Lazard Asset Management LLC raised its stake in shares of Popular, Inc. (NASDAQ:BPOP - Free Report) by 43.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 21,051 shares of the bank's stock after acquiring an additional 6,359 shares during the quarter. Lazard Asset Management LLC's holdings in Popular were worth $2,824,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. Royal Bank of Canada raised its stake in shares of Popular by 23.1% in the 1st quarter. Royal Bank of Canada now owns 94,352 shares of the bank's stock valued at $8,715,000 after purchasing an additional 17,729 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Popular in the first quarter worth about $257,000. Goldman Sachs Group Inc. increased its holdings in Popular by 60.6% in the first quarter. Goldman Sachs Group Inc. now owns 223,530 shares of the bank's stock valued at $20,647,000 after buying an additional 84,327 shares during the last quarter. Focus Partners Wealth bought a new stake in Popular in the first quarter valued at about $207,000. Finally, Sivia Capital Partners LLC acquired a new stake in Popular during the second quarter valued at approximately $252,000. 87.27% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
A number of research firms have commented on BPOP. Truist Financial increased their target price on Popular from $192.00 to $197.00 and gave the stock a "buy" rating in a report on Friday, July 24th. Barclays boosted their price target on Popular from $185.00 to $190.00 and gave the company an "overweight" rating in a report on Friday, July 24th. Weiss Ratings raised Popular from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Monday, May 4th. Benchmark upped their price target on Popular from $201.00 to $214.00 and gave the company a "buy" rating in a research report on Friday, July 24th. Finally, Citigroup raised their price objective on Popular from $178.00 to $188.00 and gave the stock a "buy" rating in a research note on Thursday, June 25th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $184.42.
View Our Latest Analysis on BPOP
Popular Trading Up 0.0%
Shares of NASDAQ:BPOP opened at $175.21 on Friday. The firm's 50 day moving average is $163.43 and its two-hundred day moving average is $147.61. The firm has a market capitalization of $11.31 billion, a P/E ratio of 11.84, a PEG ratio of 0.67 and a beta of 0.61. Popular, Inc. has a 52 week low of $108.74 and a 52 week high of $176.59.
Popular (NASDAQ:BPOP - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The bank reported $4.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.72 by $0.63. Popular had a return on equity of 15.47% and a net margin of 21.37%.The business had revenue of $846.92 million during the quarter, compared to the consensus estimate of $878.41 million. During the same period in the previous year, the firm posted $3.09 earnings per share. Analysts predict that Popular, Inc. will post 15.72 EPS for the current year.
Popular Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Friday, May 29th were paid a dividend of $0.75 per share. The ex-dividend date of this dividend was Friday, May 29th. This represents a $3.00 annualized dividend and a yield of 1.7%. Popular's payout ratio is presently 20.27%.
Key Stories Impacting Popular
Here are the key news stories impacting Popular this week:
- Positive Sentiment: Strong momentum and earnings performance support the stock. Zacks identifies BPOP as a top-ranked momentum stock, while Popular’s latest quarterly results included adjusted earnings of $4.35 per share—well above the $3.72 analyst consensus and up from $3.09 a year earlier. Popular is a Top-Ranked Momentum Stock
- Positive Sentiment: BPOP’s valuation remains potentially attractive relative to its growth. The stock’s reported price-to-earnings ratio is approximately 11.8, and its price-to-earnings-growth ratio is below 1, metrics that may appeal to investors seeking earnings growth at a reasonable price. Popular Soars to 52-Week High
- Neutral Sentiment: The 52-week high creates a near-term valuation and profit-taking consideration. Zacks questions whether investors should “cash out” after the recent rally, suggesting that expectations for further gains may already be reflected in the share price. Investors will likely focus on whether Popular can sustain earnings growth and improve revenue, which came in below estimates in the latest quarter.
Insiders Place Their Bets
In other news, Director Maria Luisa Ferre sold 3,385 shares of the firm's stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $175.42, for a total transaction of $593,796.70. Following the transaction, the director directly 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Alejandro M. Sanchez sold 300 shares of the firm'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 transaction, the director directly owned 3,960 shares in the company, valued at $595,425.60. This trade represents a 7.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 6,761 shares of company stock valued at $1,173,483 in the last quarter. 2.13% of the stock is currently owned by insiders.
Popular Company Profile
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Free Report)
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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