Popular, Inc. $BPOP Shares Bought by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System increased its Popular stake by 20.3% in the first quarter, bringing its holdings to 79,921 shares worth approximately $10.7 million. Institutional investors and hedge funds collectively own 87.27% of the stock.
• Popular reported quarterly EPS of $4.35, beating analyst expectations of $3.72, while revenue of $846.9 million fell short of the $878.4 million consensus estimate. The company also maintains a $0.75 quarterly dividend, equivalent to a 1.7% yield.
• Analysts remain broadly bullish, with an average “Buy” rating and a consensus price target of $185.25; recent targets range from $180 to $198. Shares opened at $173.65 and are near their one-year high of $179.00.

California State Teachers Retirement System grew its stake in Popular, Inc. (NASDAQ:BPOP - Free Report) by 20.3% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 79,921 shares of the bank's stock after buying an additional 13,490 shares during the quarter. California State Teachers Retirement System owned 0.12% of Popular worth $10,723,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in BPOP. Acumen Wealth Advisors LLC acquired a new stake in shares of Popular in the 4th quarter valued at $26,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in shares of Popular during the 4th quarter worth $28,000. Parallel Advisors LLC grew its stake in shares of Popular by 70.8% during the fourth quarter. Parallel Advisors LLC now owns 246 shares of the bank's stock worth $31,000 after purchasing an additional 102 shares in the last quarter. Advisory Services Network LLC acquired a new position in shares of Popular during the third quarter worth $31,000. Finally, Atlas Capital Advisors Inc. purchased a new position in Popular in the fourth quarter valued at $50,000. 87.27% of the stock is owned by institutional investors and hedge funds.

Popular Stock Performance

Shares of BPOP stock opened at $173.65 on Tuesday. The stock's 50-day moving average is $163.89 and its two-hundred day moving average is $148.11. The firm has a market cap of $11.21 billion, a price-to-earnings ratio of 11.73, a PEG ratio of 0.67 and a beta of 0.61. Popular, Inc. has a 1 year low of $108.74 and a 1 year high of $179.00.

Popular (NASDAQ:BPOP - Get Free Report) last posted its earnings results on Thursday, July 23rd. The bank reported $4.35 earnings per share for the quarter, beating the consensus estimate of $3.72 by $0.63. The business had revenue of $846.92 million during the quarter, compared to the consensus estimate of $878.41 million. Popular had a return on equity of 15.47% and a net margin of 21.37%.During the same period in the previous year, the business earned $3.09 EPS. As a group, research analysts predict that Popular, Inc. will post 15.72 EPS for the current year.

Popular Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Friday, May 29th were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend was Friday, May 29th. Popular's dividend payout ratio is presently 20.27%.

Insider Activity at Popular

In related news, Director Alejandro M. Sanchez sold 300 shares of the company's stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $150.36, for a total value of $45,108.00. Following the completion of the sale, the director owned 3,960 shares in the company, valued at $595,425.60. This represents a 7.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Maria Luisa Ferre sold 3,385 shares of the company's stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $175.42, for a total transaction of $593,796.70. Following the completion of the sale, the director owned 10,156 shares of the company's stock, valued at approximately $1,781,565.52. This trade represents a 25.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 6,761 shares of company stock valued at $1,173,483 over the last three months. Corporate insiders own 2.13% of the company's stock.

Analysts Set New Price Targets

A number of research firms have weighed in on BPOP. Royal Bank Of Canada raised their price target on Popular from $163.00 to $181.00 and gave the company an "outperform" rating in a research note on Friday, July 24th. Truist Financial upped their price objective on Popular from $192.00 to $197.00 and gave the stock a "buy" rating in a research report on Friday, July 24th. Citigroup increased their price objective on Popular from $178.00 to $188.00 and gave the company a "buy" rating in a report on Thursday, June 25th. Wells Fargo & Company raised their target price on Popular from $165.00 to $180.00 and gave the stock an "overweight" rating in a research report on Monday, July 6th. Finally, Piper Sandler restated an "overweight" rating and set a $198.00 target price (up from $190.00) on shares of Popular in a research note on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, Popular has an average rating of "Buy" and a consensus price target of $185.25.

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.

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