.
• Popular, Inc. recently reported $3.09 EPS, exceeding analysts' expectations and achieved a revenue of $800.03 million for the quarter, indicating strong financial performance.
• The company announced a quarterly dividend of $0.75 per share, increasing from the previous dividend of $0.70, with a current annualized yield of 2.4%.

Jacobs Asset Management LLC trimmed its position in Popular, Inc. (NASDAQ:BPOP - Free Report) by 10.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 122,934 shares of the bank's stock after selling 14,566 shares during the period. Popular makes up about 7.1% of Jacobs Asset Management LLC's portfolio, making the stock its 3rd largest holding. Jacobs Asset Management LLC owned 0.18% of Popular worth $11,355,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in BPOP. Raymond James Financial Inc. acquired a new stake in Popular in the fourth quarter worth approximately $3,034,000. Guggenheim Capital LLC raised its stake in Popular by 31.1% during the 4th quarter. Guggenheim Capital LLC now owns 3,257 shares of the bank's stock valued at $306,000 after purchasing an additional 772 shares during the period. Marshall Wace LLP raised its stake in Popular by 5.3% during the 4th quarter. Marshall Wace LLP now owns 5,202 shares of the bank's stock valued at $489,000 after purchasing an additional 261 shares during the period. Hsbc Holdings PLC increased its stake in shares of Popular by 167.8% in the fourth quarter. Hsbc Holdings PLC now owns 21,887 shares of the bank's stock worth $2,058,000 after acquiring an additional 13,715 shares during the last quarter. Finally, Voya Investment Management LLC increased its stake in shares of Popular by 71.9% in the fourth quarter. Voya Investment Management LLC now owns 20,728 shares of the bank's stock worth $1,950,000 after acquiring an additional 8,671 shares during the last quarter. 87.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on BPOP shares. Wall Street Zen downgraded shares of Popular from a "buy" rating to a "hold" rating in a research note on Friday, May 2nd. Royal Bank Of Canada reiterated an "outperform" rating on shares of Popular in a research note on Thursday, July 24th. Piper Sandler increased their target price on shares of Popular from $110.00 to $123.00 and gave the company an "overweight" rating in a research note on Thursday, May 15th. Barclays increased their price target on shares of Popular from $125.00 to $140.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Finally, Wells Fargo & Company boosted their price target on shares of Popular from $135.00 to $140.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Seven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $128.88.

Insider Buying and Selling

In related news, EVP Camille Burckhart sold 7,000 shares of the business's stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $104.14, for a total value of $728,980.00. Following the sale, the executive vice president directly 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.09% of the company's stock.

Popular Price Performance

Shares of NASDAQ BPOP traded up $0.85 during midday trading on Friday, reaching $125.64. 715,530 shares of the stock were exchanged, compared to its average volume of 564,625. The business has a 50-day simple moving average of $115.52 and a two-hundred day simple moving average of $103.18. The company has a market capitalization of $8.49 billion, a price-to-earnings ratio of 12.17, a P/E/G ratio of 0.65 and a beta of 0.65. Popular, Inc. has a 12 month low of $78.23 and a 12 month high of $126.27.

Popular (NASDAQ:BPOP - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The bank reported $3.09 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 analysts' expectations of $777.38 million. Popular had a net margin of 16.49% and a return on equity of 12.48%. During the same period in the previous year, the firm posted $2.46 EPS. Equities research analysts expect that Popular, Inc. will post 10.06 earnings per share for the current fiscal year.

Popular Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 12th will be given a $0.75 dividend. The ex-dividend date of this dividend is Friday, September 12th. This represents a $3.00 annualized dividend and a yield of 2.4%. This is an increase from Popular's previous quarterly dividend of $0.70. Popular's payout ratio is presently 29.07%.

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.