Paloma Partners Management Co Invests $509,000 in Popular Inc (BPOP) Stock
Paloma Partners Management Co bought a new position in shares of Popular Inc (NASDAQ:BPOP) during the 2nd quarter, Holdings Channel reports. The fund bought 11,250 shares of the bank’s stock, valued at approximately $509,000.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Macquarie Group Ltd. lifted its stake in shares of Popular by 19.0% during the 2nd quarter. Macquarie Group Ltd. now owns 7,500 shares of the bank’s stock worth $339,000 after purchasing an additional 1,200 shares during the period. Cubist Systematic Strategies LLC lifted its stake in shares of Popular by 16.4% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 22,419 shares of the bank’s stock worth $1,014,000 after purchasing an additional 3,163 shares during the period. EJF Capital LLC purchased a new position in shares of Popular during the 2nd quarter worth $18,527,000. Investec Asset Management LTD lifted its stake in shares of Popular by 5.8% during the 2nd quarter. Investec Asset Management LTD now owns 2,598,427 shares of the bank’s stock worth $117,475,000 after purchasing an additional 143,167 shares during the period. Finally, Credit Agricole S A lifted its stake in shares of Popular by 21.4% during the 2nd quarter. Credit Agricole S A now owns 34,000 shares of the bank’s stock worth $1,538,000 after purchasing an additional 6,000 shares during the period. Institutional investors own 87.68% of the company’s stock.
A number of brokerages have weighed in on BPOP. BidaskClub lowered Popular from a “buy” rating to a “hold” rating in a research note on Friday, June 15th. Barclays increased their price target on Popular from $51.00 to $55.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 24th. Royal Bank of Canada reissued a “buy” rating and set a $55.00 price target on shares of Popular in a research note on Wednesday, July 25th. Morgan Stanley increased their price target on Popular from $50.00 to $54.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 31st. Finally, Citigroup upped their price objective on Popular from $55.00 to $59.00 and gave the stock a “buy” rating in a report on Tuesday, July 24th. Three analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Popular presently has an average rating of “Buy” and a consensus price target of $53.61.
Popular (NASDAQ:BPOP) last released its quarterly earnings data on Monday, July 23rd. The bank reported $1.18 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.23. The business had revenue of $648.95 million during the quarter, compared to the consensus estimate of $526.70 million. Popular had a return on equity of 5.78% and a net margin of 12.21%. During the same period in the prior year, the firm posted $0.94 EPS. research analysts predict that Popular Inc will post 4.7 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 1st. Stockholders of record on Thursday, September 13th will be issued a dividend of $0.25 per share. The ex-dividend date is Wednesday, September 12th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.90%. Popular’s payout ratio is 37.31%.
In other news, insider Richard L. Carrion sold 200,000 shares of the company’s stock in a transaction on Thursday, July 26th. The stock was sold at an average price of $50.16, for a total transaction of $10,032,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Maria Luisa Ferre sold 22,797 shares of the company’s stock in a transaction on Friday, August 10th. The stock was sold at an average price of $50.12, for a total value of $1,142,585.64. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 350,156 shares of company stock valued at $17,547,056. Insiders own 1.38% of the company’s stock.
Popular Company Profile
Popular, Inc, through its subsidiaries, provides various retail, mortgage, and commercial banking products and services primarily to institutional and retail customers. The company accepts various deposit products. It also offers commercial and industrial loans; commercial real estate loans; residential mortgage loans; consumer loans, including personal loans, credit cards, home equity lines of credit, and other loans to individual borrowers; construction loans; and lease financing comprising automobile loans/leases.
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