Cannon Global Investment Management LLC Purchases 3,100 Shares of Popular, Inc. $BPOP

Cannon Global Investment Management LLC grew its position in shares of Popular, Inc. (NASDAQ:BPOP) by 119.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,700 shares of the bank’s stock after purchasing an additional 3,100 shares during the period. Popular makes up 1.5% of Cannon Global Investment Management LLC’s portfolio, making the stock its 20th biggest holding. Cannon Global Investment Management LLC’s holdings in Popular were worth $765,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in BPOP. Foster & Motley Inc. increased its stake in Popular by 3.2% in the 1st quarter. Foster & Motley Inc. now owns 5,107 shares of the bank’s stock worth $685,000 after acquiring an additional 160 shares during the last quarter. Ritholtz Wealth Management grew its holdings in shares of Popular by 22.9% during the first quarter. Ritholtz Wealth Management now owns 56,390 shares of the bank’s stock worth $7,566,000 after purchasing an additional 10,512 shares in the last quarter. Burns J W & Co. Inc. NY bought a new position in shares of Popular in the first quarter worth approximately $207,000. Baron Wealth Management LLC increased its position in shares of Popular by 3.9% in the first quarter. Baron Wealth Management LLC now owns 3,706 shares of the bank’s stock worth $497,000 after purchasing an additional 138 shares during the last quarter. Finally, Hsbc Holdings PLC raised its stake in Popular by 33.5% in the fourth quarter. Hsbc Holdings PLC now owns 74,594 shares of the bank’s stock valued at $9,331,000 after purchasing an additional 18,721 shares in the last quarter. Hedge funds and other institutional investors own 87.27% of the company’s stock.

Popular Stock Performance

Shares of Popular stock opened at $165.79 on Friday. Popular, Inc. has a 52-week low of $108.74 and a 52-week high of $169.14. The company has a fifty day moving average of $152.15 and a 200-day moving average of $139.61. The stock has a market capitalization of $10.70 billion, a price-to-earnings ratio of 12.24, a price-to-earnings-growth ratio of 0.83 and a beta of 0.62.

Popular (NASDAQ:BPOP) last posted its quarterly earnings results on Thursday, April 23rd. The bank reported $3.78 earnings per share for the quarter, topping the consensus estimate of $3.30 by $0.48. Popular had a net margin of 20.10% and a return on equity of 14.53%. The business had revenue of $816.08 million during the quarter, compared to the consensus estimate of $866.54 million. During the same period in the previous year, the firm posted $2.56 earnings per share. On average, equities research analysts forecast that Popular, Inc. will post 15.14 earnings per share for the current fiscal year.

Popular Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, May 29th will be paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, May 29th. Popular’s payout ratio is 22.16%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on BPOP. Zacks Research lowered shares of Popular from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 6th. UBS Group lifted their price objective on shares of Popular from $160.00 to $170.00 and gave the stock a “buy” rating in a report on Friday, April 24th. Keefe, Bruyette & Woods upped their target price on shares of Popular from $155.00 to $177.00 and gave the stock an “outperform” rating in a research report on Friday, April 24th. Wells Fargo & Company increased their target price on Popular from $135.00 to $163.00 and gave the company an “overweight” rating in a research note on Monday, March 30th. Finally, Royal Bank Of Canada raised their price target on Popular from $141.00 to $163.00 and gave the company an “outperform” rating in a research report on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $171.18.

Insider Activity at Popular

In related news, Director Alejandro M. Sanchez sold 300 shares of the stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $150.36, for a total transaction of $45,108.00. Following the completion of the sale, the director directly owned 3,960 shares in the company, valued at $595,425.60. This represents a 7.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Alejandro M. Ballester sold 23,000 shares of Popular stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $150.00, for a total value of $3,450,000.00. Following the completion of the transaction, the director directly owned 34,588 shares in the company, valued at $5,188,200. This trade represents a 39.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 29,500 shares of company stock worth $4,415,870 in the last ninety days. 2.13% of the stock is owned by company insiders.

About Popular

Popular, Inc, headquartered in San Juan, Puerto Rico, is a financial holding company and a leading provider of banking services in the United States mainland and Puerto Rico. Through its primary subsidiaries—Banco Popular de Puerto Rico and Popular Bank—the company delivers comprehensive commercial and consumer banking solutions. It offers deposit products, lending facilities, cash management services and payment-processing solutions designed for individuals, small businesses and large corporations.

The company’s product suite encompasses checking and savings accounts, certificates of deposit, residential and commercial mortgage loans, business lines of credit and credit cards.