LSV Asset Management Acquires 88,765 Shares of Popular, Inc. $BPOP

Key Points

• LSV Asset Management boosted its stake in Popular, Inc. by 9.3% in the fourth quarter, buying 88,765 additional shares and bringing its total holdings to 1,043,733 shares valued at about $130 million.
• Popular reported strong quarterly earnings of $3.78 per share, topping analyst expectations of $3.30, though revenue came in below consensus at $816.08 million.
• The bank announced a quarterly dividend of $0.75 per share, and analysts remain broadly positive with an average rating of “Buy” and an average price target of $168.73.

LSV Asset Management increased its holdings in shares of Popular, Inc. (NASDAQ:BPOP - Free Report) by 9.3% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 1,043,733 shares of the bank's stock after acquiring an additional 88,765 shares during the period. LSV Asset Management owned about 1.57% of Popular worth $129,966,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Advisory Services Network LLC bought a new stake in Popular during the 3rd quarter valued at $31,000. Global Retirement Partners LLC raised its position in Popular by 198.3% during the 4th quarter. Global Retirement Partners LLC now owns 537 shares of the bank's stock valued at $67,000 after purchasing an additional 357 shares in the last quarter. Quarry LP raised its position in Popular by 117.7% during the 3rd quarter. Quarry LP now owns 540 shares of the bank's stock valued at $69,000 after purchasing an additional 292 shares in the last quarter. Smartleaf Asset Management LLC raised its position in Popular by 84.2% during the 3rd quarter. Smartleaf Asset Management LLC now owns 593 shares of the bank's stock valued at $76,000 after purchasing an additional 271 shares in the last quarter. Finally, Torren Management LLC bought a new stake in Popular during the 4th quarter valued at $83,000. 87.27% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Alejandro M. Ballester sold 23,000 shares of Popular stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $150.00, for a total value of $3,450,000.00. Following the transaction, the director directly owned 34,588 shares in the company, valued at approximately $5,188,200. This trade represents a 39.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Alejandro M. Sanchez sold 1,451 shares of Popular stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $140.85, for a total value of $204,373.35. Following the completion of the transaction, the director owned 3,415 shares in the company, valued at $481,002.75. This represents a 29.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 30,651 shares of company stock worth $4,575,135. 2.13% of the stock is currently owned by company insiders.

Popular Trading Up 0.7%

Shares of NASDAQ:BPOP opened at $150.50 on Friday. Popular, Inc. has a 12-month low of $100.54 and a 12-month high of $152.95. The business's fifty day simple moving average is $141.98 and its 200-day simple moving average is $132.24. The company has a market capitalization of $9.71 billion, a PE ratio of 11.12, a P/E/G ratio of 0.75 and a beta of 0.63.

Popular (NASDAQ:BPOP - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The bank reported $3.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.30 by $0.48. Popular had a return on equity of 14.53% and a net margin of 20.10%.The business had revenue of $816.08 million for the quarter, compared to the consensus estimate of $866.54 million. During the same period last year, the business posted $2.56 EPS. Research analysts predict that Popular, Inc. will post 15.14 EPS for the current year.

Popular Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, May 29th will be issued a $0.75 dividend. The ex-dividend date is Friday, May 29th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.0%. Popular's dividend payout ratio (DPR) is currently 22.16%.

Analysts Set New Price Targets

BPOP has been the subject of a number of research analyst reports. Bank of America raised Popular from a "neutral" rating to a "buy" rating and set a $156.00 target price for the company in a research report on Tuesday, February 3rd. Piper Sandler lifted their target price on Popular from $156.00 to $173.00 and gave the company an "overweight" rating in a research report on Friday, April 24th. Keefe, Bruyette & Woods lifted their target price on Popular from $155.00 to $177.00 and gave the company an "outperform" rating in a research report on Friday, April 24th. UBS Group lifted their target price on Popular from $160.00 to $170.00 and gave the company a "buy" rating in a research report on Friday, April 24th. Finally, Hovde Group lifted their target price on Popular from $153.00 to $176.00 and gave the company an "outperform" rating in a research report on Wednesday, January 28th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $168.73.

About Popular

Popular, Inc, headquartered in San Juan, Puerto Rico, is a financial holding company and a leading provider of banking services in the United States mainland and Puerto Rico. Through its primary subsidiaries—Banco Popular de Puerto Rico and Popular Bank—the company delivers comprehensive commercial and consumer banking solutions. It offers deposit products, lending facilities, cash management services and payment-processing solutions designed for individuals, small businesses and large corporations.

The company's product suite encompasses checking and savings accounts, certificates of deposit, residential and commercial mortgage loans, business lines of credit and credit cards.

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