Cannon Global Investment Management LLC Acquires 3,100 Shares of Popular, Inc. $BPOP

Cannon Global Investment Management LLC grew its holdings in shares of Popular, Inc. (NASDAQ:BPOP) by 119.2% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 5,700 shares of the bank’s stock after buying an additional 3,100 shares during the period. Popular accounts for 1.5% of Cannon Global Investment Management LLC’s portfolio, making the stock its 20th biggest position. Cannon Global Investment Management LLC’s holdings in Popular were worth $765,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BPOP. Acumen Wealth Advisors LLC bought a new stake in Popular in the fourth quarter valued at $26,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in shares of Popular in the 4th quarter worth about $28,000. Parallel Advisors LLC lifted its position in shares of Popular by 70.8% in the 4th 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 stake in shares of Popular during the 3rd quarter valued at about $31,000. Finally, Atlas Capital Advisors Inc. bought a new stake in shares of Popular during the 4th quarter valued at about $50,000. Institutional investors own 87.27% of the company’s stock.

Analysts Set New Price Targets

BPOP has been the subject of a number of research reports. Wells Fargo & Company increased their price target on shares of Popular from $135.00 to $163.00 and gave the stock an “overweight” rating in a research note on Monday, March 30th. Zacks Research cut Popular from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 6th. Barclays upped their target price on Popular from $175.00 to $180.00 and gave the stock an “overweight” rating in a report on Tuesday, April 7th. Keefe, Bruyette & Woods raised their target price on Popular from $155.00 to $177.00 and gave the company an “outperform” rating in a research note on Friday, April 24th. Finally, Weiss Ratings raised Popular from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $171.18.

Insiders Place Their Bets

In other news, EVP Maria Cristin Gonzalez-Noguera sold 6,200 shares of the stock in a transaction on Friday, May 1st. The stock was sold at an average price of $148.51, for a total value of $920,762.00. Following the sale, the executive vice president directly owned 11,255 shares of the company’s stock, valued at approximately $1,671,480.05. This represents a 35.52% 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, Director Alejandro M. Ballester sold 23,000 shares of the firm’s stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $150.00, for a total value of $3,450,000.00. Following the transaction, the director owned 34,588 shares of the company’s stock, valued at $5,188,200. The trade was a 39.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 29,500 shares of company stock valued at $4,415,870. 2.13% of the stock is currently owned by corporate insiders.

Popular Stock Performance

Shares of BPOP opened at $165.79 on Friday. Popular, Inc. has a fifty-two week low of $108.74 and a fifty-two week high of $169.14. The firm’s 50-day simple moving average is $152.15 and its two-hundred day simple moving average is $139.61. The stock has a market cap of $10.70 billion, a PE ratio of 12.24, a price-to-earnings-growth ratio of 0.83 and a beta of 0.62.

Popular (NASDAQ:BPOP) last issued 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. The firm had revenue of $816.08 million for the quarter, compared to analysts’ expectations of $866.54 million. Popular had a return on equity of 14.53% and a net margin of 20.10%.During the same period in the previous year, the firm posted $2.56 EPS. Equities research analysts predict that Popular, Inc. will post 15.14 EPS for the current year.

Popular Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Friday, May 29th will be paid a dividend of $0.75 per share. The ex-dividend date is Friday, May 29th. This represents a $3.00 dividend on an annualized basis and a yield of 1.8%. Popular’s payout ratio is presently 22.16%.

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.