Janney Montgomery Scott LLC Lowers Position in Popular, Inc. (NASDAQ:BPOP)

Janney Montgomery Scott LLC trimmed its holdings in shares of Popular, Inc. (NASDAQ:BPOP) by 12.3% in the 3rd quarter, Holdings Channel.com reports. The firm owned 9,282 shares of the bank’s stock after selling 1,305 shares during the period. Janney Montgomery Scott LLC’s holdings in Popular were worth $931,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. Emerald Mutual Fund Advisers Trust boosted its position in Popular by 84.3% in the third quarter. Emerald Mutual Fund Advisers Trust now owns 75,509 shares of the bank’s stock worth $7,571,000 after purchasing an additional 34,537 shares during the last quarter. Financial Management Professionals Inc. purchased a new stake in Popular during the third quarter valued at approximately $29,000. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Popular by 28.9% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 4,918 shares of the bank’s stock worth $493,000 after acquiring an additional 1,103 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in shares of Popular by 171.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 78,441 shares of the bank’s stock worth $7,865,000 after purchasing an additional 49,533 shares in the last quarter. Finally, International Assets Investment Management LLC bought a new position in Popular in the 3rd quarter worth $1,468,000. 87.27% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

BPOP has been the topic of several recent research reports. Barclays decreased their price objective on Popular from $117.00 to $104.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. Royal Bank of Canada dropped their price target on shares of Popular from $108.00 to $96.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $120.00 price objective (up from $110.00) on shares of Popular in a research report on Thursday, July 25th. Piper Sandler lowered their target price on shares of Popular from $112.00 to $100.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. Finally, Wells Fargo & Company cut their price target on Popular from $105.00 to $98.00 and set an “equal weight” rating for the company in a research note on Thursday, October 24th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $104.88.

Insider Buying and Selling at Popular

In other Popular news, EVP Camille Burckhart sold 5,917 shares of the stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $97.60, for a total transaction of $577,499.20. Following the transaction, the executive vice president now directly owns 29,922 shares in the company, valued at $2,920,387.20. This represents a 16.51 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Adorno Denissa Rodriguez sold 1,825 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $97.71, for a total transaction of $178,320.75. Following the completion of the transaction, the vice president now directly owns 3,332 shares of the company’s stock, valued at $325,569.72. This trade represents a 35.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 11,242 shares of company stock valued at $1,102,880 in the last quarter. 2.09% of the stock is owned by insiders.

Popular Price Performance

NASDAQ:BPOP opened at $96.09 on Friday. The stock’s 50 day simple moving average is $96.52 and its two-hundred day simple moving average is $93.99. Popular, Inc. has a 1 year low of $71.08 and a 1 year high of $105.01. The company has a market cap of $6.95 billion, a price-to-earnings ratio of 13.06, a PEG ratio of 0.77 and a beta of 0.79.

Popular (NASDAQ:BPOP) last issued its quarterly earnings data on Wednesday, October 23rd. The bank reported $2.16 earnings per share for the quarter, missing the consensus estimate of $2.33 by ($0.17). The company had revenue of $736.56 million for the quarter, compared to the consensus estimate of $766.62 million. Popular had a return on equity of 11.65% and a net margin of 12.36%. The company’s revenue was up 6.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.90 earnings per share. As a group, analysts anticipate that Popular, Inc. will post 8.46 EPS for the current year.

Popular Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were given a dividend of $0.62 per share. The ex-dividend date was Friday, September 13th. This represents a $2.48 annualized dividend and a dividend yield of 2.58%. Popular’s dividend payout ratio (DPR) is presently 33.70%.

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.