Hsbc Holdings PLC Sells 29,749 Shares of Popular, Inc. $BPOP

Hsbc Holdings PLC decreased its holdings in shares of Popular, Inc. (NASDAQ:BPOP) by 39.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 44,845 shares of the bank’s stock after selling 29,749 shares during the period. Hsbc Holdings PLC owned about 0.07% of Popular worth $6,013,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. AQR Capital Management LLC raised its holdings in Popular by 56.2% in the 3rd quarter. AQR Capital Management LLC now owns 2,962,871 shares of the bank’s stock worth $376,314,000 after purchasing an additional 1,065,452 shares during the period. Norges Bank bought a new stake in Popular during the fourth quarter valued at about $104,955,000. Panagora Asset Management Inc. grew its holdings in Popular by 85.2% during the fourth quarter. Panagora Asset Management Inc. now owns 680,282 shares of the bank’s stock valued at $84,709,000 after purchasing an additional 312,984 shares during the period. Balyasny Asset Management L.P. increased its position in Popular by 2,752.6% in the third quarter. Balyasny Asset Management L.P. now owns 312,447 shares of the bank’s stock worth $39,684,000 after buying an additional 301,494 shares in the last quarter. Finally, SG Americas Securities LLC increased its position in Popular by 12,382.7% in the fourth quarter. SG Americas Securities LLC now owns 258,517 shares of the bank’s stock worth $32,191,000 after buying an additional 256,446 shares in the last quarter. 87.27% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Alejandro M. Sanchez sold 300 shares of the firm’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $150.36, for a total transaction of $45,108.00. Following the completion of the transaction, the director directly owned 3,960 shares of the company’s stock, valued at approximately $595,425.60. This trade represents a 7.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Maria Cristin Gonzalez-Noguera sold 6,200 shares of Popular stock in a transaction on Friday, May 1st. The shares were sold at an average price of $148.51, for a total transaction of $920,762.00. Following the completion of the sale, the executive vice president owned 11,255 shares in the company, valued at approximately $1,671,480.05. This represents a 35.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 29,500 shares of company stock worth $4,415,870 over the last quarter. Insiders own 2.13% of the company’s stock.

Popular Trading Down 1.7%

NASDAQ:BPOP opened at $170.88 on Friday. Popular, Inc. has a 12-month low of $108.74 and a 12-month high of $175.12. The stock has a 50-day moving average price of $160.35 and a 200 day moving average price of $145.87. The stock has a market capitalization of $11.03 billion, a P/E ratio of 12.62, a P/E/G ratio of 0.94 and a beta of 0.61.

Popular (NASDAQ:BPOP) last posted its quarterly earnings results on Thursday, July 23rd. The bank reported $4.35 EPS for the quarter, topping analysts’ consensus estimates of $3.69 by $0.66. Popular had a return on equity of 14.53% and a net margin of 20.10%.The company had revenue of $846.92 million for the quarter, compared to analysts’ expectations of $865.61 million. During the same period in the previous year, the firm earned $3.09 EPS. On average, research analysts predict that Popular, Inc. will post 15.05 earnings per share for the current fiscal year.

Popular Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Friday, May 29th were given a dividend of $0.75 per share. The ex-dividend date was Friday, May 29th. This represents a $3.00 annualized dividend and a dividend yield of 1.8%. Popular’s dividend payout ratio (DPR) is presently 22.16%.

Key Stories Impacting Popular

Here are the key news stories impacting Popular this week:

• Positive Sentiment: Popular reported second-quarter earnings of $4.35 per share, topping analyst estimates and improving from $3.09 a year ago; the revenue result also beat some expectations, signaling solid underlying operating performance. Article Title
• Positive Sentiment: The company announced capital actions, including a higher quarterly common dividend and a new share repurchase program, which investors often view as a sign of confidence in capital strength and future cash generation. Article Title
• Positive Sentiment: Popular also disclosed a leadership transition, with CEO Javier D. Ferrer set to retire and a succession plan already in place. Because the transition is being managed alongside a strong earnings update, the change appears orderly rather than disruptive. Article Title
• Neutral Sentiment: Commentary around the bank’s earnings, rate sensitivity, and conference-call materials adds context, but the main driver for the stock today is the earnings beat and capital return update. Article Title
• Negative Sentiment: Revenue came in below one consensus estimate in the earnings release, which partially tempers the upbeat headline numbers even though profit growth and capital actions are likely dominating investor reaction. Article Title

Wall Street Analyst Weigh In

BPOP has been the topic of a number of analyst reports. Benchmark initiated coverage on Popular in a research report on Wednesday, July 15th. They set a “buy” rating and a $201.00 price objective on the stock. Weiss Ratings raised shares of Popular from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday, May 4th. Royal Bank Of Canada raised their target price on shares of Popular from $141.00 to $163.00 and gave the stock an “outperform” rating in a research note on Friday, April 24th. Wells Fargo & Company lifted their price target on shares of Popular from $165.00 to $180.00 and gave the company an “overweight” rating in a report on Monday, July 6th. Finally, Citigroup upped their price target on shares of Popular from $178.00 to $188.00 and gave the stock a “buy” rating in a research report on Thursday, June 25th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $177.83.

Popular Company Profile

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.