Popular, Inc. $BPOP Shares Sold by Rhino Investment Partners Inc

Key Points

• Rhino Investment Partners Inc has reduced its stake in Popular, Inc. by 3.9%, now owning approximately $24.73 million worth of shares, which represents 0.39% of the company.
• Analysts have generally positive ratings for Popular, with several firms increasing their price targets and a consensus rating of "Moderate Buy" and an average target price of $128.88.
• Popular, Inc. recently reported $3.09 EPS for the last quarter, outperforming analysts' expectations and achieving revenue of $800.03 million.

Rhino Investment Partners Inc cut its holdings in Popular, Inc. (NASDAQ:BPOP - Free Report) by 3.9% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 267,702 shares of the bank's stock after selling 10,729 shares during the period. Popular comprises about 6.1% of Rhino Investment Partners Inc's holdings, making the stock its 3rd largest position. Rhino Investment Partners Inc owned about 0.39% of Popular worth $24,728,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Popular in the 1st quarter valued at about $47,000. Versant Capital Management Inc lifted its holdings in Popular by 589.9% in the 1st quarter. Versant Capital Management Inc now owns 821 shares of the bank's stock valued at $76,000 after purchasing an additional 702 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in Popular by 33.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,749 shares of the bank's stock valued at $162,000 after purchasing an additional 438 shares in the last quarter. Crestline Management LP purchased a new position in Popular in the 4th quarter valued at about $215,000. Finally, Vise Technologies Inc. purchased a new position in Popular in the 4th quarter valued at about $227,000. 87.27% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have issued reports on BPOP. UBS Group restated a "neutral" rating on shares of Popular in a report on Wednesday, July 9th. Citigroup upped their target price on shares of Popular from $133.00 to $142.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Piper Sandler upped their target price on shares of Popular from $110.00 to $123.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. Barclays increased their price objective on shares of Popular from $125.00 to $140.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Finally, Wells Fargo & Company increased their price objective on shares of Popular from $135.00 to $140.00 and gave the stock an "overweight" rating in a 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. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $128.88.

Insider Transactions at Popular

In related news, EVP Camille Burckhart sold 7,000 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $104.14, for a total transaction of $728,980.00. Following the completion of the sale, the executive vice president owned 27,382 shares of the company's stock, valued at approximately $2,851,561.48. This represents a 20.36% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.23% of the company's stock.

Popular Stock Up 1.1%

Shares of BPOP stock traded up $1.41 during trading hours on Tuesday, hitting $124.27. 126,122 shares of the company were exchanged, compared to its average volume of 558,634. The firm has a market cap of $8.40 billion, a PE ratio of 12.04, a PEG ratio of 0.63 and a beta of 0.65. Popular, Inc. has a 1 year low of $78.23 and a 1 year high of $124.40. The firm has a fifty day moving average of $113.84 and a 200 day moving average of $102.57.

Popular (NASDAQ:BPOP - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The bank reported $3.09 earnings per share for the quarter, topping the consensus estimate of $2.60 by $0.49. The business had revenue of $800.03 million for the quarter, compared to analyst estimates of $777.38 million. Popular had a net margin of 16.49% and a return on equity of 12.48%. During the same period in the prior year, the firm posted $2.46 EPS. Analysts expect that Popular, Inc. will post 10.06 earnings per share for the current year.

Popular Increases Dividend

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