Rhumbline Advisers Trims Stock Position in Popular, Inc. (NASDAQ:BPOP)

Rhumbline Advisers cut its stake in Popular, Inc. (NASDAQ:BPOP - Free Report) by 5.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 88,233 shares of the bank's stock after selling 4,644 shares during the period. Rhumbline Advisers owned about 0.13% of Popular worth $8,150,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of BPOP. Proficio Capital Partners LLC purchased a new stake in Popular in the fourth quarter valued at $27,000. Picton Mahoney Asset Management lifted its position in Popular by 56.7% in the fourth quarter. Picton Mahoney Asset Management now owns 326 shares of the bank's stock valued at $31,000 after acquiring an additional 118 shares during the last quarter. Smartleaf Asset Management LLC lifted its position in Popular by 56.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 603 shares of the bank's stock valued at $57,000 after acquiring an additional 218 shares during the last quarter. Versant Capital Management Inc lifted its position in Popular by 589.9% in the first quarter. Versant Capital Management Inc now owns 821 shares of the bank's stock valued at $76,000 after acquiring an additional 702 shares during the last quarter. Finally, Yousif Capital Management LLC purchased a new stake in Popular in the fourth quarter valued at $202,000. 87.27% of the stock is owned by hedge funds and other institutional investors.

Popular Trading Down 1.6%

Shares of Popular stock traded down $1.69 on Friday, reaching $103.81. 527,595 shares of the stock were exchanged, compared to its average volume of 523,846. Popular, Inc. has a 1-year low of $78.23 and a 1-year high of $107.31. The business has a fifty day moving average price of $97.91 and a two-hundred day moving average price of $96.88. The firm has a market capitalization of $7.11 billion, a PE ratio of 12.13, a PEG ratio of 0.75 and a beta of 0.62.

Popular (NASDAQ:BPOP - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The bank reported $2.56 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.26 by $0.30. Popular had a net margin of 14.15% and a return on equity of 11.89%. The business had revenue of $755.46 million for the quarter, compared to analyst estimates of $760.45 million. During the same period in the previous year, the business posted $1.43 earnings per share. The business's revenue was up 6.0% compared to the same quarter last year. Research analysts expect that Popular, Inc. will post 10.06 EPS for the current year.

Popular Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Thursday, May 29th will be paid a dividend of $0.70 per share. The ex-dividend date of this dividend is Thursday, May 29th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.70%. Popular's dividend payout ratio (DPR) is 28.90%.

Insider Transactions at Popular

In other Popular news, VP Adorno Denissa Rodriguez sold 500 shares of the company's stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $104.43, for a total transaction of $52,215.00. Following the transaction, the vice president now directly owns 3,604 shares in the company, valued at approximately $376,365.72. This represents a 12.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Camille Burckhart sold 7,000 shares of the company's stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $104.14, for a total transaction of $728,980.00. Following the transaction, the executive vice president now owns 27,382 shares in the company, valued at $2,851,561.48. The trade was a 20.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.09% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Wells Fargo & Company raised shares of Popular from an "equal weight" rating to an "overweight" rating and reduced their target price for the company from $110.00 to $100.00 in a report on Wednesday, April 9th. Barclays reaffirmed an "overweight" rating and issued a $125.00 target price (up from $115.00) on shares of Popular in a report on Thursday, April 24th. Keefe, Bruyette & Woods upped their target price on shares of Popular from $122.00 to $125.00 and gave the company an "outperform" rating in a report on Thursday, April 24th. Wall Street Zen cut shares of Popular from a "buy" rating to a "hold" rating in a report on Friday, May 2nd. Finally, 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. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $114.43.

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.