JPMorgan Chase & Co. Increases Stake in Popular Inc. (BPOP)
JPMorgan Chase & Co. boosted its stake in Popular Inc. (NASDAQ:BPOP) by 77.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,069,659 shares of the company’s stock after buying an additional 466,544 shares during the period. JPMorgan Chase & Co. owned about 1.03% of Popular worth $31,341,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in Popular during the fourth quarter worth approximately $21,218,000. Emerald Acquisition Ltd. bought a new stake in Popular during the second quarter worth approximately $20,956,000. Boston Advisors LLC bought a new stake in Popular during the first quarter worth approximately $5,096,000. Renaissance Technologies LLC bought a new stake in Popular during the first quarter worth approximately $4,432,000. Finally, TIAA CREF Investment Management LLC boosted its stake in Popular by 35.7% in the first quarter. TIAA CREF Investment Management LLC now owns 524,484 shares of the company’s stock worth $15,005,000 after buying an additional 137,899 shares in the last quarter. 84.32% of the stock is owned by institutional investors and hedge funds.
Shares of Popular Inc. (NASDAQ:BPOP) traded up 0.73% during mid-day trading on Tuesday, hitting $38.83. The stock had a trading volume of 125,214 shares. Popular Inc. has a one year low of $22.40 and a one year high of $39.88. The company has a 50-day moving average of $37.69 and a 200 day moving average of $31.52. The firm has a market cap of $4.03 billion, a price-to-earnings ratio of 10.18 and a beta of 1.91.
Popular (NASDAQ:BPOP) last announced its quarterly earnings data on Tuesday, July 26th. The company reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.04. Popular had a return on equity of 7.06% and a net margin of 18.69%. During the same period in the prior year, the company posted $5.79 earnings per share. On average, equities research analysts forecast that Popular Inc. will post $3.42 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Friday, September 9th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.56%. The ex-dividend date of this dividend is Wednesday, September 7th. Popular’s dividend payout ratio is currently 15.79%.
A number of analysts recently commented on the company. Piper Jaffray Cos. reiterated an “overweight” rating and set a $48.00 price objective on shares of Popular in a research report on Friday, August 26th. TheStreet upgraded Popular from a “hold” rating to a “buy” rating in a research report on Wednesday, August 17th. Zacks Investment Research upgraded Popular from a “sell” rating to a “hold” rating in a report on Wednesday, August 3rd. Barclays PLC lifted their price target on Popular from $32.00 to $36.00 and gave the company an “equal weight” rating in a report on Thursday, July 28th. Finally, BTIG Research restated a “buy” rating and issued a $41.00 price target on shares of Popular in a report on Tuesday, July 12th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $37.29.
Popular Company Profile
Popular, Inc (Popular) is a financial holding company. The Company operates in two segments: Banco Popular de Puerto Rico (BPPR), which includes its Puerto Rico business, and Banco Popular North America (BPNA), which includes its the United States mainland business. The Company has operations in Puerto Rico, the United States and the Caribbean.
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