Point72 Hong Kong Ltd Invests $289,000 in Popular, Inc. (NASDAQ:BPOP)

Point72 Hong Kong Ltd acquired a new stake in Popular, Inc. (NASDAQ:BPOP) during the 3rd quarter, Holdings Channel reports. The fund acquired 2,886 shares of the bank’s stock, valued at approximately $289,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. American Century Companies Inc. boosted its stake in shares of Popular by 10.3% in the 2nd quarter. American Century Companies Inc. now owns 1,218,828 shares of the bank’s stock valued at $107,781,000 after purchasing an additional 113,838 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Popular by 7.3% during the third quarter. Principal Financial Group Inc. now owns 1,054,849 shares of the bank’s stock worth $105,769,000 after buying an additional 71,782 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in shares of Popular by 8.1% during the third quarter. Massachusetts Financial Services Co. MA now owns 902,931 shares of the bank’s stock worth $90,537,000 after buying an additional 67,620 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of Popular by 23.6% in the 2nd quarter. AQR Capital Management LLC now owns 859,794 shares of the bank’s stock valued at $75,129,000 after acquiring an additional 164,270 shares during the last quarter. Finally, Verition Fund Management LLC boosted its holdings in shares of Popular by 3.7% during the 3rd quarter. Verition Fund Management LLC now owns 629,537 shares of the bank’s stock valued at $63,124,000 after acquiring an additional 22,355 shares in the last quarter. Institutional investors own 87.27% of the company’s stock.

Insider Buying and Selling at Popular

In other Popular news, VP Adorno Denissa Rodriguez sold 1,825 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $97.71, for a total value of $178,320.75. Following the transaction, the vice president now owns 3,332 shares in the company, valued at approximately $325,569.72. This represents a 35.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Beatriz Castellvi sold 3,500 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $99.16, for a total value of $347,060.00. Following the sale, the executive vice president now owns 25,115 shares of the company’s stock, valued at approximately $2,490,403.40. This represents a 12.23 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.09% of the company’s stock.

Popular Stock Down 0.8 %

BPOP opened at $98.57 on Tuesday. Popular, Inc. has a twelve month low of $74.97 and a twelve month high of $105.01. The company has a fifty day moving average of $96.51 and a 200-day moving average of $94.74. The stock has a market cap of $7.03 billion, a PE ratio of 13.39, a price-to-earnings-growth ratio of 0.78 and a beta of 0.79.

Popular (NASDAQ:BPOP) last issued its quarterly earnings results on Wednesday, October 23rd. The bank reported $2.16 earnings per share for the quarter, missing analysts’ consensus estimates of $2.33 by ($0.17). Popular had a return on equity of 11.35% and a net margin of 12.36%. The business had revenue of $736.56 million for the quarter, compared to analyst estimates of $766.62 million. During the same quarter in the previous year, the business posted $1.90 earnings per share. The business’s revenue was up 6.2% on a year-over-year basis. Sell-side analysts anticipate that Popular, Inc. will post 8.46 EPS for the current fiscal year.

Popular Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 6th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.84%. This is a boost from Popular’s previous quarterly dividend of $0.62. The ex-dividend date is Friday, December 6th. Popular’s dividend payout ratio (DPR) is presently 33.70%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on BPOP shares. Wells Fargo & Company dropped their target price on Popular from $105.00 to $98.00 and set an “equal weight” rating for the company in a research report on Thursday, October 24th. Royal Bank of Canada dropped their price objective on shares of Popular from $108.00 to $96.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. Piper Sandler reduced their target price on shares of Popular from $112.00 to $100.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Finally, Barclays cut their price target on shares of Popular from $117.00 to $104.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $104.88.

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.