Insider Selling: Popular (NASDAQ:BPOP) VP Sells $101,274.00 in Stock

Key Points

• Popular VP Adorno Denissa Rodriguez sold 600 shares for $101,274 at an average price of $168.79, reducing her holdings by 19.4% to 2,492 shares.
• BPOP shares rose 0.5% to $170.35, while the bank’s latest quarterly earnings beat expectations with EPS of $4.35 versus the $3.72 consensus estimate.
• Popular increased its quarterly dividend from $0.75 to $0.90 per share, and analysts maintained a consensus “Buy” rating with an average price target of $186.92.

Popular, Inc. (NASDAQ:BPOP - Get Free Report) VP Adorno Denissa Rodriguez sold 600 shares of the business's stock in a transaction on Monday, August 24th. The shares were sold at an average price of $168.79, for a total transaction of $101,274.00. Following the completion of the sale, the vice president owned 2,492 shares in the company, valued at $420,624.68. This represents a 19.40% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Popular Stock Up 0.5%

BPOP stock traded up $0.81 during midday trading on Wednesday, reaching $170.35. 41,437 shares of the company's stock traded hands, compared to its average volume of 523,832. The company has a 50-day simple moving average of $170.35 and a two-hundred day simple moving average of $153.02. Popular, Inc. has a 1-year low of $108.74 and a 1-year high of $179.24. The company has a market cap of $10.87 billion, a price-to-earnings ratio of 11.49, a PEG ratio of 0.65 and a beta of 0.61.

Popular (NASDAQ:BPOP - Get Free Report) last released its earnings results on Thursday, July 23rd. The bank reported $4.35 EPS for the quarter, topping analysts' consensus estimates of $3.72 by $0.63. Popular had a net margin of 21.37% and a return on equity of 15.34%. The firm had revenue of $846.92 million during the quarter, compared to analyst estimates of $878.41 million. During the same quarter in the previous year, the business earned $3.09 EPS. Equities research analysts forecast that Popular, Inc. will post 15.72 EPS for the current year.

Popular Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Thursday, September 10th will be paid a dividend of $0.90 per share. The ex-dividend date is Thursday, September 10th. This represents a $3.60 annualized dividend and a dividend yield of 2.1%. This is an increase from Popular's previous quarterly dividend of $0.75. Popular's dividend payout ratio is presently 20.27%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of BPOP. California State Teachers Retirement System lifted its position in Popular by 15,370.4% in the 2nd quarter. California State Teachers Retirement System now owns 12,364,067 shares of the bank's stock worth $2,029,933,000 after buying an additional 12,284,146 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of Popular by 56.2% during the 3rd quarter. AQR Capital Management LLC now owns 2,962,871 shares of the bank's stock valued at $376,314,000 after purchasing an additional 1,065,452 shares in the last quarter. Norges Bank bought a new position in shares of Popular in the 4th quarter worth approximately $104,955,000. Bank of New York Mellon Corp purchased a new position in Popular during the second quarter valued at $54,916,000. Finally, Panagora Asset Management Inc. grew its holdings in Popular by 85.2% in the fourth quarter. Panagora Asset Management Inc. now owns 680,282 shares of the bank's stock worth $84,709,000 after purchasing an additional 312,984 shares during the period. 87.27% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently issued reports on BPOP shares. Benchmark increased their target price on Popular from $201.00 to $214.00 and gave the stock a "buy" rating in a report on Friday, July 24th. Truist Financial upped their price target on shares of Popular from $192.00 to $197.00 and gave the stock a "buy" rating in a report on Friday, July 24th. Citigroup raised their price objective on shares of Popular from $178.00 to $188.00 and gave the company a "buy" rating in a report on Thursday, June 25th. Barclays upped their price target on Popular from $190.00 to $200.00 and gave the company an "overweight" rating in a research report on Monday, August 3rd. Finally, Wells Fargo & Company upped their price objective on shares of Popular from $180.00 to $200.00 and gave the company an "overweight" rating in a research note on Monday, August 10th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, Popular currently has a consensus rating of "Buy" and a consensus target price of $186.92.

Popular Company Profile

Popular, Inc, headquartered in San Juan, Puerto Rico, is a financial holding company and a leading provider of banking services in the United States mainland and Puerto Rico. Through its primary subsidiaries—Banco Popular de Puerto Rico and Popular Bank—the company delivers comprehensive commercial and consumer banking solutions. It offers deposit products, lending facilities, cash management services and payment-processing solutions designed for individuals, small businesses and large corporations.

The company's product suite encompasses checking and savings accounts, certificates of deposit, residential and commercial mortgage loans, business lines of credit and credit cards.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source