Martingale Asset Management L P Purchases 36,853 Shares of Popular, Inc. $BPOP

Key Points

• Martingale Asset Management increased its stake in Popular, Inc. by 29.8%, acquiring an additional 36,853 shares, totaling a reported investment of $14.84 million.
• Popular, Inc. recently reported $3.09 earnings per share, exceeding forecasts, with revenue of $800.03 million for the quarter, indicating strong financial performance.
• Wall Street analysts maintain a positive outlook on Popular, with a consensus of "Moderate Buy" rating and an average target price of $128.88, with multiple firms raising their price targets recently.

Martingale Asset Management L P boosted its position in Popular, Inc. (NASDAQ:BPOP - Free Report) by 29.8% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 160,666 shares of the bank's stock after purchasing an additional 36,853 shares during the period. Martingale Asset Management L P owned about 0.23% of Popular worth $14,841,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Envestnet Asset Management Inc. lifted its stake in shares of Popular by 10.5% in the 1st quarter. Envestnet Asset Management Inc. now owns 87,106 shares of the bank's stock worth $8,046,000 after purchasing an additional 8,262 shares during the period. Cerity Partners LLC increased its holdings in Popular by 164.7% during the first quarter. Cerity Partners LLC now owns 15,731 shares of the bank's stock valued at $1,453,000 after buying an additional 9,788 shares during the last quarter. Janney Montgomery Scott LLC raised its position in Popular by 50.0% in the first quarter. Janney Montgomery Scott LLC now owns 14,449 shares of the bank's stock worth $1,335,000 after acquiring an additional 4,818 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in Popular by 105.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 12,256 shares of the bank's stock worth $1,132,000 after acquiring an additional 6,281 shares during the period. Finally, QRG Capital Management Inc. boosted its stake in shares of Popular by 4.7% during the 1st quarter. QRG Capital Management Inc. now owns 4,309 shares of the bank's stock worth $398,000 after acquiring an additional 195 shares during the last quarter. 87.27% of the stock is currently owned by institutional investors.

Popular Price Performance

NASDAQ:BPOP opened at $119.34 on Thursday. The firm has a market capitalization of $8.06 billion, a price-to-earnings ratio of 11.56, a PEG ratio of 0.62 and a beta of 0.65. Popular, Inc. has a 1 year low of $78.23 and a 1 year high of $120.17. The business has a 50 day simple moving average of $112.84 and a 200-day simple moving average of $102.17.

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

Insider Buying and Selling at Popular

In other news, EVP Camille Burckhart sold 7,000 shares of the firm's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $104.14, for a total value of $728,980.00. Following the completion of the sale, the executive vice president owned 27,382 shares in the company, valued at approximately $2,851,561.48. This trade represents a 20.36% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.09% of the company's stock.

Wall Street Analyst Weigh In

BPOP has been the subject of several analyst reports. Wall Street Zen lowered Popular from a "buy" rating to a "hold" rating in a research note on Friday, May 2nd. Royal Bank Of Canada reissued an "outperform" rating on shares of Popular in a report on Thursday, July 24th. Piper Sandler upped their price target on Popular from $110.00 to $123.00 and gave the stock an "overweight" rating in a research report on Thursday, May 15th. Citigroup lifted their price objective on Popular from $133.00 to $142.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Finally, Barclays boosted their price objective on Popular from $125.00 to $140.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Seven investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $128.88.

Popular Company 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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