Martingale Asset Management L P Has $10.48 Million Stake in Popular, Inc. (NASDAQ:BPOP)

Martingale Asset Management L P raised its stake in Popular, Inc. (NASDAQ:BPOP) by 72.4% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 104,473 shares of the bank’s stock after buying an additional 43,863 shares during the period. Martingale Asset Management L P’s holdings in Popular were worth $10,476,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Financial Management Professionals Inc. bought a new stake in shares of Popular in the third quarter worth about $29,000. Capital Performance Advisors LLP bought a new stake in shares of Popular in the third quarter worth about $35,000. Brooklyn Investment Group bought a new stake in shares of Popular in the third quarter worth about $47,000. Mather Group LLC. bought a new stake in shares of Popular in the second quarter worth about $44,000. Finally, Meeder Asset Management Inc. bought a new stake in shares of Popular in the second quarter worth about $48,000. Institutional investors and hedge funds own 87.27% of the company’s stock.

Insider Buying and Selling at Popular

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

Analysts Set New Price Targets

BPOP has been the subject of several recent analyst reports. Barclays lowered 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. Royal Bank of Canada decreased their price objective on Popular from $108.00 to $96.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. Wells Fargo & Company decreased their price objective on Popular from $105.00 to $98.00 and set an “equal weight” rating for the company in a report on Thursday, October 24th. Finally, Piper Sandler decreased their price objective on Popular from $112.00 to $100.00 and set an “overweight” rating for the company in a report on Thursday, October 24th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $104.88.

Popular Stock Down 0.4 %

BPOP stock opened at $99.36 on Friday. The business has a 50 day moving average price of $96.55 and a two-hundred day moving average price of $94.66. The company has a market cap of $7.09 billion, a price-to-earnings ratio of 13.50, a P/E/G ratio of 0.78 and a beta of 0.79. Popular, Inc. has a twelve month low of $72.80 and a twelve month high of $105.01.

Popular (NASDAQ:BPOP) last posted its quarterly earnings results 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). The company had revenue of $736.56 million during the quarter, compared to the consensus estimate of $766.62 million. Popular had a net margin of 12.36% and a return on equity of 11.35%. The firm’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.90 earnings per share. On average, equities research analysts anticipate that Popular, Inc. will post 8.46 EPS for the current fiscal year.

Popular Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 6th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.82%. This is an increase from Popular’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend is Friday, December 6th. Popular’s dividend payout ratio (DPR) is currently 33.70%.

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.