Assetmark Inc. Grows Position in Popular, Inc. (NASDAQ:BPOP)

Assetmark Inc. lifted its position in shares of Popular, Inc. (NASDAQ:BPOP) by 4.0% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,749 shares of the bank’s stock after purchasing an additional 143 shares during the quarter. Assetmark Inc.’s holdings in Popular were worth $376,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA lifted its holdings in shares of Popular by 52.2% during the second quarter. Massachusetts Financial Services Co. MA now owns 835,311 shares of the bank’s stock valued at $73,867,000 after purchasing an additional 286,450 shares during the last quarter. AQR Capital Management LLC raised its stake in Popular by 23.6% during the second quarter. AQR Capital Management LLC now owns 859,794 shares of the bank’s stock valued at $75,129,000 after buying an additional 164,270 shares during the last quarter. American Century Companies Inc. raised its position in shares of Popular by 10.3% in the 2nd quarter. American Century Companies Inc. now owns 1,218,828 shares of the bank’s stock worth $107,781,000 after purchasing an additional 113,838 shares during the last quarter. Jupiter Asset Management Ltd. lifted its stake in shares of Popular by 38.5% in the second quarter. Jupiter Asset Management Ltd. now owns 314,318 shares of the bank’s stock worth $27,795,000 after buying an additional 87,312 shares in the last quarter. Finally, Boston Partners lifted its position in Popular by 262.7% in the 1st quarter. Boston Partners now owns 103,293 shares of the bank’s stock valued at $9,097,000 after acquiring an additional 74,818 shares in the last quarter. 87.27% of the stock is owned by hedge funds and other institutional investors.

Popular Stock Down 0.2 %

Shares of BPOP stock opened at $96.09 on Friday. Popular, Inc. has a 52-week low of $71.08 and a 52-week high of $105.01. The business has a 50-day simple moving average of $96.52 and a 200-day simple moving average of $93.99. The stock has a market cap of $6.95 billion, a PE ratio of 13.06, a price-to-earnings-growth ratio of 0.77 and a beta of 0.79.

Popular (NASDAQ:BPOP) last released its earnings results on Wednesday, October 23rd. The bank reported $2.16 EPS for the quarter, missing analysts’ consensus estimates of $2.33 by ($0.17). The company had revenue of $736.56 million for the quarter, compared to analysts’ expectations of $766.62 million. Popular had a return on equity of 11.65% and a net margin of 12.36%. The firm’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.90 EPS. Sell-side analysts anticipate that Popular, Inc. will post 8.46 earnings per share for the current fiscal year.

Popular Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were paid a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.58%. The ex-dividend date of this dividend was Friday, September 13th. Popular’s dividend payout ratio (DPR) is 33.70%.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Popular

In related news, EVP Camille Burckhart sold 5,917 shares of the business’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $97.60, for a total transaction of $577,499.20. Following the completion of the transaction, the executive vice president now owns 29,922 shares in the company, valued at approximately $2,920,387.20. The trade was a 16.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Beatriz Castellvi sold 3,500 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $99.16, for a total transaction of $347,060.00. Following the completion of the transaction, the executive vice president now owns 25,115 shares in the company, valued at $2,490,403.40. This represents a 12.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 11,242 shares of company stock valued at $1,102,880 over the last quarter. 2.09% of the stock is owned by company insiders.

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.