TD Asset Management Inc Lowers Stake in Popular, Inc. $BPOP

Key Points

• TD Asset Management Inc reduced its stake in Popular, Inc. by 13.0% in the 2nd quarter, now holding 15,212 shares valued at approximately $1,677,000.
• Despite TD's decrease, other hedge funds, including Envestnet Asset Management and Cerity Partners LLC, have increased their investments in Popular, with significant stakes now owned by various funds.
• Recent analyst ratings for Popular include a "buy" from Truist Financial with a price target of $153.00, while the stock has a consensus rating of "Moderate Buy" and an average target price of $132.67.

TD Asset Management Inc reduced its holdings in shares of Popular, Inc. (NASDAQ:BPOP - Free Report) by 13.0% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 15,212 shares of the bank's stock after selling 2,266 shares during the period. TD Asset Management Inc's holdings in Popular were worth $1,677,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Envestnet Asset Management Inc. lifted its stake in shares of Popular by 10.5% in the 1st quarter. Envestnet Asset Management Inc. now owns 87,106 shares of the bank's stock worth $8,046,000 after acquiring an additional 8,262 shares during the period. Cerity Partners LLC lifted its stake in shares of Popular by 164.7% in the 1st quarter. Cerity Partners LLC now owns 15,731 shares of the bank's stock worth $1,453,000 after acquiring an additional 9,788 shares during the period. Janney Montgomery Scott LLC lifted its stake in shares of Popular by 50.0% in the 1st quarter. Janney Montgomery Scott LLC now owns 14,449 shares of the bank's stock worth $1,335,000 after acquiring an additional 4,818 shares during the period. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Popular by 105.1% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 12,256 shares of the bank's stock worth $1,132,000 after acquiring an additional 6,281 shares during the period. Finally, Inspire Investing LLC acquired a new stake in shares of Popular in the 2nd quarter worth $905,000. Institutional investors and hedge funds own 87.27% of the company's stock.

Analyst Upgrades and Downgrades

BPOP has been the subject of several recent analyst reports. Royal Bank Of Canada restated an "outperform" rating on shares of Popular in a research note on Thursday, July 24th. Truist Financial began coverage on shares of Popular in a research note on Thursday, October 9th. They issued a "buy" rating and a $153.00 price objective for the company. Zacks Research cut shares of Popular from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, September 30th. Hovde Group reiterated an "outperform" rating on shares of Popular in a research note on Friday, August 29th. Finally, Citigroup raised their price objective on shares of Popular from $133.00 to $142.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Nine equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $132.67.

Insider Transactions at Popular

In other Popular news, EVP Gilberto Monzon sold 18,001 shares of Popular stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $124.47, for a total transaction of $2,240,584.47. Following the completion of the transaction, the executive vice president owned 24,773 shares in the company, valued at approximately $3,083,495.31. The trade was a 42.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.23% of the company's stock.

Popular Trading Down 0.7%

Shares of BPOP opened at $117.63 on Wednesday. The stock has a market cap of $7.95 billion, a P/E ratio of 11.40, a PEG ratio of 0.51 and a beta of 0.68. The company has a 50-day moving average of $123.46 and a two-hundred day moving average of $110.78. Popular, Inc. has a 12-month low of $78.23 and a 12-month high of $129.32.

Popular (NASDAQ:BPOP - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The bank reported $3.09 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.60 by $0.49. The company had revenue of $800.03 million during the quarter, compared to analysts' expectations 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 posted $2.46 earnings per share. As a group, analysts forecast that Popular, Inc. will post 10.06 EPS for the current fiscal year.

Popular Announces Dividend

The firm also recently announced a sep 25 dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were given a dividend of $0.1328 per share. Popular's payout ratio is currently 29.07%.

Popular 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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