Point72 Asset Management L.P. Raises Position in Popular, Inc. (BPOP)
Point72 Asset Management L.P. increased its position in shares of Popular, Inc. (NASDAQ:BPOP) by 65.7% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 552,616 shares of the bank’s stock after acquiring an additional 219,111 shares during the period. Point72 Asset Management L.P. owned about 0.54% of Popular worth $19,861,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the stock. Highbridge Capital Management LLC grew its position in Popular by 101.6% during the 3rd quarter. Highbridge Capital Management LLC now owns 64,060 shares of the bank’s stock worth $2,302,000 after acquiring an additional 32,291 shares during the last quarter. Jane Street Group LLC bought a new stake in Popular during the 3rd quarter worth $744,000. Jacobs Asset Management LLC grew its position in Popular by 19.3% during the 3rd quarter. Jacobs Asset Management LLC now owns 528,360 shares of the bank’s stock worth $18,989,000 after acquiring an additional 85,305 shares during the last quarter. Royce & Associates LP grew its position in Popular by 22.4% during the 3rd quarter. Royce & Associates LP now owns 273,300 shares of the bank’s stock worth $9,822,000 after acquiring an additional 50,000 shares during the last quarter. Finally, Engineers Gate Manager LP grew its position in Popular by 238.5% during the 3rd quarter. Engineers Gate Manager LP now owns 153,068 shares of the bank’s stock worth $5,501,000 after acquiring an additional 107,844 shares during the last quarter. Institutional investors and hedge funds own 88.96% of the company’s stock.
BPOP has been the topic of a number of research reports. Compass Point upgraded Popular from a “neutral” rating to a “buy” rating in a research report on Friday, November 3rd. Barclays upgraded Popular from an “equal weight” rating to an “overweight” rating and set a $40.00 price objective on the stock in a research report on Thursday, October 26th. Zacks Investment Research lowered Popular from a “buy” rating to a “sell” rating in a research report on Tuesday, October 3rd. Piper Jaffray Companies restated a “buy” rating and set a $50.50 price objective on shares of Popular in a research report on Wednesday, November 1st. Finally, ValuEngine upgraded Popular from a “hold” rating to a “buy” rating in a research report on Tuesday, October 3rd. Two analysts have rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $46.42.
Popular (NASDAQ:BPOP) last released its quarterly earnings results on Tuesday, October 31st. The bank reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.76). Popular had a net margin of 9.98% and a return on equity of 5.70%. The company had revenue of $478.50 million during the quarter, compared to the consensus estimate of $513.85 million. During the same quarter last year, the firm posted $0.44 EPS. The company’s quarterly revenue was up 11.3% on a year-over-year basis. equities analysts expect that Popular, Inc. will post 2.45 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Tuesday, December 5th will be given a $0.25 dividend. The ex-dividend date of this dividend is Monday, December 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.88%. Popular’s dividend payout ratio (DPR) is presently 50.76%.
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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