Russell Investments Group Ltd. Sells 53,427 Shares of Popular, Inc. $BPOP

Key Points

• Russell Investments Group Ltd. has reduced its stake in Popular, Inc. by 19.6%, now owning approximately 0.32% of the company, valued at $20.24 million.
• Wall Street analysts have raised their price targets for Popular, with ratings shifting to "overweight" or "outperform" from several major firms, suggesting a positive outlook for the stock.
• Popular reported earnings of $3.09 per share for the last quarter, exceeding analyst expectations, with a revenue of $800.03 million.

Russell Investments Group Ltd. reduced its holdings in Popular, Inc. (NASDAQ:BPOP - Free Report) by 19.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 219,124 shares of the bank's stock after selling 53,427 shares during the quarter. Russell Investments Group Ltd. owned 0.32% of Popular worth $20,241,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in BPOP. Venturi Wealth Management LLC lifted its holdings in shares of Popular by 4.2% in the first quarter. Venturi Wealth Management LLC now owns 2,847 shares of the bank's stock valued at $263,000 after purchasing an additional 116 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH raised its holdings in Popular by 0.3% during the first quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 62,660 shares of the bank's stock valued at $5,788,000 after buying an additional 185 shares in the last quarter. GSA Capital Partners LLP grew its position in Popular by 3.4% during the first quarter. GSA Capital Partners LLP now owns 5,875 shares of the bank's stock worth $543,000 after buying an additional 191 shares in the last quarter. QRG Capital Management Inc. grew its position in Popular by 4.7% during the first quarter. QRG Capital Management Inc. now owns 4,309 shares of the bank's stock worth $398,000 after buying an additional 195 shares in the last quarter. Finally, Perkins Coie Trust Co grew its position in Popular by 6.7% during the first quarter. Perkins Coie Trust Co now owns 3,200 shares of the bank's stock worth $296,000 after buying an additional 200 shares in the last quarter. 87.27% of the stock is currently owned by institutional investors and hedge funds.

Popular Price Performance

Shares of NASDAQ:BPOP traded down $0.2250 during trading on Thursday, reaching $119.1150. The stock had a trading volume of 128,810 shares, compared to its average volume of 557,751. Popular, Inc. has a 52 week low of $78.23 and a 52 week high of $120.17. The business's 50-day moving average price is $112.84 and its 200 day moving average price is $102.17. The stock has a market capitalization of $8.05 billion, a PE ratio of 11.53, a P/E/G ratio of 0.62 and a beta of 0.65.

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

Insiders Place Their Bets

In related news, EVP Camille Burckhart sold 7,000 shares of the business's stock in a transaction that occurred 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 transaction, the executive vice president owned 27,382 shares in the company, valued at $2,851,561.48. The trade was a 20.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.09% of the stock is owned by company insiders.

Analyst Ratings Changes

BPOP has been the topic of a number of recent research reports. Wall Street Zen downgraded Popular from a "buy" rating to a "hold" rating in a research report on Friday, May 2nd. Hovde Group lifted their target price on Popular from $126.00 to $140.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. Royal Bank Of Canada restated an "outperform" rating on shares of Popular in a research note on Thursday, July 24th. UBS Group restated a "neutral" rating on shares of Popular in a research note on Wednesday, July 9th. Finally, Wells Fargo & Company raised their price target on shares of Popular from $135.00 to $140.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Seven investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $128.88.

Popular Company Profile

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.