Pallas Capital Advisors LLC Buys New Shares in Popular, Inc. (NASDAQ:BPOP)

Pallas Capital Advisors LLC acquired a new position in shares of Popular, Inc. (NASDAQ:BPOP - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 5,369 shares of the bank's stock, valued at approximately $496,000.

A number of other institutional investors and hedge funds have also bought and sold shares of BPOP. CIBC Asset Management Inc lifted its holdings in Popular by 5.3% during the 4th quarter. CIBC Asset Management Inc now owns 2,239 shares of the bank's stock worth $211,000 after buying an additional 112 shares during the period. Picton Mahoney Asset Management boosted its holdings in Popular by 56.7% in the fourth quarter. Picton Mahoney Asset Management now owns 326 shares of the bank's stock valued at $31,000 after acquiring an additional 118 shares during the last quarter. Arizona State Retirement System increased its position in Popular by 0.7% during the 4th quarter. Arizona State Retirement System now owns 20,953 shares of the bank's stock valued at $1,971,000 after purchasing an additional 143 shares during the period. Treasurer of the State of North Carolina raised its holdings in Popular by 0.6% during the 4th quarter. Treasurer of the State of North Carolina now owns 31,357 shares of the bank's stock worth $2,949,000 after purchasing an additional 190 shares during the last quarter. Finally, Perkins Coie Trust Co raised its holdings in Popular by 6.7% during the 1st quarter. Perkins Coie Trust Co now owns 3,200 shares of the bank's stock worth $296,000 after purchasing an additional 200 shares during the last quarter. Institutional investors and hedge funds own 87.27% of the company's stock.

Insider Buying and Selling

In other Popular news, EVP Camille Burckhart sold 7,000 shares of the business'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 transaction, the executive vice president now owns 27,382 shares in the company, valued at approximately $2,851,561.48. The trade was a 20.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Adorno Denissa Rodriguez sold 500 shares of the company's 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 sale, the vice president now owns 3,604 shares in the company, valued at $376,365.72. The trade was a 12.18% decrease in their position. The disclosure for this sale can be found here. 2.09% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have recently commented on BPOP shares. Hovde Group reduced their price objective on shares of Popular from $118.00 to $114.00 and set an "outperform" rating on the stock in a research note on Thursday, April 24th. Keefe, Bruyette & Woods lifted their price objective on Popular from $122.00 to $125.00 and gave the stock an "outperform" rating in a research report on Thursday, April 24th. Wells Fargo & Company upgraded Popular from an "equal weight" rating to an "overweight" rating and cut their target price for the company from $110.00 to $100.00 in a research report on Wednesday, April 9th. Barclays reiterated an "overweight" rating and issued a $125.00 target price (up from $115.00) on shares of Popular in a report on Thursday, April 24th. Finally, Piper Sandler increased their price target on Popular from $110.00 to $123.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $114.43.

Popular Price Performance

BPOP stock traded down $1.69 during midday trading on Friday, reaching $103.81. The company had a trading volume of 527,595 shares, compared to its average volume of 521,788. The firm has a 50-day moving average price of $97.47 and a 200-day moving average price of $96.85. The company has a market capitalization of $7.11 billion, a P/E ratio of 12.13, a P/E/G ratio of 0.75 and a beta of 0.62. Popular, Inc. has a 1 year low of $78.23 and a 1 year high of $107.31.

Popular (NASDAQ:BPOP - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The bank reported $2.56 earnings per share for the quarter, beating the consensus estimate of $2.26 by $0.30. Popular had a return on equity of 11.89% and a net margin of 14.15%. The company had revenue of $755.46 million during the quarter, compared to analysts' expectations of $760.45 million. During the same period in the prior year, the business posted $1.43 EPS. Popular's quarterly revenue was up 6.0% compared to the same quarter last year. On average, equities analysts predict that Popular, Inc. will post 10.06 EPS for the current year.

Popular Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Thursday, May 29th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.70%. The ex-dividend date of this dividend is Thursday, May 29th. Popular's payout ratio is 28.90%.

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.