Burney Co. Cuts Stock Holdings in Popular, Inc. $BPOP

Burney Co. reduced its stake in Popular, Inc. (NASDAQ:BPOP) by 44.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,499 shares of the bank’s stock after selling 14,141 shares during the quarter. Burney Co.’s holdings in Popular were worth $2,348,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of BPOP. Kathmere Capital Management LLC grew its stake in Popular by 22.5% in the 1st quarter. Kathmere Capital Management LLC now owns 2,879 shares of the bank’s stock worth $386,000 after buying an additional 529 shares in the last quarter. Abel Hall LLC bought a new stake in shares of Popular during the 1st quarter worth $228,000. DGS Capital Management LLC lifted its holdings in shares of Popular by 29.3% during the 1st quarter. DGS Capital Management LLC now owns 2,843 shares of the bank’s stock worth $381,000 after acquiring an additional 644 shares during the last quarter. Praxis Investment Management Inc. purchased a new position in Popular in the first quarter worth $214,000. Finally, QRG Capital Management Inc. grew its position in Popular by 16.5% in the first quarter. QRG Capital Management Inc. now owns 3,546 shares of the bank’s stock worth $476,000 after acquiring an additional 501 shares in the last quarter. 87.27% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on BPOP. Piper Sandler raised their price target on Popular from $173.00 to $190.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. UBS Group upped their price objective on Popular from $160.00 to $170.00 and gave the stock a “buy” rating in a report on Friday, April 24th. Weiss Ratings upgraded Popular from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday, May 4th. Keefe, Bruyette & Woods raised their price objective on Popular from $155.00 to $177.00 and gave the company an “outperform” rating in a report on Friday, April 24th. Finally, Wells Fargo & Company boosted their target price on Popular from $165.00 to $180.00 and gave the stock an “overweight” rating in a research report on Monday. One 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. According to MarketBeat.com, Popular has a consensus rating of “Buy” and an average price target of $173.18.

Popular Stock Performance

BPOP stock opened at $167.96 on Wednesday. The firm has a market cap of $10.84 billion, a P/E ratio of 12.40, a P/E/G ratio of 0.84 and a beta of 0.61. The firm’s fifty day moving average is $154.87 and its 200 day moving average is $142.04. Popular, Inc. has a 52 week low of $108.74 and a 52 week high of $170.01.

Popular (NASDAQ:BPOP) last posted its quarterly earnings results on Thursday, April 23rd. The bank reported $3.78 earnings per share for the quarter, topping the consensus estimate of $3.30 by $0.48. Popular had a net margin of 20.10% and a return on equity of 14.53%. The business had revenue of $816.08 million during the quarter, compared to the consensus estimate of $866.54 million. During the same period in the previous year, the firm posted $2.56 earnings per share. As a group, analysts forecast that Popular, Inc. will post 15.13 EPS for the current year.

Popular Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Friday, May 29th were paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend was Friday, May 29th. Popular’s payout ratio is 22.16%.

Insider Activity

In other news, EVP Maria Cristin Gonzalez-Noguera sold 6,200 shares of the stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $148.51, for a total transaction of $920,762.00. Following the completion of the sale, the executive vice president 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 document filed with the SEC, which can be accessed through this hyperlink. Also, Director Alejandro M. Sanchez sold 300 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $150.36, for a total transaction of $45,108.00. Following the completion of the transaction, the director owned 3,960 shares in the company, valued at $595,425.60. This represents a 7.04% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 29,500 shares of company stock valued at $4,415,870. Insiders own 2.13% of the company’s stock.

About Popular

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.