Bank of New York Mellon Corp lessened its position in Popular Inc (NASDAQ:BPOP) by 2.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 538,695 shares of the bank’s stock after selling 14,035 shares during the quarter. Bank of New York Mellon Corp owned about 0.53% of Popular worth $24,353,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC purchased a new position in shares of Popular in the second quarter valued at approximately $118,000. Cerebellum GP LLC purchased a new position in shares of Popular in the second quarter valued at approximately $176,000. Timber Hill LLC purchased a new position in shares of Popular in the first quarter valued at approximately $223,000. First Republic Investment Management Inc. purchased a new position in shares of Popular in the first quarter valued at approximately $229,000. Finally, Allianz Asset Management GmbH purchased a new position in shares of Popular in the first quarter valued at approximately $240,000. Institutional investors and hedge funds own 87.69% of the company’s stock.
In related news, Director Alejandro M. Ballester sold 2,536 shares of Popular stock in a transaction that occurred on Friday, August 3rd. The stock was sold at an average price of $50.34, for a total transaction of $127,662.24. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Ignacio Alvarez sold 6,000 shares of Popular stock in a transaction that occurred on Monday, August 13th. The stock was sold at an average price of $50.32, for a total value of $301,920.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 350,156 shares of company stock worth $17,547,056. 1.27% of the stock is currently owned by company insiders.
Shares of Popular stock opened at $50.42 on Friday. Popular Inc has a one year low of $32.04 and a one year high of $52.50. The company has a market cap of $5.19 billion, a P/E ratio of 18.81 and a beta of 1.06.
Popular (NASDAQ:BPOP) last announced its quarterly earnings data on Monday, July 23rd. The bank reported $1.18 EPS for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.23. Popular had a return on equity of 5.78% and a net margin of 12.21%. The firm had revenue of $648.95 million for the quarter, compared to the consensus estimate of $526.70 million. During the same quarter last year, the business posted $0.94 earnings per share. analysts forecast that Popular Inc will post 4.7 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 1st. Investors of record on Thursday, September 13th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, September 12th. This represents a $1.00 dividend on an annualized basis and a yield of 1.98%. Popular’s payout ratio is 37.31%.
Several equities analysts have recently weighed in on BPOP shares. Citigroup raised their target price on Popular from $55.00 to $59.00 and gave the company a “buy” rating in a research report on Tuesday, July 24th. Royal Bank of Canada restated a “buy” rating and issued a $55.00 target price on shares of Popular in a research report on Wednesday, July 25th. Morgan Stanley raised their target price on Popular from $50.00 to $54.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 31st. BidaskClub downgraded Popular from a “buy” rating to a “hold” rating in a research report on Friday, June 1st. Finally, Sandler O’Neill reiterated a “buy” rating and set a $58.00 price objective on shares of Popular in a research report on Monday, July 23rd. Three investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Popular currently has a consensus rating of “Buy” and an average target price of $53.61.
Popular, Inc, through its subsidiaries, provides various retail, mortgage, and commercial banking products and services primarily to institutional and retail customers. The company accepts various deposit products. It also offers commercial and industrial loans; commercial real estate loans; residential mortgage loans; consumer loans, including personal loans, credit cards, home equity lines of credit, and other loans to individual borrowers; construction loans; and lease financing comprising automobile loans/leases.
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