Popular, Inc. $BPOP Holdings Boosted by Northern Trust Corp

Key Points

• Northern Trust Corp increased its stake in Popular, Inc. by 7.3%, acquiring a total of 574,420 shares valued at approximately $53 million.
• Popular, Inc. reported earnings of $3.09 per share, surpassing analyst expectations, and has announced a dividend increase to $0.75 per share.
• Institutional investors own 87.27% of Popular’s stock, indicating a strong interest from the investment community.

Northern Trust Corp increased its holdings in shares of Popular, Inc. (NASDAQ:BPOP - Free Report) by 7.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 574,420 shares of the bank's stock after purchasing an additional 38,880 shares during the period. Northern Trust Corp owned 0.83% of Popular worth $53,059,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. boosted its position in Popular by 10.5% during the 1st quarter. Envestnet Asset Management Inc. now owns 87,106 shares of the bank's stock worth $8,046,000 after purchasing an additional 8,262 shares during the period. Cerity Partners LLC boosted its position in 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 period. Janney Montgomery Scott LLC boosted its position in 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 period. Wealth Enhancement Advisory Services LLC boosted its position in 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 period. Finally, QRG Capital Management Inc. boosted its position in 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 period. 87.27% of the stock is owned by hedge funds and other institutional investors.

Popular Stock Performance

Shares of BPOP stock traded up $0.85 during trading hours on Monday, hitting $125.64. 715,530 shares of the company were exchanged, compared to its average volume of 485,283. Popular, Inc. has a one year low of $78.23 and a one year high of $126.27. The business's 50-day simple moving average is $115.52 and its two-hundred day simple moving average is $103.19. The stock has a market capitalization of $8.49 billion, a price-to-earnings ratio of 12.17, a P/E/G ratio of 0.65 and a beta of 0.68.

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

Popular Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th will be issued a $0.75 dividend. This is an increase from Popular's previous quarterly dividend of $0.70. This represents a $3.00 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend is Friday, September 12th. Popular's dividend payout ratio is 29.07%.

Insider Transactions at Popular

In other Popular news, EVP Camille Burckhart sold 7,000 shares of the firm'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 owned 27,382 shares of the company's stock, valued at $2,851,561.48. This trade represents a 20.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.09% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Citigroup upped their price objective on shares of Popular from $133.00 to $142.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Keefe, Bruyette & Woods upped their price objective on shares of Popular from $125.00 to $132.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. Piper Sandler upped their price objective 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. Wells Fargo & Company upped their price objective on shares of Popular from $135.00 to $140.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Finally, Barclays upped their price objective on shares of Popular from $125.00 to $140.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Seven investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, Popular currently has a consensus rating of "Moderate Buy" and an average target price of $128.88.

About Popular

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.