Merit Financial Group LLC Makes New Investment in Popular, Inc. (NASDAQ:BPOP)

Merit Financial Group LLC bought a new stake in Popular, Inc. (NASDAQ:BPOP - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 7,687 shares of the bank's stock, valued at approximately $710,000.

Several other hedge funds and other institutional investors also recently modified their holdings of BPOP. Yousif Capital Management LLC acquired a new stake in shares of Popular in the 4th quarter worth about $202,000. Vest Financial LLC increased its stake in shares of Popular by 80.5% in the fourth quarter. Vest Financial LLC now owns 26,735 shares of the bank's stock valued at $2,515,000 after purchasing an additional 11,927 shares during the period. Wilmington Savings Fund Society FSB increased its stake in shares of Popular by 594.2% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 5,595 shares of the bank's stock valued at $526,000 after purchasing an additional 4,789 shares during the period. Angeles Wealth Management LLC bought a new stake in shares of Popular during the fourth quarter valued at approximately $206,000. Finally, Van ECK Associates Corp boosted its position in shares of Popular by 33.0% during the fourth quarter. Van ECK Associates Corp now owns 54,374 shares of the bank's stock worth $5,114,000 after buying an additional 13,504 shares during the period. Institutional investors and hedge funds own 87.27% of the company's stock.

Popular Stock Performance

Shares of BPOP stock opened at $105.75 on Monday. Popular, Inc. has a 1 year low of $78.23 and a 1 year high of $106.81. The business's fifty day moving average is $95.83 and its 200-day moving average is $96.66. The stock has a market cap of $7.25 billion, a PE ratio of 12.35, a price-to-earnings-growth ratio of 0.75 and a beta of 0.62.

Popular (NASDAQ:BPOP - Get Free Report) last released its earnings results on Wednesday, April 23rd. The bank reported $2.56 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.26 by $0.30. Popular had a return on equity of 11.89% and a net margin of 14.15%. The firm had revenue of $755.46 million for the quarter, compared to analyst estimates of $760.45 million. During the same period in the previous year, the company earned $1.43 earnings per share. Popular's revenue was up 6.0% compared to the same quarter last year. Equities research analysts predict that Popular, Inc. will post 10.06 earnings per share for the current year.

Popular Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Thursday, May 29th will be issued a $0.70 dividend. The ex-dividend date of this dividend is Thursday, May 29th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.65%. Popular's payout ratio is currently 28.90%.

Wall Street Analysts Forecast Growth

BPOP has been the topic of several analyst reports. Keefe, Bruyette & Woods raised their target price on Popular from $122.00 to $125.00 and gave the company an "outperform" rating in a research report on Thursday, April 24th. Hovde Group decreased their price target on Popular from $118.00 to $114.00 and set an "outperform" rating for the company in a research note on Thursday, April 24th. Piper Sandler raised their price target on Popular from $110.00 to $123.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. Wells Fargo & Company raised shares of Popular from an "equal weight" rating to an "overweight" rating and reduced their price objective for the stock from $110.00 to $100.00 in a report on Wednesday, April 9th. Finally, Barclays reiterated an "overweight" rating and issued a $125.00 target price (up previously from $115.00) on shares of Popular in a research report on Thursday, April 24th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $114.43.

Insider Buying and Selling

In other Popular news, VP Adorno Denissa Rodriguez sold 500 shares of the company's stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $104.43, for a total transaction of $52,215.00. Following the completion of the sale, the vice president now directly owns 3,604 shares of the company's stock, valued at approximately $376,365.72. This represents a 12.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Camille Burckhart sold 7,000 shares of Popular stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $104.14, for a total transaction of $728,980.00. Following the completion of the transaction, the executive vice president now directly owns 27,382 shares in the company, valued at approximately $2,851,561.48. This trade represents a 20.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.09% of the company's stock.

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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