Penn Capital Management Company LLC Sells 23,360 Shares of Popular, Inc. $BPOP

Key Points

• Penn Capital Management cut its Popular stake by 25.4% in the third quarter, selling 23,360 shares and retaining 68,679 shares valued at about $10.7 million.
• Analyst sentiment remained broadly positive: 12 analysts rated the stock Buy or Strong Buy, and the consensus price target was $186.42; one analyst rated it Hold.
• Popular reported quarterly EPS of $4.21, beating the $3.95 estimate, though revenue of $874.59 million fell short of forecasts. The company also declared a quarterly dividend of $0.90 per share.

Penn Capital Management Company LLC lessened its holdings in shares of Popular, Inc. (NASDAQ:BPOP - Free Report) by 25.4% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 68,679 shares of the bank's stock after selling 23,360 shares during the period. Penn Capital Management Company LLC owned approximately 0.11% of Popular worth $10,706,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in BPOP. Reyes Financial Architecture Inc. acquired a new position in shares of Popular during the third quarter worth approximately $34,000. Latitude Advisors LLC bought a new stake in shares of Popular in the third quarter valued at approximately $34,000. Elevation Wealth Partners LLC boosted its position in shares of Popular by 97.2% in the third quarter. Elevation Wealth Partners LLC now owns 280 shares of the bank's stock valued at $44,000 after acquiring an additional 138 shares during the period. Parallel Advisors LLC boosted its position in shares of Popular by 30.5% in the first quarter. Parallel Advisors LLC now owns 321 shares of the bank's stock valued at $43,000 after acquiring an additional 75 shares during the period. Finally, Heritage Family Offices LLP acquired a new stake in shares of Popular in the third quarter worth $73,000. Institutional investors own 87.27% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on BPOP shares. Royal Bank Of Canada boosted their target price on shares of Popular from $163.00 to $181.00 and gave the stock an "outperform" rating in a research report on Friday, July 24th. Piper Sandler reiterated an "overweight" rating and set a $190.00 target price (down from $198.00) on shares of Popular in a research note on Monday, October 26th. Zacks Research downgraded shares of Popular from a "strong-buy" rating to a "hold" rating in a report on Thursday, October 8th. Keefe, Bruyette & Woods raised their price target on shares of Popular from $190.00 to $207.00 and gave the stock an "outperform" rating in a research report on Friday, July 24th. Finally, Citigroup boosted their price objective on shares of Popular from $192.00 to $193.00 and gave the stock a "buy" rating in a report on Monday, October 26th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $186.42.

Insider Buying and Selling

In related news, VP Adorno Rodriguez sold 600 shares of the business's stock in a transaction on Monday, August 24th. The stock was sold at an average price of $168.79, for a total value of $101,274.00. Following the sale, the vice president owned 2,492 shares of the company's stock, valued at $420,624.68. The trade was a 19.40% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.13% of the stock is currently owned by corporate insiders.

Popular Stock Up 0.8%

Shares of BPOP opened at $157.78 on Tuesday. The company has a 50-day moving average price of $160.31 and a two-hundred day moving average price of $154.08. The stock has a market cap of $10.06 billion, a price-to-earnings ratio of 10.10, a P/E/G ratio of 0.58 and a beta of 0.63. Popular, Inc. has a 12 month low of $109.01 and a 12 month high of $179.24.

Popular (NASDAQ:BPOP - Get Free Report) last released its quarterly earnings data on Thursday, October 22nd. The bank reported $4.21 earnings per share for the quarter, beating the consensus estimate of $3.95 by $0.26. Popular had a return on equity of 16.08% and a net margin of 22.36%. The company had revenue of $874.59 million for the quarter, compared to analyst estimates of $904.43 million. During the same period in the prior year, the company posted $3.14 EPS. Equities research analysts expect that Popular, Inc. will post 16.05 EPS for the current fiscal year.

Popular Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, January 4th. Investors of record on Friday, November 13th will be given a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Friday, November 13th. Popular's dividend payout ratio (DPR) is 22.68%.

About Popular

Popular, Inc is a financial holding company headquartered in San Juan, Puerto Rico. Founded in 1893, it provides banking and other financial services primarily in Puerto Rico and the U.S. mainland.

Its principal subsidiary, Banco Popular de Puerto Rico, serves individuals and businesses with consumer and commercial banking, mortgage lending, and related financial services. Popular also operates Popular Bank in the mainland United States and provides auto financing through Popular Auto.

Ignacio Alvarez is Popular's president and chief executive officer.

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