Hsbc Holdings PLC decreased its position in Popular, Inc. (NASDAQ:BPOP – Free Report) by 39.9% during the first quarter, HoldingsChannel.com reports. The fund owned 44,845 shares of the bank’s stock after selling 29,749 shares during the quarter. Hsbc Holdings PLC’s holdings in Popular were worth $6,013,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of the company. Allspring Global Investments Holdings LLC increased its stake in shares of Popular by 112.1% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 44,616 shares of the bank’s stock worth $5,620,000 after buying an additional 23,584 shares during the last quarter. Crossmark Global Holdings Inc. boosted its stake in Popular by 10.1% during the 4th quarter. Crossmark Global Holdings Inc. now owns 187,671 shares of the bank’s stock valued at $23,369,000 after acquiring an additional 17,148 shares during the last quarter. SG Americas Securities LLC grew its holdings in Popular by 12,382.7% during the 4th quarter. SG Americas Securities LLC now owns 258,517 shares of the bank’s stock worth $32,191,000 after acquiring an additional 256,446 shares in the last quarter. Artemis Investment Management LLP acquired a new position in Popular during the 4th quarter worth $2,038,000. Finally, UBS Group AG increased its position in shares of Popular by 28.1% in the 4th quarter. UBS Group AG now owns 540,646 shares of the bank’s stock worth $67,321,000 after purchasing an additional 118,496 shares during the last quarter. 87.27% of the stock is owned by hedge funds and other institutional investors.
Popular Stock Down 1.7%
Shares of NASDAQ BPOP opened at $170.88 on Friday. The firm’s 50-day moving average price is $160.35 and its two-hundred day moving average price is $145.87. Popular, Inc. has a 52-week low of $108.74 and a 52-week high of $175.12. 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 Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Friday, May 29th were paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date was Friday, May 29th. Popular’s dividend payout ratio 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
A number of equities research analysts have recently issued reports on BPOP shares. Benchmark initiated coverage on shares of Popular in a research note on Wednesday, July 15th. They issued a “buy” rating and a $201.00 target price on the stock. Wells Fargo & Company boosted their price objective on Popular from $165.00 to $180.00 and gave the company an “overweight” rating in a report on Monday, July 6th. Citigroup upped their price objective on Popular from $178.00 to $188.00 and gave the company a “buy” rating in a research note on Thursday, June 25th. Royal Bank Of Canada increased their target price on Popular from $141.00 to $163.00 and gave the stock an “outperform” rating in a report on Friday, April 24th. Finally, Truist Financial lifted their target price on Popular from $172.00 to $192.00 and gave the stock a “buy” rating in a research report on Monday, July 13th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $177.83.
Check Out Our Latest Analysis on Popular
Insider Buying and Selling
In other Popular news, Director Alejandro M. Sanchez sold 300 shares of the stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $150.36, for a total value of $45,108.00. Following the sale, the director directly owned 3,960 shares of the company’s stock, valued at $595,425.60. This trade represents a 7.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Maria Cristin Gonzalez-Noguera sold 6,200 shares of the firm’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $148.51, for a total value of $920,762.00. Following the completion of the sale, the executive vice president owned 11,255 shares in the company, valued at $1,671,480.05. The trade was a 35.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 29,500 shares of company stock worth $4,415,870 in the last three months. 2.13% of the stock is owned by 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.
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Want to see what other hedge funds are holding BPOP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Popular, Inc. (NASDAQ:BPOP – Free Report).
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