Rhumbline Advisers Sells 8,047 Shares of Popular, Inc. $BPOP

Rhumbline Advisers decreased its position in shares of Popular, Inc. (NASDAQ:BPOP) by 9.7% during the third quarter, according to its most recent filing with the SEC. The firm owned 75,118 shares of the bank’s stock after selling 8,047 shares during the period. Rhumbline Advisers’ holdings in Popular were worth $9,541,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in BPOP. Savant Capital LLC increased its holdings in shares of Popular by 68.6% during the third quarter. Savant Capital LLC now owns 17,309 shares of the bank’s stock valued at $2,198,000 after acquiring an additional 7,043 shares in the last quarter. Ethic Inc. purchased a new stake in Popular during the 3rd quarter valued at about $653,000. Allianz Asset Management GmbH increased its stake in Popular by 13.4% during the 3rd quarter. Allianz Asset Management GmbH now owns 77,807 shares of the bank’s stock valued at $9,882,000 after purchasing an additional 9,180 shares in the last quarter. Brendel Financial Advisors LLC purchased a new position in Popular in the third quarter worth about $2,660,000. Finally, Ritholtz Wealth Management lifted its stake in shares of Popular by 40.8% in the third quarter. Ritholtz Wealth Management now owns 41,270 shares of the bank’s stock worth $5,242,000 after buying an additional 11,957 shares in the last quarter. Institutional investors own 87.27% of the company’s stock.

Wall Street Analyst Weigh In

BPOP has been the subject of several analyst reports. Citigroup raised their price target on shares of Popular from $144.00 to $161.00 and gave the company a “buy” rating in a research report on Thursday, January 29th. Piper Sandler began coverage on Popular in a report on Thursday, January 15th. They issued an “overweight” rating and a $152.00 target price for the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Popular in a report on Wednesday, January 21st. Credit Suisse Group set a $156.00 price objective on Popular in a research report on Tuesday, February 3rd. Finally, Bank of America raised Popular from a “neutral” rating to a “buy” rating and set a $156.00 target price for the company in a research report on Tuesday, February 3rd. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $155.73.

Popular Price Performance

Shares of BPOP opened at $147.56 on Friday. The firm has a market capitalization of $9.84 billion, a P/E ratio of 11.98, a PEG ratio of 0.89 and a beta of 0.63. Popular, Inc. has a one year low of $78.23 and a one year high of $149.31. The business has a fifty day moving average of $131.85 and a 200 day moving average of $123.68.

Popular (NASDAQ:BPOP) last posted its earnings results on Tuesday, January 27th. The bank reported $3.38 earnings per share for the quarter, beating analysts’ consensus estimates of $3.02 by $0.36. The company had revenue of $815.98 million for the quarter, compared to the consensus estimate of $811.55 million. Popular had a return on equity of 13.87% and a net margin of 18.75%.During the same quarter in the prior year, the company earned $2.51 earnings per share. Analysts expect that Popular, Inc. will post 10.06 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Alejandro M. Ballester sold 2,360 shares of the firm’s stock in a transaction that occurred on Friday, January 30th. The shares were sold at an average price of $132.50, for a total value of $312,700.00. Following the transaction, the director owned 57,449 shares of the company’s stock, valued at approximately $7,611,992.50. This trade represents a 3.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Richard L. Carrion sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $113.50, for a total transaction of $2,837,500.00. Following the sale, the director directly owned 193,020 shares of the company’s stock, valued at approximately $21,907,770. This represents a 11.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 2.09% of the company’s stock.

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.