Popular, Inc. $BPOP Stock Acquired by Copeland Capital Management LLC

Key Points

• Copeland Capital Management increased its Popular stake by 64.5% in the third quarter, owning 152,222 shares valued at approximately $23.7 million. Institutional investors collectively hold 87.27% of the company.
• Popular reported quarterly EPS of $4.35, exceeding the $3.72 consensus estimate, while raising its quarterly dividend from $0.75 to $0.90 per share, equivalent to a 2.3% yield.
• Analysts maintain a bullish outlook, with Popular carrying a consensus “Buy” rating and an average price target of $187.42 versus its recent share price of $155.82; however, company insiders sold more than $9.3 million in stock over the past 90 days.

Copeland Capital Management LLC increased its position in shares of Popular, Inc. (NASDAQ:BPOP - Free Report) by 64.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 152,222 shares of the bank's stock after purchasing an additional 59,686 shares during the period. Copeland Capital Management LLC owned 0.24% of Popular worth $23,663,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. Bank of New York Mellon Corp purchased a new position in shares of Popular in the 2nd quarter valued at about $54,916,000. Quantinno Capital Management LP boosted its holdings in Popular by 100.9% in the first quarter. Quantinno Capital Management LP now owns 272,800 shares of the bank's stock valued at $36,602,000 after purchasing an additional 136,984 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in Popular by 287.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 172,993 shares of the bank's stock valued at $23,603,000 after purchasing an additional 128,377 shares during the last quarter. Sei Investments Co. increased its stake in Popular by 24.9% in the first quarter. Sei Investments Co. now owns 556,630 shares of the bank's stock valued at $74,684,000 after purchasing an additional 110,887 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in Popular by 108.3% in the second quarter. Assenagon Asset Management S.A. now owns 149,094 shares of the bank's stock valued at $24,478,000 after purchasing an additional 77,507 shares during the last quarter. Hedge funds and other institutional investors own 87.27% of the company's stock.

Popular Stock Down 0.4%

Shares of NASDAQ BPOP opened at $155.82 on Wednesday. The business has a 50-day moving average price of $165.87 and a 200 day moving average price of $159.16. The stock has a market cap of $9.94 billion, a PE ratio of 10.68, a price-to-earnings-growth ratio of 0.58 and a beta of 0.63. Popular, Inc. has a 52-week low of $108.74 and a 52-week high of $179.24.

Popular (NASDAQ:BPOP - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The bank reported $4.35 EPS for the quarter, topping the consensus estimate of $3.72 by $0.63. The company had revenue of $846.92 million for the quarter, compared to analyst estimates of $878.41 million. Popular had a return on equity of 15.34% and a net margin of 21.37%. During the same quarter in the previous year, the company posted $3.09 earnings per share. Sell-side analysts anticipate that Popular, Inc. will post 15.70 earnings per share for the current year.

Popular Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Thursday, September 10th were given a $0.90 dividend. This is a positive change from Popular's previous quarterly dividend of $0.75. The ex-dividend date was Thursday, September 10th. This represents a $3.60 annualized dividend and a yield of 2.3%. Popular's payout ratio is currently 24.32%.

Insider Activity

In related news, CEO Javier Ferrer sold 35,000 shares of the stock in a transaction on Monday, August 10th. The shares were sold at an average price of $175.43, for a total transaction of $6,140,050.00. Following the completion of the sale, the chief executive officer owned 96,478 shares in the company, valued at $16,925,135.54. This represents a 26.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Maria 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 in the company, valued at $1,781,565.52. The trade was a 25.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 53,561 shares of company stock worth $9,392,259 over the last 90 days. 2.13% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Wells Fargo & Company reduced their price objective on shares of Popular from $200.00 to $195.00 and set an "overweight" rating for the company in a research report on Tuesday, September 29th. Benchmark increased their target price on shares of Popular from $214.00 to $216.00 and gave the company a "buy" rating in a research report on Monday, August 31st. Piper Sandler reiterated an "overweight" rating and set a $198.00 price target (up from $190.00) on shares of Popular in a research note on Friday, July 24th. Barclays lifted their price target on shares of Popular from $200.00 to $205.00 and gave the stock an "overweight" rating in a research note on Monday, October 5th. Finally, Truist Financial boosted their price target on shares of Popular from $192.00 to $197.00 and gave the company a "buy" rating in a research report on Friday, July 24th. 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. According to data from MarketBeat.com, Popular has a consensus rating of "Buy" and an average target price of $187.42.

Popular Company Profile

Popular, Inc NASDAQ: BPOP is a financial services company headquartered in San Juan, Puerto Rico. Founded in 1893, the company provides banking and related financial services primarily through Banco Popular de Puerto Rico, its principal subsidiary, and serves individuals, businesses and institutions.

Its products and services include consumer and commercial deposit accounts, personal and business loans, residential mortgages, credit cards, auto financing, investment and wealth-management services, insurance-related offerings and electronic banking solutions.

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