Popular, Inc. $BPOP Position Lifted by Geode Capital Management LLC

Key Points

• Geode Capital Management increased its stake in Popular, Inc. by 4.8% in the fourth quarter, ending with 1,405,575 shares worth about $175.1 million.
• Several analysts turned more bullish on the bank, with firms including UBS, RBC, Keefe Bruyette & Woods, and Wells Fargo raising price targets; the stock now has an average Buy rating and a $168.73 price target.
• Popular reported Q1 EPS of $3.78, beating estimates, and also announced a quarterly dividend of $0.75 per share, implying a 2.0% annual yield.

Geode Capital Management LLC raised its stake in shares of Popular, Inc. (NASDAQ:BPOP - Free Report) by 4.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,405,575 shares of the bank's stock after acquiring an additional 64,778 shares during the quarter. Geode Capital Management LLC owned approximately 2.11% of Popular worth $175,057,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Knights of Columbus Asset Advisors LLC raised its holdings in shares of Popular by 1.3% during the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 30,132 shares of the bank's stock worth $3,752,000 after purchasing an additional 401 shares during the period. Jefferies Financial Group Inc. acquired a new stake in shares of Popular during the fourth quarter worth $1,350,000. LSV Asset Management raised its holdings in shares of Popular by 9.3% during the fourth quarter. LSV Asset Management now owns 1,043,733 shares of the bank's stock worth $129,966,000 after purchasing an additional 88,765 shares during the period. Global Retirement Partners LLC raised its holdings in shares of Popular by 198.3% during the fourth quarter. Global Retirement Partners LLC now owns 537 shares of the bank's stock worth $67,000 after purchasing an additional 357 shares during the period. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Popular by 11.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,645 shares of the bank's stock worth $205,000 after purchasing an additional 169 shares during the period. 87.27% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. UBS Group increased their target price on shares of Popular from $160.00 to $170.00 and gave the stock a "buy" rating in a report on Friday, April 24th. Royal Bank Of Canada increased their target price on shares of Popular from $141.00 to $163.00 and gave the stock an "outperform" rating in a report on Friday, April 24th. Keefe, Bruyette & Woods increased their target price on shares of Popular from $155.00 to $177.00 and gave the stock an "outperform" rating in a report on Friday, April 24th. Weiss Ratings raised shares of Popular from a "buy (b+)" rating to a "buy (a-)" rating in a report on Monday, May 4th. Finally, Wells Fargo & Company increased their target price on shares of Popular from $135.00 to $163.00 and gave the stock an "overweight" rating in a report on Monday, March 30th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, Popular presently has an average rating of "Buy" and an average price target of $168.73.

Popular Stock Down 2.0%

BPOP stock opened at $148.13 on Thursday. Popular, Inc. has a fifty-two week low of $102.56 and a fifty-two week high of $152.97. The firm's 50-day simple moving average is $145.03 and its 200 day simple moving average is $134.37. The stock has a market cap of $9.56 billion, a PE ratio of 10.94, a price-to-earnings-growth ratio of 0.75 and a beta of 0.62.

Popular (NASDAQ:BPOP - Get Free Report) last released its quarterly earnings data on Thursday, April 23rd. The bank reported $3.78 earnings per share for the quarter, topping analysts' consensus estimates of $3.30 by $0.48. Popular had a net margin of 20.10% and a return on equity of 14.53%. The business had revenue of $816.08 million for the quarter, compared to analysts' expectations of $866.54 million. During the same quarter last year, the company earned $2.56 EPS. Equities analysts forecast that Popular, Inc. will post 15.14 EPS for the current fiscal year.

Popular Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Friday, May 29th will be issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, May 29th. Popular's dividend payout ratio (DPR) is 22.16%.

Insider Buying and Selling

In related news, Director Alejandro M. Sanchez sold 300 shares of the stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $150.36, for a total value of $45,108.00. Following the sale, the director owned 3,960 shares of the company's stock, valued at $595,425.60. This trade represents a 7.04% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Maria Cristin Gonzalez-Noguera sold 6,200 shares of the stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $148.51, for a total transaction of $920,762.00. Following the completion of the sale, the executive vice president directly owned 11,255 shares in the company, valued at approximately $1,671,480.05. This trade represents a 35.52% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 29,500 shares of company stock valued at $4,415,870 in the last quarter. Company insiders own 2.13% of the company's stock.

About Popular

Popular, Inc, headquartered in San Juan, Puerto Rico, is a financial holding company and a leading provider of banking services in the United States mainland and Puerto Rico. Through its primary subsidiaries—Banco Popular de Puerto Rico and Popular Bank—the company delivers comprehensive commercial and consumer banking solutions. It offers deposit products, lending facilities, cash management services and payment-processing solutions designed for individuals, small businesses and large corporations.

The company's product suite encompasses checking and savings accounts, certificates of deposit, residential and commercial mortgage loans, business lines of credit and credit cards.

Want to see what other hedge funds are holding BPOP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Popular, Inc. (NASDAQ:BPOP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.