Caprock Group LLC Purchases New Position in Popular, Inc. (NASDAQ:BPOP)

Caprock Group LLC acquired a new position in shares of Popular, Inc. (NASDAQ:BPOP) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 2,064 shares of the bank’s stock, valued at approximately $208,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of BPOP. Financial Management Professionals Inc. purchased a new stake in shares of Popular during the 3rd quarter valued at about $29,000. Capital Performance Advisors LLP acquired a new position in shares of Popular during the third quarter worth $35,000. Mather Group LLC. acquired a new position in shares of Popular during the second quarter worth $44,000. Meeder Asset Management Inc. purchased a new position in shares of Popular in the second quarter valued at $48,000. Finally, GAMMA Investing LLC grew its holdings in Popular by 16.8% during the 2nd quarter. GAMMA Investing LLC now owns 1,259 shares of the bank’s stock valued at $111,000 after purchasing an additional 181 shares in the last quarter. Institutional investors and hedge funds own 87.27% of the company’s stock.

Insiders Place Their Bets

In other Popular news, VP Adorno Denissa Rodriguez sold 1,825 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $97.71, for a total value of $178,320.75. Following the completion of the transaction, the vice president now owns 3,332 shares in the company, valued at approximately $325,569.72. This represents a 35.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Beatriz Castellvi sold 3,500 shares of Popular stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $99.16, for a total value of $347,060.00. Following the sale, the executive vice president now directly owns 25,115 shares in the company, valued at approximately $2,490,403.40. This trade represents a 12.23 % decrease in their position. The disclosure for this sale can be found here. 2.09% of the stock is owned by corporate insiders.

Popular Price Performance

Popular stock opened at $98.96 on Monday. Popular, Inc. has a 12 month low of $71.08 and a 12 month high of $105.01. The company has a fifty day moving average price of $96.52 and a two-hundred day moving average price of $94.35. The company has a market cap of $7.06 billion, a PE ratio of 13.45, a P/E/G ratio of 0.77 and a beta of 0.79.

Popular (NASDAQ:BPOP) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $2.16 earnings per share for the quarter, missing analysts’ consensus estimates of $2.33 by ($0.17). Popular had a net margin of 12.36% and a return on equity of 11.35%. The business had revenue of $736.56 million for the quarter, compared to the consensus estimate of $766.62 million. During the same period in the prior year, the company earned $1.90 EPS. Popular’s quarterly revenue was up 6.2% on a year-over-year basis. Equities research analysts anticipate that Popular, Inc. will post 8.46 earnings per share for the current year.

Popular Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 6th will be paid a dividend of $0.70 per share. This is an increase from Popular’s previous quarterly dividend of $0.62. This represents a $2.80 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date is Friday, December 6th. Popular’s dividend payout ratio is presently 33.70%.

Wall Street Analyst Weigh In

A number of brokerages have commented on BPOP. Piper Sandler cut their price objective on shares of Popular from $112.00 to $100.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Barclays reduced 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. Wells Fargo & Company dropped their price objective on Popular from $105.00 to $98.00 and set an “equal weight” rating on the stock in a report on Thursday, October 24th. Finally, Royal Bank of Canada reduced their target price on Popular from $108.00 to $96.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $104.88.

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.