Insider Selling: Popular (NASDAQ:BPOP) EVP Sells 18,001 Shares of Stock

Key Points

• Popular, Inc. EVP Gilberto Monzon sold 18,001 shares at an average price of $124.47, totaling over $2.24 million, marking a 42.08% decrease in his position.
• The company recently declared a quarterly dividend of $0.75, up from the previous $0.70, with a yield of 2.4% and a payout ratio of 27.13%.
• Wall Street analysts have positive outlooks for Popular, Inc., with various firms raising their price targets, resulting in a consensus rating of Buy and an average target price of $128.88.

Popular, Inc. (NASDAQ:BPOP - Get Free Report) EVP Gilberto Monzon sold 18,001 shares of the business's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $124.47, for a total value of $2,240,584.47. Following the completion of the transaction, the executive vice president owned 24,773 shares in the company, valued at $3,083,495.31. This trade represents a 42.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Popular Stock Performance

Shares of BPOP traded up $0.44 during trading hours on Wednesday, hitting $125.75. 322,803 shares of the company were exchanged, compared to its average volume of 562,302. The company has a market cap of $8.50 billion, a PE ratio of 12.17, a PEG ratio of 0.65 and a beta of 0.68. The firm's 50 day moving average is $116.22 and its 200-day moving average is $103.49. Popular, Inc. has a 52 week low of $78.23 and a 52 week high of $126.99.

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

Popular Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th will be issued a $0.75 dividend. This is a positive change from Popular's previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, September 12th. This represents a $3.00 annualized dividend and a yield of 2.4%. Popular's payout ratio is currently 27.13%.

Wall Street Analysts Forecast Growth

BPOP has been the subject of several recent research reports. Keefe, Bruyette & Woods upped their price target on Popular from $125.00 to $132.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. Wells Fargo & Company upped their price target on Popular from $135.00 to $140.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. Barclays upped their price target on Popular from $125.00 to $140.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Zacks Research raised Popular from a "hold" rating to a "strong-buy" rating in a report on Monday. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Popular in a report on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, Popular currently has a consensus rating of "Buy" and an average target price of $128.88.

Hedge Funds Weigh In On Popular

A number of hedge funds have recently modified their holdings of BPOP. Northern Trust Corp grew its position in Popular by 13.3% during the 4th quarter. Northern Trust Corp now owns 535,540 shares of the bank's stock worth $50,373,000 after acquiring an additional 63,019 shares during the last quarter. Captrust Financial Advisors grew its position in Popular by 4.8% during the 4th quarter. Captrust Financial Advisors now owns 7,164 shares of the bank's stock worth $674,000 after acquiring an additional 325 shares during the last quarter. Crestline Management LP bought a new stake in Popular during the 4th quarter worth approximately $215,000. Frontier Capital Management Co. LLC grew its position in Popular by 2.4% during the 4th quarter. Frontier Capital Management Co. LLC now owns 988,777 shares of the bank's stock worth $93,004,000 after acquiring an additional 23,214 shares during the last quarter. Finally, Ensign Peak Advisors Inc grew its position in Popular by 38.6% during the 4th quarter. Ensign Peak Advisors Inc now owns 40,316 shares of the bank's stock worth $3,792,000 after acquiring an additional 11,230 shares during the last quarter. 87.27% of the stock is owned by institutional investors and hedge funds.

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.

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