Rafferty Asset Management LLC Has $7.30 Million Holdings in Popular, Inc. $BPOP

Key Points

• Rafferty Asset Management LLC reduced its holdings in Popular, Inc. by 26.8%, now owning approximately 79,040 shares valued at $7.30 million as of the latest SEC filing.
• Popular, Inc. reported a $3.09 EPS for the last quarter, exceeding estimates significantly, and plans to distribute a quarterly dividend of $0.75 per share, up from $0.70.
• Institutional investors currently own around 87.27% of Popular's stock, reflecting strong interest from large financial entities in the company.

Rafferty Asset Management LLC trimmed its holdings in Popular, Inc. (NASDAQ:BPOP - Free Report) by 26.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 79,040 shares of the bank's stock after selling 28,950 shares during the period. Rafferty Asset Management LLC owned about 0.11% of Popular worth $7,301,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the business. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Popular during the 1st quarter valued at about $47,000. Versant Capital Management Inc raised its holdings in Popular by 589.9% during the 1st quarter. Versant Capital Management Inc now owns 821 shares of the bank's stock worth $76,000 after buying an additional 702 shares during the period. PNC Financial Services Group Inc. lifted its stake in Popular by 33.4% in the first quarter. PNC Financial Services Group Inc. now owns 1,749 shares of the bank's stock valued at $162,000 after buying an additional 438 shares in the last quarter. Crestline Management LP acquired a new position in shares of Popular in the fourth quarter valued at approximately $215,000. Finally, Vise Technologies Inc. acquired a new position in shares of Popular in the fourth quarter valued at approximately $227,000. 87.27% of the stock is currently owned by institutional investors.

Popular Stock Performance

NASDAQ:BPOP opened at $124.85 on Thursday. Popular, Inc. has a 52-week low of $78.23 and a 52-week high of $126.00. The company has a market cap of $8.44 billion, a P/E ratio of 12.10, a P/E/G ratio of 0.64 and a beta of 0.65. The stock's 50-day simple moving average is $114.67 and its 200 day simple moving average is $102.87.

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, beating the consensus estimate of $2.60 by $0.49. The firm had revenue of $800.03 million during the quarter, compared to analysts' expectations of $777.38 million. Popular had a return on equity of 12.48% and a net margin of 16.49%.During the same period in the prior year, the firm posted $2.46 earnings per share. As a group, equities analysts predict that Popular, Inc. will post 10.06 earnings per share for the current fiscal year.

Popular Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 12th will be issued a dividend of $0.75 per share. The ex-dividend date is Friday, September 12th. This is a positive change 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%. Popular's dividend payout ratio is presently 27.13%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on BPOP shares. Wall Street Zen cut shares of Popular from a "buy" rating to a "hold" rating in a research report on Friday, May 2nd. Hovde Group boosted their price target on Popular from $126.00 to $140.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. Barclays upped their price objective on Popular from $125.00 to $140.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Citigroup lifted their target price on Popular from $133.00 to $142.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Finally, Wells Fargo & Company upped their price target on Popular from $135.00 to $140.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Seven analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $128.88.

Insider Transactions at Popular

In other Popular news, EVP Camille Burckhart sold 7,000 shares of the stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $104.14, for a total value of $728,980.00. Following the completion of the sale, the executive vice president owned 27,382 shares in the company, 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 through this link. Company insiders own 2.09% of the company's stock.

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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