Envestnet Asset Management Inc. Buys 10,903 Shares of Popular, Inc. $BPOP

Envestnet Asset Management Inc. lifted its stake in Popular, Inc. (NASDAQ:BPOP) by 12.5% during the second quarter, Holdings Channel reports. The fund owned 98,009 shares of the bank’s stock after acquiring an additional 10,903 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Popular were worth $10,802,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BPOP. Steph & Co. acquired a new position in Popular during the second quarter valued at approximately $39,000. Farther Finance Advisors LLC grew its stake in Popular by 112.2% in the 2nd quarter. Farther Finance Advisors LLC now owns 418 shares of the bank’s stock valued at $46,000 after buying an additional 221 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Popular in the 1st quarter valued at $47,000. IFP Advisors Inc raised its holdings in Popular by 3,925.0% in the 2nd quarter. IFP Advisors Inc now owns 483 shares of the bank’s stock worth $53,000 after acquiring an additional 471 shares during the period. Finally, Quarry LP acquired a new position in Popular during the 1st quarter worth $84,000. 87.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BPOP has been the topic of several research analyst reports. UBS Group lowered their price target on Popular from $135.00 to $127.00 and set a “neutral” rating on the stock in a research report on Friday, October 24th. Keefe, Bruyette & Woods increased their target price on Popular from $125.00 to $132.00 and gave the company an “outperform” rating in a research note on Thursday, July 24th. Citigroup raised their target price on Popular from $133.00 to $142.00 and gave the company a “buy” rating in a report on Thursday, July 24th. Wells Fargo & Company cut their price target on Popular from $150.00 to $135.00 and set an “overweight” rating for the company in a report on Friday, October 24th. Finally, Truist Financial began coverage on shares of Popular in a research note on Thursday, October 9th. They issued a “buy” rating and a $153.00 price objective on the stock. Nine research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Popular has an average rating of “Moderate Buy” and a consensus price target of $133.56.

Insider Activity at Popular

In other news, EVP Gilberto Monzon sold 18,001 shares of the company’s stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $124.47, for a total value of $2,240,584.47. Following the sale, the executive vice president owned 24,773 shares of the company’s stock, valued at approximately $3,083,495.31. This represents a 42.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.09% of the company’s stock.

Popular Stock Up 1.7%

Shares of BPOP opened at $114.54 on Friday. The company has a 50-day moving average price of $121.23 and a two-hundred day moving average price of $113.52. The stock has a market cap of $7.74 billion, a price-to-earnings ratio of 10.14, a P/E/G ratio of 0.47 and a beta of 0.72. Popular, Inc. has a 12 month low of $78.23 and a 12 month high of $129.32.

Popular (NASDAQ:BPOP) last issued its earnings results on Thursday, October 23rd. The bank reported $3.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.04 by $0.10. The business had revenue of $817.70 million during the quarter, compared to analysts’ expectations of $803.95 million. Popular had a return on equity of 13.46% and a net margin of 17.63%.Popular’s quarterly revenue was down 1.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.16 EPS. Equities research analysts expect that Popular, Inc. will post 10.06 EPS for the current fiscal year.

Popular Announces Dividend

The business also recently disclosed a sep 25 dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were issued a dividend of $0.1328 per share. Popular’s payout ratio is presently 26.55%.

Popular Company Profile

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.