T. Rowe Price Investment Management Inc. Sells 153,619 Shares of Popular, Inc. $BPOP

Key Points

• T. Rowe Price Investment Management Inc. reduced its stake in Popular, Inc. by 8.0%, selling 153,619 shares and holding approximately 2.54% of the company at a total value of $162.95 million.
• Popular, Inc. reported quarterly earnings of $3.09 per share, exceeding analysts' estimates, with a revenue of $800.03 million compared to forecasts of $777.38 million.
• Several analysts have raised their price targets for Popular's stock, with Citigroup lifting its target from $133.00 to $142.00, reflecting a generally positive outlook from investment firms.

T. Rowe Price Investment Management Inc. trimmed its stake in shares of Popular, Inc. (NASDAQ:BPOP - Free Report) by 8.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,764,127 shares of the bank's stock after selling 153,619 shares during the period. T. Rowe Price Investment Management Inc. owned approximately 2.54% of Popular worth $162,953,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. BI Asset Management Fondsmaeglerselskab A S bought a new position in Popular in the 1st quarter worth approximately $47,000. Versant Capital Management Inc increased its stake in shares of 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 buying an additional 702 shares during the period. PNC Financial Services Group Inc. increased its stake in shares of 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 buying an additional 438 shares during the period. Crestline Management LP bought a new stake in shares of Popular during the fourth quarter worth $215,000. Finally, Vise Technologies Inc. acquired a new position in shares of Popular during the fourth quarter valued at $227,000. Institutional investors and hedge funds own 87.27% of the company's stock.

Popular Stock Performance

BPOP opened at $119.34 on Thursday. The firm's fifty day moving average is $112.84 and its two-hundred day moving average is $102.17. The firm has a market cap of $8.06 billion, a PE ratio of 11.56, a price-to-earnings-growth ratio of 0.62 and a beta of 0.65. Popular, Inc. has a twelve month low of $78.23 and a twelve month high of $120.17.

Popular (NASDAQ:BPOP - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The bank reported $3.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.60 by $0.49. The company had revenue of $800.03 million during 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 quarter in the previous year, the business earned $2.46 EPS. Equities analysts forecast that Popular, Inc. will post 10.06 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently commented on BPOP shares. Citigroup lifted their price objective on Popular from $133.00 to $142.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Keefe, Bruyette & Woods lifted their price target on shares of Popular from $125.00 to $132.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. Wells Fargo & Company boosted 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. Barclays increased their price objective on shares of Popular from $125.00 to $140.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Finally, UBS Group reaffirmed a "neutral" rating on shares of Popular in a report on Wednesday, July 9th. Seven investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $128.88.

Insider Activity at Popular

In other news, EVP Camille Burckhart sold 7,000 shares of the firm'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 sale, the executive vice president owned 27,382 shares of the company's stock, valued at $2,851,561.48. This trade represents a 20.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.09% of the stock is currently owned by corporate insiders.

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.

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