Principal Financial Group Inc. decreased its holdings in Popular, Inc. (NASDAQ:BPOP – Free Report) by 33.7% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 392,468 shares of the bank’s stock after selling 199,784 shares during the period. Principal Financial Group Inc.’s holdings in Popular were worth $52,657,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in BPOP. Acumen Wealth Advisors LLC acquired a new position in shares of Popular during the 4th quarter worth approximately $26,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in Popular during the 4th quarter valued at $28,000. Parallel Advisors LLC boosted its position in Popular by 70.8% during the fourth quarter. Parallel Advisors LLC now owns 246 shares of the bank’s stock worth $31,000 after purchasing an additional 102 shares during the period. Advisory Services Network LLC bought a new position in Popular during the third quarter worth $31,000. Finally, Atlas Capital Advisors Inc. acquired a new position in shares of Popular in the fourth quarter valued at $50,000. 87.27% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of research firms have recently issued reports on BPOP. Truist Financial raised their target price on shares of Popular from $172.00 to $192.00 and gave the stock a “buy” rating in a research note on Monday, July 13th. Weiss Ratings upgraded shares of Popular from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, May 4th. UBS Group increased their price target on shares of Popular from $160.00 to $170.00 and gave the company a “buy” rating in a report on Friday, April 24th. Royal Bank Of Canada raised their price objective on shares of Popular from $141.00 to $163.00 and gave the stock an “outperform” rating in a research report on Friday, April 24th. Finally, Wells Fargo & Company upped their target price on Popular from $165.00 to $180.00 and gave the company an “overweight” rating in a research report on Monday, July 6th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $177.83.
Insider Transactions at Popular
In other news, Director Alejandro M. Ballester sold 23,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $150.00, for a total transaction of $3,450,000.00. Following the transaction, the director directly owned 34,588 shares of the company’s stock, valued at approximately $5,188,200. This trade represents a 39.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Alejandro M. Sanchez sold 300 shares of Popular stock in a transaction that occurred 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 sale, the director owned 3,960 shares of the company’s stock, valued at approximately $595,425.60. The trade was a 7.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 29,500 shares of company stock valued at $4,415,870. 2.13% of the stock is currently owned by company insiders.
Popular Stock Performance
Shares of Popular stock opened at $171.75 on Friday. The firm has a 50-day moving average of $158.17 and a 200-day moving average of $144.42. Popular, Inc. has a 52-week low of $108.74 and a 52-week high of $174.69. The stock has a market cap of $11.08 billion, a PE ratio of 12.68, a PEG ratio of 0.94 and a beta of 0.61.
Popular (NASDAQ:BPOP – Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The bank reported $3.78 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $866.54 million. During the same period last year, the firm earned $2.56 earnings per share. Equities research analysts predict that Popular, Inc. will post 15.05 earnings per share for the current fiscal year.
Popular Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Friday, May 29th were given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date was Friday, May 29th. Popular’s dividend payout ratio is presently 22.16%.
Trending Headlines about Popular
Here are the key news stories impacting Popular this week:
- Positive Sentiment: Benchmark upgraded Popular, Inc. (BPOP) to strong-buy, which can boost investor confidence ahead of earnings and suggests Wall Street sees additional upside from current levels.
- Neutral Sentiment: Coverage from Zacks says Popular (BPOP) reports next week and that Wall Street expects earnings growth, but the setup does not look especially favorable for a clear earnings beat, keeping expectations balanced going into the release. Popular (BPOP) Reports Next Week: Wall Street Expects Earnings Growth
- Neutral Sentiment: Another brief note says Popular (BPOP) is expected to post earnings on Thursday, reinforcing that the stock is trading on pre-earnings anticipation rather than a new fundamental announcement. Popular (BPOP) Expected to Post Earnings on Thursday
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.
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