Bank of New York Mellon Corp lowered its stake in shares of Popular Inc (NASDAQ:BPOP) by 2.5% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 538,695 shares of the bank’s stock after selling 14,035 shares during the period. Bank of New York Mellon Corp owned about 0.53% of Popular worth $24,353,000 as of its most recent SEC filing.
Several other large investors also recently modified their holdings of BPOP. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Popular by 17.2% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,792 shares of the bank’s stock valued at $307,000 after purchasing an additional 995 shares during the last quarter. Macquarie Group Ltd. lifted its stake in shares of Popular by 19.0% in the 2nd quarter. Macquarie Group Ltd. now owns 7,500 shares of the bank’s stock valued at $339,000 after purchasing an additional 1,200 shares during the last quarter. Nisa Investment Advisors LLC acquired a new stake in shares of Popular in the 2nd quarter valued at $118,000. Salzhauer Michael lifted its stake in shares of Popular by 18.9% in the 2nd quarter. Salzhauer Michael now owns 18,863 shares of the bank’s stock valued at $853,000 after purchasing an additional 3,000 shares during the last quarter. Finally, Cubist Systematic Strategies LLC lifted its stake in shares of Popular by 16.4% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 22,419 shares of the bank’s stock valued at $1,014,000 after purchasing an additional 3,163 shares during the last quarter. 84.01% of the stock is owned by institutional investors.
BPOP has been the subject of several analyst reports. ValuEngine raised shares of Popular from a “hold” rating to a “buy” rating in a research note on Thursday, November 8th. Citigroup lifted their price objective on shares of Popular from $59.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, October 25th. BidaskClub raised shares of Popular from a “hold” rating to a “buy” rating in a research note on Saturday, October 27th. Finally, Zacks Investment Research upgraded shares of Popular from a “hold” rating to a “strong-buy” rating and set a $58.00 target price on the stock in a report on Friday, October 26th. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $54.88.
In related news, insider Juan Guerrero sold 6,000 shares of Popular stock in a transaction on Monday, November 5th. The shares were sold at an average price of $53.31, for a total value of $319,860.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 1.27% of the company’s stock.
Shares of BPOP opened at $54.21 on Friday. The firm has a market capitalization of $5.42 billion, a P/E ratio of 13.18 and a beta of 1.07. Popular Inc has a one year low of $34.20 and a one year high of $56.49.
Popular (NASDAQ:BPOP) last announced its earnings results on Wednesday, October 24th. The bank reported $1.38 EPS for the quarter, topping the consensus estimate of $1.18 by $0.20. The firm had revenue of $602.49 million for the quarter, compared to the consensus estimate of $586.10 million. Popular had a net margin of 16.32% and a return on equity of 8.13%. During the same quarter last year, the firm posted $0.19 EPS. On average, analysts expect that Popular Inc will post 4.89 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 2nd. Investors of record on Wednesday, December 5th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, December 4th. This represents a $1.00 annualized dividend and a yield of 1.84%. Popular’s dividend payout ratio (DPR) is presently 37.31%.
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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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