LSV Asset Management Buys 34,575 Shares of Popular, Inc. (NASDAQ:BPOP)

Key Points

• LSV Asset Management raised its stake in Popular, Inc. by 6.2%, acquiring an additional 34,575 shares to hold a total of 593,900 shares, valued at approximately $54.86 million.
• Popular, Inc. reported earnings of $3.09 per share for the most recent quarter, surpassing estimates by $0.49, with revenue of $800.03 million.
• The company announced a quarterly dividend of $0.70 per share, yielding 2.5% annually, which highlights its steady financial returns to shareholders.

LSV Asset Management lifted its stake in Popular, Inc. (NASDAQ:BPOP - Free Report) by 6.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 593,900 shares of the bank's stock after purchasing an additional 34,575 shares during the quarter. LSV Asset Management owned about 0.86% of Popular worth $54,859,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. Jefferies Financial Group Inc. bought a new stake in shares of Popular in the 1st quarter worth approximately $4,687,000. Arkadios Wealth Advisors boosted its position in shares of Popular by 25.4% in the 1st quarter. Arkadios Wealth Advisors now owns 2,783 shares of the bank's stock worth $257,000 after purchasing an additional 564 shares in the last quarter. XTX Topco Ltd boosted its position in shares of Popular by 312.4% in the 1st quarter. XTX Topco Ltd now owns 25,043 shares of the bank's stock worth $2,313,000 after purchasing an additional 18,970 shares in the last quarter. GSA Capital Partners LLP boosted its position in shares of Popular by 3.4% in the 1st quarter. GSA Capital Partners LLP now owns 5,875 shares of the bank's stock worth $543,000 after purchasing an additional 191 shares in the last quarter. Finally, Federated Hermes Inc. boosted its position in shares of Popular by 3.3% in the 1st quarter. Federated Hermes Inc. now owns 240,071 shares of the bank's stock worth $22,175,000 after purchasing an additional 7,645 shares in the last quarter. 87.27% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, EVP Camille Burckhart sold 7,000 shares of the firm's stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $104.14, for a total value of $728,980.00. Following the transaction, the executive vice president directly owned 27,382 shares of the company's stock, valued at approximately $2,851,561.48. This trade represents a 20.36% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Adorno Denissa Rodriguez sold 500 shares of the firm's stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $104.43, for a total value of $52,215.00. Following the completion of the transaction, the vice president directly owned 3,604 shares in the company, valued at approximately $376,365.72. This represents a 12.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.23% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts have recently commented on BPOP shares. Royal Bank Of Canada reissued an "outperform" rating on shares of Popular in a research report on Thursday, July 24th. Piper Sandler boosted their price objective on shares of Popular from $110.00 to $123.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. Wall Street Zen lowered shares of Popular from a "buy" rating to a "hold" rating in a report on Friday, May 2nd. Hovde Group boosted their price objective on shares of Popular from $126.00 to $140.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. Finally, Wells Fargo & Company boosted their price objective on shares of Popular from $135.00 to $140.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $128.88.

Popular Stock Down 1.8%

BPOP traded down $2.03 during mid-day trading on Tuesday, reaching $113.04. 67,784 shares of the company traded hands, compared to its average volume of 570,979. The stock has a market capitalization of $7.74 billion, a P/E ratio of 10.99, a P/E/G ratio of 0.59 and a beta of 0.65. The company's fifty day moving average price is $109.65 and its 200-day moving average price is $100.81. Popular, Inc. has a 52-week low of $78.23 and a 52-week high of $118.54.

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 business had revenue of $800.03 million during the quarter, compared to analyst estimates of $777.38 million. Popular had a net margin of 16.49% and a return on equity of 12.60%. During the same period in the previous year, the business earned $2.46 EPS. As a group, sell-side analysts forecast that Popular, Inc. will post 10.06 earnings per share for the current fiscal year.

Popular Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Thursday, May 29th were paid a dividend of $0.70 per share. The ex-dividend date was Thursday, May 29th. This represents a $2.80 dividend on an annualized basis and a yield of 2.5%. Popular's payout ratio is currently 27.13%.

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.