Insider Selling: Popular (NASDAQ:BPOP) EVP Sells 8,500 Shares of Stock

Key Points

• Popular EVP Luis Cestero sold 8,500 shares at an average price of $176.36, totaling approximately $1.50 million. His remaining direct ownership fell by 34.68% to 16,013 shares.
• Popular’s shares were recently trading near $176, close to their 12-month high of $179. The bank reported quarterly EPS of $4.35, beating estimates by $0.63, and pays a $0.75 quarterly dividend with a 1.7% yield.
• Analysts maintain a broadly positive outlook, with a consensus “Buy” rating and an average price target of $185.25; recent targets range as high as $214.

Popular, Inc. (NASDAQ:BPOP - Get Free Report) EVP Luis Cestero sold 8,500 shares of the firm's stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $176.36, for a total value of $1,499,060.00. Following the completion of the sale, the executive vice president directly owned 16,013 shares of the company's stock, valued at approximately $2,824,052.68. This represents a 34.68% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link.

Popular Stock Down 0.8%

Shares of Popular stock traded down $1.37 during midday trading on Thursday, hitting $176.15. The company had a trading volume of 80,884 shares, compared to its average volume of 538,109. The company has a fifty day simple moving average of $164.90 and a 200 day simple moving average of $148.80. The stock has a market cap of $11.37 billion, a price-to-earnings ratio of 11.91, a PEG ratio of 0.67 and a beta of 0.61. Popular, Inc. has a 12-month low of $108.74 and a 12-month high of $179.00.

Popular (NASDAQ:BPOP - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The bank reported $4.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.72 by $0.63. Popular had a net margin of 21.37% and a return on equity of 15.47%. The business had revenue of $846.92 million for the quarter, compared to analyst estimates of $878.41 million. During the same quarter in the prior year, the business posted $3.09 EPS. As a group, analysts expect that Popular, Inc. will post 15.72 EPS for the current year.

Popular Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Friday, May 29th were paid a $0.75 dividend. The ex-dividend date was Friday, May 29th. This represents a $3.00 dividend on an annualized basis and a yield of 1.7%. Popular's dividend payout ratio (DPR) is 20.27%.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Benchmark boosted their price target on Popular from $201.00 to $214.00 and gave the company a "buy" rating in a research note on Friday, July 24th. Truist Financial lifted their target price on Popular from $192.00 to $197.00 and gave the stock a "buy" rating in a report on Friday, July 24th. UBS Group upped their target price on Popular from $160.00 to $170.00 and gave the company a "buy" rating in a research report on Friday, April 24th. Wells Fargo & Company increased their price target on shares of Popular from $165.00 to $180.00 and gave the stock an "overweight" rating in a report on Monday, July 6th. Finally, Citigroup raised their price target on shares of Popular from $178.00 to $188.00 and gave the stock a "buy" rating in a research report on Thursday, June 25th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $185.25.

Hedge Funds Weigh In On Popular

A number of institutional investors have recently modified their holdings of BPOP. Acumen Wealth Advisors LLC acquired a new stake in Popular during the fourth quarter worth about $26,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in Popular in the fourth quarter valued at approximately $28,000. Parallel Advisors LLC boosted its position in Popular by 70.8% in the 4th quarter. Parallel Advisors LLC now owns 246 shares of the bank's stock worth $31,000 after purchasing an additional 102 shares in the last quarter. Advisory Services Network LLC acquired a new stake in shares of Popular during the 3rd quarter worth approximately $31,000. Finally, Atlas Capital Advisors Inc. acquired a new stake in shares of Popular during the 4th quarter worth approximately $50,000. Hedge funds and other institutional investors own 87.27% of the company's stock.

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.

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