Popular, Inc. (NASDAQ:BPOP) Stake Raised by Summit Global Investments

Summit Global Investments boosted its position in Popular, Inc. (NASDAQ:BPOP - Free Report) by 27.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 18,223 shares of the bank's stock after acquiring an additional 3,904 shares during the quarter. Summit Global Investments' holdings in Popular were worth $1,683,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of BPOP. Vanguard Group Inc. lifted its position in Popular by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 9,286,832 shares of the bank's stock worth $873,519,000 after acquiring an additional 56,222 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Popular by 5.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,192,769 shares of the bank's stock worth $394,373,000 after purchasing an additional 201,067 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Popular by 1.3% during the fourth quarter. Wellington Management Group LLP now owns 1,908,406 shares of the bank's stock worth $179,505,000 after purchasing an additional 25,222 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in Popular by 57.1% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,418,729 shares of the bank's stock worth $133,446,000 after buying an additional 515,798 shares in the last quarter. Finally, American Century Companies Inc. lifted its holdings in Popular by 3.0% in the 4th quarter. American Century Companies Inc. now owns 1,362,875 shares of the bank's stock worth $128,192,000 after buying an additional 39,999 shares in the last quarter. 87.27% of the stock is owned by institutional investors and hedge funds.

Popular Trading Up 0.0%

NASDAQ BPOP traded up $0.05 on Friday, hitting $103.80. 545,698 shares of the stock traded hands, compared to its average volume of 511,751. The stock has a 50-day moving average of $94.60 and a 200 day moving average of $96.38. Popular, Inc. has a twelve month low of $78.23 and a twelve month high of $106.81. The company has a market capitalization of $7.11 billion, a P/E ratio of 12.13, a price-to-earnings-growth ratio of 0.75 and a beta of 0.60.

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

Popular Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Thursday, May 29th will be issued a dividend of $0.70 per share. The ex-dividend date 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%.

Wall Street Analyst Weigh In

A number of brokerages have commented on BPOP. Barclays reiterated an "overweight" rating and issued a $125.00 price objective (up previously from $115.00) on shares of Popular in a report on Thursday, April 24th. Wall Street Zen lowered Popular from a "buy" rating to a "hold" rating in a research report on Friday, May 2nd. Piper Sandler upped their target price on Popular from $110.00 to $123.00 and gave the company an "overweight" rating in a research report on Thursday, May 15th. Keefe, Bruyette & Woods upped their target price on Popular from $122.00 to $125.00 and gave the company an "outperform" rating in a research report on Thursday, April 24th. Finally, Wells Fargo & Company raised shares of Popular from an "equal weight" rating to an "overweight" rating and cut their price target for the company from $110.00 to $100.00 in a report on Wednesday, April 9th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Popular has an average rating of "Moderate Buy" and an average target price of $114.43.

Insiders Place Their Bets

In other Popular news, VP Adorno Denissa Rodriguez sold 500 shares of the firm's stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $104.43, for a total value of $52,215.00. Following the sale, the vice president now directly owns 3,604 shares in the company, valued at approximately $376,365.72. This trade represents a 12.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 2.09% of the stock is owned by corporate insiders.

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.