Bank of New York Mellon Corp Takes Position in Popular, Inc. $BPOP

Bank of New York Mellon Corp acquired a new stake in shares of Popular, Inc. (NASDAQ:BPOP) in the 2nd quarter, HoldingsChannel.com reports. The firm acquired 334,489 shares of the bank’s stock, valued at approximately $54,916,000.

A number of other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. increased its position in Popular by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 8,489,936 shares of the bank’s stock valued at $1,057,167,000 after buying an additional 37,424 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Popular by 1.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,361,681 shares of the bank’s stock worth $543,117,000 after acquiring an additional 58,452 shares in the last quarter. AQR Capital Management LLC grew its stake in shares of Popular by 56.2% during the third quarter. AQR Capital Management LLC now owns 2,962,871 shares of the bank’s stock worth $376,314,000 after acquiring an additional 1,065,452 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Popular by 4.8% during the fourth quarter. Geode Capital Management LLC now owns 1,405,575 shares of the bank’s stock worth $175,057,000 after acquiring an additional 64,778 shares during the last quarter. Finally, LSV Asset Management increased its holdings in shares of Popular by 9.3% during the fourth quarter. LSV Asset Management now owns 1,043,733 shares of the bank’s stock valued at $129,966,000 after acquiring an additional 88,765 shares in the last quarter. Institutional investors and hedge funds own 87.27% of the company’s stock.

Insider Activity

In related news, EVP Lidio Soriano sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $174.50, for a total transaction of $523,500.00. Following the completion of the sale, the executive vice president directly owned 107,320 shares in the company, valued at approximately $18,727,340. The trade was a 2.72% 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 the SEC website. Also, VP Adorno Denissa Rodriguez sold 600 shares of the firm’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $168.79, for a total transaction of $101,274.00. Following the completion of the transaction, the vice president directly owned 2,492 shares in the company, valued at approximately $420,624.68. This represents a 19.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 53,561 shares of company stock valued at $9,392,259 in the last three months. Company insiders own 2.13% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Weiss Ratings reiterated a “buy (a-)” rating on shares of Popular in a research note on Friday, July 31st. Citigroup raised their price target on shares of Popular from $178.00 to $188.00 and gave the stock a “buy” rating in a report on Thursday, June 25th. Piper Sandler reiterated an “overweight” rating and set a $198.00 price target (up from $190.00) on shares of Popular in a research note on Friday, July 24th. Barclays increased their price objective on Popular from $190.00 to $200.00 and gave the company an “overweight” rating in a report on Monday, August 3rd. Finally, Truist Financial lifted their target price on Popular from $192.00 to $197.00 and gave the stock a “buy” rating in a report on Friday, July 24th. Two 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 data from MarketBeat, Popular currently has an average rating of “Buy” and a consensus price target of $186.92.

More Popular News

Here are the key news stories impacting Popular this week:

• Neutral Sentiment: Reported short interest was listed at zero shares as of August 25, implying no measurable bearish positioning. However, the report also showed an invalid “NaN” change and a zero-day short-interest ratio, suggesting the data may be incomplete or unreliable.
• Negative Sentiment: Popular SVP and Comptroller Adorno Denissa Rodriguez sold 600 shares for approximately $101,274 at an average price of $168.79. The transaction reduced her holdings by 19.4%, which may modestly weigh on sentiment, though she still owns 2,492 shares and the sale does not necessarily indicate a change in the company’s outlook. Senior Executive’s Bold Move Shakes Up Popular’s Insider Activity

Popular Stock Performance

Shares of NASDAQ BPOP opened at $169.75 on Thursday. Popular, Inc. has a 1 year low of $108.74 and a 1 year high of $179.24. The company’s fifty day moving average price is $170.57 and its 200 day moving average price is $153.20. The company has a market capitalization of $10.83 billion, a PE ratio of 11.47, a price-to-earnings-growth ratio of 0.65 and a beta of 0.61.

Popular (NASDAQ:BPOP) last released its quarterly earnings results on Thursday, July 23rd. The bank reported $4.35 earnings per share for the quarter, topping analysts’ consensus estimates of $3.72 by $0.63. Popular had a return on equity of 15.34% and a net margin of 21.37%.The company had revenue of $846.92 million during the quarter, compared to analysts’ expectations of $878.41 million. During the same quarter in the prior year, the firm posted $3.09 EPS. On average, equities analysts expect that Popular, Inc. will post 15.72 EPS for the current year.

Popular Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Thursday, September 10th will be issued a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 2.1%. The ex-dividend date is Thursday, September 10th. This is a positive change from Popular’s previous quarterly dividend of $0.75. Popular’s payout ratio is presently 20.27%.

Popular 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.