Popular, Inc. $BPOP Shares Bought by Invenomic Capital Management LP

Key Points

• Invenomic Capital Management LP increased its stake in Popular, Inc. by 136.1%, owning 169,183 shares valued at $15.6 million after purchasing an additional 97,531 shares in the 1st quarter.
• Analysts have generally rated Popular, Inc. positively, with Barclays and Citigroup raising their target prices significantly, and a consensus rating of "Buy" with an average price target of $128.88.
• Popular, Inc. recently declared a $0.1328 per share dividend, set to be paid on September 30th, with a payout ratio of 27.13%.

Invenomic Capital Management LP raised its position in Popular, Inc. (NASDAQ:BPOP - Free Report) by 136.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 169,183 shares of the bank's stock after buying an additional 97,531 shares during the period. Invenomic Capital Management LP owned about 0.24% of Popular worth $15,627,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Envestnet Asset Management Inc. boosted its holdings in Popular by 10.5% in the 1st quarter. Envestnet Asset Management Inc. now owns 87,106 shares of the bank's stock worth $8,046,000 after buying an additional 8,262 shares during the last quarter. Cerity Partners LLC boosted its holdings in shares of Popular by 164.7% during the 1st quarter. Cerity Partners LLC now owns 15,731 shares of the bank's stock worth $1,453,000 after purchasing an additional 9,788 shares during the last quarter. Janney Montgomery Scott LLC boosted its holdings in shares of Popular by 50.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 14,449 shares of the bank's stock worth $1,335,000 after purchasing an additional 4,818 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Popular by 105.1% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 12,256 shares of the bank's stock worth $1,132,000 after purchasing an additional 6,281 shares during the last quarter. Finally, QRG Capital Management Inc. boosted its holdings in shares of Popular by 4.7% during the 1st quarter. QRG Capital Management Inc. now owns 4,309 shares of the bank's stock worth $398,000 after purchasing an additional 195 shares during the last quarter. 87.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BPOP has been the topic of several recent research reports. Barclays boosted their target price on Popular from $125.00 to $140.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Citigroup boosted their target price on Popular from $133.00 to $142.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Royal Bank Of Canada restated an "outperform" rating on shares of Popular in a report on Thursday, July 24th. Piper Sandler lifted their price target on shares of Popular from $110.00 to $123.00 and gave the company an "overweight" rating in a research report on Thursday, May 15th. Finally, Hovde Group reaffirmed an "outperform" rating on shares of Popular in a research report on Friday, August 29th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $128.88.

Insider Activity

In related news, EVP Gilberto Monzon sold 18,001 shares of the firm's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $124.47, for a total transaction of $2,240,584.47. Following the transaction, the executive vice president owned 24,773 shares of the company's stock, valued at $3,083,495.31. This trade represents a 42.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 2.09% of the stock is currently owned by corporate insiders.

Popular Stock Up 0.7%

Shares of NASDAQ BPOP opened at $127.06 on Friday. The business's 50 day moving average is $116.92 and its two-hundred day moving average is $103.80. The firm has a market cap of $8.59 billion, a price-to-earnings ratio of 12.31, a PEG ratio of 0.65 and a beta of 0.68. Popular, Inc. has a 52-week low of $78.23 and a 52-week high of $127.09.

Popular (NASDAQ:BPOP - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The bank reported $3.09 EPS for the quarter, topping analysts' consensus estimates of $2.60 by $0.49. Popular had a net margin of 16.49% and a return on equity of 12.48%. The firm had revenue of $800.03 million during the quarter, compared to the consensus estimate of $777.38 million. During the same quarter in the previous year, the firm posted $2.46 earnings per share. Analysts anticipate that Popular, Inc. will post 10.06 EPS for the current fiscal year.

Popular Announces Dividend

The business also recently declared a sep 25 dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a dividend of $0.1328 per share. Popular's dividend payout ratio is currently 27.13%.

Popular 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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