Popular (NASDAQ:BPOP) Releases Quarterly Earnings Results, Beats Expectations By $0.10 EPS

Key Points

• Popular, Inc. reported earnings of $3.14 per share, exceeding analyst expectations by $0.10, with quarterly revenue of $817.70 million compared to forecasts of $803.95 million.
• The bank's quarterly revenue saw a 1.3% decline year-over-year, while its return on equity was 12.48% and net margin stood at 16.49%.
• Popular also announced a $0.1328 dividend for shareholders, contributing to a dividend payout ratio of 29.07%.

Popular (NASDAQ:BPOP - Get Free Report) issued its earnings results on Thursday. The bank reported $3.14 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.04 by $0.10, Zacks reports. The business had revenue of $817.70 million for the quarter, compared to analysts' expectations of $803.95 million. Popular had a return on equity of 12.48% and a net margin of 16.49%.The company's quarterly revenue was down 1.3% on a year-over-year basis. During the same period in the previous year, the firm posted $2.16 EPS.

Popular Trading Down 1.7%

NASDAQ BPOP traded down $1.99 on Thursday, reaching $113.39. The stock had a trading volume of 253,966 shares, compared to its average volume of 558,665. Popular has a 1 year low of $78.23 and a 1 year high of $129.32. The business has a 50 day moving average price of $123.40 and a 200 day moving average price of $110.81. The company has a market capitalization of $7.66 billion, a price-to-earnings ratio of 10.91, a P/E/G ratio of 0.51 and a beta of 0.68.

Popular Announces Dividend

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

Wall Street Analyst Weigh In

A number of research firms recently weighed in on BPOP. Barclays reiterated an "overweight" rating on shares of Popular in a research report on Wednesday, October 8th. Hovde Group reaffirmed an "outperform" rating on shares of Popular in a research note on Friday, August 29th. Royal Bank Of Canada reiterated an "outperform" rating on shares of Popular in a report on Thursday, July 24th. Citigroup boosted their price target on shares of Popular from $133.00 to $142.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Finally, UBS Group reaffirmed a "neutral" rating on shares of Popular in a research note on Wednesday, July 9th. Nine equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $132.67.

Insiders Place Their Bets

In related news, EVP Gilberto Monzon sold 18,001 shares of the firm's stock in a transaction that occurred on 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 transaction, the executive vice president owned 24,773 shares of the company's stock, valued at approximately $3,083,495.31. This trade represents a 42.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.09% of the company's stock.

Institutional Investors Weigh In On Popular

Several institutional investors and hedge funds have recently modified their holdings of the business. AQR Capital Management LLC increased its position in Popular by 32.4% during the second quarter. AQR Capital Management LLC now owns 1,897,419 shares of the bank's stock worth $209,115,000 after buying an additional 464,820 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Popular by 60.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 223,530 shares of the bank's stock valued at $20,647,000 after acquiring an additional 84,327 shares during the last quarter. Qube Research & Technologies Ltd lifted its holdings in Popular by 19.6% in the 2nd quarter. Qube Research & Technologies Ltd now owns 312,437 shares of the bank's stock worth $34,434,000 after purchasing an additional 51,102 shares during the last quarter. Boothbay Fund Management LLC bought a new stake in Popular during the second quarter worth approximately $4,921,000. Finally, Ieq Capital LLC grew its holdings in Popular by 113.6% during the second quarter. Ieq Capital LLC now owns 79,261 shares of the bank's stock valued at $8,735,000 after purchasing an additional 42,157 shares during the last quarter. Institutional investors and hedge funds own 87.27% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.