Geode Capital Management LLC Sells 1,577 Shares of Popular, Inc. (NASDAQ:BPOP)

Geode Capital Management LLC lessened its position in shares of Popular, Inc. (NASDAQ:BPOP) by 0.1% in the third quarter, according to its most recent filing with the SEC. The firm owned 1,198,509 shares of the bank’s stock after selling 1,577 shares during the quarter. Geode Capital Management LLC owned approximately 1.66% of Popular worth $120,207,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Algert Global LLC raised its stake in Popular by 10.4% during the second quarter. Algert Global LLC now owns 88,379 shares of the bank’s stock worth $7,815,000 after buying an additional 8,317 shares during the last quarter. Acadian Asset Management LLC bought a new position in shares of Popular in the 2nd quarter worth about $2,283,000. 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 purchasing an additional 164,270 shares during the period. Allspring Global Investments Holdings LLC boosted its position in shares of Popular by 279.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 38,798 shares of the bank’s stock valued at $3,890,000 after purchasing an additional 28,574 shares in the last quarter. Finally, Cerity Partners LLC grew its stake in Popular by 83.9% during the third quarter. Cerity Partners LLC now owns 9,546 shares of the bank’s stock worth $957,000 after purchasing an additional 4,354 shares during the period. Institutional investors own 87.27% of the company’s stock.

Insider Buying and Selling at Popular

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

Analyst Ratings Changes

Several brokerages have issued reports on BPOP. Wells Fargo & Company boosted their price target on Popular from $90.00 to $105.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. UBS Group began coverage on shares of Popular in a research report on Tuesday. They set a “neutral” rating and a $104.00 target price on the stock. Barclays raised their price target on shares of Popular from $104.00 to $110.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Keefe, Bruyette & Woods upped their price objective on shares of Popular from $103.00 to $116.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Finally, Royal Bank of Canada reduced their target price on Popular from $108.00 to $96.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $107.63.

Popular Price Performance

Shares of NASDAQ BPOP opened at $93.88 on Wednesday. Popular, Inc. has a 1 year low of $79.01 and a 1 year high of $105.01. The stock has a market capitalization of $6.69 billion, a P/E ratio of 12.76, a P/E/G ratio of 0.76 and a beta of 0.81. The company has a 50-day moving average price of $96.54 and a 200-day moving average price of $95.36.

Popular (NASDAQ:BPOP) last issued its quarterly earnings data on Wednesday, October 23rd. The bank reported $2.16 EPS 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 company had revenue of $736.56 million for the quarter, compared to the consensus estimate of $766.62 million. During the same period in the prior year, the firm posted $1.90 earnings per share. The business’s revenue for the quarter was up 6.2% on a year-over-year basis. As a group, equities research analysts anticipate that Popular, Inc. will post 8.46 earnings per share for the current fiscal year.

Popular Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 6th will be given a $0.70 dividend. This is a positive change from Popular’s previous quarterly dividend of $0.62. This represents a $2.80 dividend on an annualized basis and a yield of 2.98%. The ex-dividend date of this dividend is Friday, December 6th. Popular’s dividend payout ratio is presently 38.04%.

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.