Mackenzie Financial Corp Purchases New Stake in Popular, Inc. (NASDAQ:BPOP)

Key Points

• Mackenzie Financial Corp has acquired a new stake in Popular, Inc. by purchasing 109,583 shares worth approximately $10.1 million, representing 0.16% of the company's total shares.
• Popular, Inc. recently reported earnings of $3.09 per share for the last quarter, exceeding analysts' expectations of $2.60, with revenues reaching $800.03 million.
• The company announced a quarterly dividend of $0.70, resulting in an annualized dividend of $2.80 and a yield of 2.4% on the current stock price.

Mackenzie Financial Corp purchased a new stake in shares of Popular, Inc. (NASDAQ:BPOP - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 109,583 shares of the bank's stock, valued at approximately $10,122,000. Mackenzie Financial Corp owned 0.16% of Popular at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. Versant Capital Management Inc boosted its stake in Popular by 589.9% during the 1st quarter. Versant Capital Management Inc now owns 821 shares of the bank's stock valued at $76,000 after purchasing an additional 702 shares during the period. Crestline Management LP bought a new stake in Popular during the 4th quarter valued at approximately $215,000. Vise Technologies Inc. bought a new stake in Popular during the 4th quarter valued at approximately $227,000. Polymer Capital Management US LLC bought a new stake in Popular during the 4th quarter valued at approximately $246,000. Finally, Oxford Asset Management LLP bought a new stake in Popular during the 4th quarter valued at approximately $261,000. 87.27% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, EVP Camille Burckhart sold 7,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the executive vice president directly owned 27,382 shares of the company's stock, valued at approximately $2,851,561.48. This represents a 20.36% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Adorno Denissa Rodriguez sold 500 shares of the stock in a transaction that occurred 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 of the company's stock, valued at approximately $376,365.72. The trade was a 12.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.09% of the company's stock.

Popular Trading Up 0.3%

Shares of BPOP stock opened at $114.58 on Friday. The stock has a 50 day moving average of $109.43 and a two-hundred day moving average of $100.67. Popular, Inc. has a 12 month low of $78.23 and a 12 month high of $118.54. The company has a market capitalization of $7.85 billion, a P/E ratio of 11.10, a P/E/G ratio of 0.62 and a beta of 0.63.

Popular (NASDAQ:BPOP - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The bank reported $3.09 EPS for the quarter, topping analysts' consensus estimates of $2.60 by $0.49. Popular had a return on equity of 12.60% and a net margin of 16.49%. The company had revenue of $800.03 million during the quarter, compared to the consensus estimate of $777.38 million. During the same quarter last year, the company earned $2.46 EPS. Sell-side analysts predict 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. Stockholders of record on Thursday, May 29th were issued a $0.70 dividend. The ex-dividend date of this dividend was Thursday, May 29th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.4%. Popular's dividend payout ratio is presently 27.13%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Keefe, Bruyette & Woods increased their target price on Popular from $125.00 to $132.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. Wells Fargo & Company increased their target price on Popular from $135.00 to $140.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Royal Bank Of Canada restated an "outperform" rating on shares of Popular in a research note on Thursday, July 24th. Piper Sandler increased their target price on Popular from $110.00 to $123.00 and gave the company an "overweight" rating in a research note on Thursday, May 15th. Finally, Hovde Group raised their price objective on Popular from $126.00 to $140.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price 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.

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