Popular, Inc. $BPOP Shares Sold by PDT Partners LLC

Key Points

• PDT Partners LLC reduced its holdings in Popular, Inc. by 69.9%, owning only 2,203 shares post-sale, reflecting a significant divestiture valued at $203,000.
• Other institutional investors, like Jacobs Levy Equity Management Inc. and Point72 Asset Management L.P., increased their stakes in Popular by substantial margins during the same period, indicating a mixed sentiment among large investors.
• The company announced a dividend of $0.1328, set to be paid on September 30th, with a dividend payout ratio of 27.13%, highlighting its ongoing commitment to shareholder returns.

PDT Partners LLC cut its holdings in Popular, Inc. (NASDAQ:BPOP - Free Report) by 69.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,203 shares of the bank's stock after selling 5,105 shares during the quarter. PDT Partners LLC's holdings in Popular were worth $203,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Jacobs Levy Equity Management Inc. lifted its holdings in Popular by 32.0% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 723,384 shares of the bank's stock valued at $68,041,000 after acquiring an additional 175,327 shares during the period. Voloridge Investment Management LLC acquired a new stake in shares of Popular in the fourth quarter valued at about $11,305,000. Point72 Asset Management L.P. lifted its stake in shares of Popular by 140.8% in the fourth quarter. Point72 Asset Management L.P. now owns 201,331 shares of the bank's stock valued at $18,937,000 after purchasing an additional 117,705 shares during the period. Mackenzie Financial Corp purchased a new stake in Popular during the first quarter worth about $10,122,000. Finally, Crossmark Global Holdings Inc. acquired a new position in Popular during the first quarter worth about $7,905,000. Institutional investors and hedge funds own 87.27% of the company's stock.

Insider Activity

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

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Keefe, Bruyette & Woods lifted their price target 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. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Popular in a research note on Thursday, July 24th. Hovde Group reiterated an "outperform" rating on shares of Popular in a research report on Friday, August 29th. Piper Sandler upped their target price on Popular from $110.00 to $123.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. Finally, UBS Group reaffirmed a "neutral" rating on shares of Popular in a research note on Wednesday, July 9th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $128.88.

Popular Stock Performance

Shares of NASDAQ:BPOP opened at $125.34 on Friday. The business's fifty day moving average price is $117.22 and its two-hundred day moving average price is $103.93. The stock has a market cap of $8.47 billion, a PE ratio of 12.15, a price-to-earnings-growth ratio of 0.66 and a beta of 0.68. Popular, Inc. has a one year low of $78.23 and a one year high of $128.66.

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

Popular Dividend Announcement

The company also recently announced a sep 25 dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be issued a $0.1328 dividend. Popular's dividend payout ratio (DPR) is 27.13%.

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.

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