Popular, Inc. $BPOP Shares Sold by Invenomic Capital Management LP

Invenomic Capital Management LP trimmed its stake in Popular, Inc. (NASDAQ:BPOP) by 35.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 117,817 shares of the bank’s stock after selling 65,151 shares during the period. Invenomic Capital Management LP owned approximately 0.18% of Popular worth $14,964,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Allworth Financial LP increased its position in shares of Popular by 2,158.8% during the second quarter. Allworth Financial LP now owns 384 shares of the bank’s stock worth $42,000 after purchasing an additional 367 shares in the last quarter. True Wealth Design LLC boosted its holdings in shares of Popular by 262.9% in the third quarter. True Wealth Design LLC now owns 352 shares of the bank’s stock valued at $45,000 after acquiring an additional 255 shares during the period. Smartleaf Asset Management LLC boosted its holdings in shares of Popular by 84.2% in the third quarter. Smartleaf Asset Management LLC now owns 593 shares of the bank’s stock valued at $76,000 after acquiring an additional 271 shares during the period. Farther Finance Advisors LLC grew its position in shares of Popular by 63.2% during the third quarter. Farther Finance Advisors LLC now owns 682 shares of the bank’s stock worth $87,000 after acquiring an additional 264 shares during the last quarter. Finally, Osaic Holdings Inc. grew its position in shares of Popular by 63.6% during the second quarter. Osaic Holdings Inc. now owns 1,515 shares of the bank’s stock worth $164,000 after acquiring an additional 589 shares during the last quarter. 87.27% of the stock is owned by hedge funds and other institutional investors.

Popular Price Performance

BPOP opened at $130.38 on Monday. Popular, Inc. has a 12 month low of $78.23 and a 12 month high of $149.31. The stock has a market capitalization of $8.49 billion, a P/E ratio of 10.58, a P/E/G ratio of 0.81 and a beta of 0.61. The business has a 50 day simple moving average of $134.89 and a 200-day simple moving average of $125.50.

Popular (NASDAQ:BPOP) last announced its quarterly earnings data on Tuesday, January 27th. The bank reported $3.38 earnings per share for the quarter, topping analysts’ consensus estimates of $3.02 by $0.36. The firm had revenue of $806.59 million for the quarter, compared to analyst estimates of $811.55 million. Popular had a return on equity of 13.70% and a net margin of 18.75%.During the same quarter in the prior year, the company posted $2.51 earnings per share. Research analysts anticipate that Popular, Inc. will post 10.06 EPS for the current year.

Popular Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Wednesday, March 18th will be paid a $0.75 dividend. The ex-dividend date is Wednesday, March 18th. This represents a $3.00 annualized dividend and a dividend yield of 2.3%. Popular’s dividend payout ratio (DPR) is 24.35%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on BPOP. Bank of America upgraded shares of Popular from a “neutral” rating to a “buy” rating and set a $156.00 price target for the company in a research report on Tuesday, February 3rd. Piper Sandler started coverage on Popular in a research report on Thursday, January 15th. They issued an “overweight” rating and a $152.00 price target on the stock. Truist Financial upped their price objective on Popular from $153.00 to $164.00 and gave the company a “buy” rating in a research note on Thursday, January 29th. Zacks Research upgraded Popular from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, February 3rd. Finally, Citigroup boosted their target price on Popular from $161.00 to $170.00 and gave the company a “buy” rating in a report on Tuesday, February 24th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $156.55.

Insider Transactions at Popular

In other news, Director Alejandro M. Ballester sold 2,360 shares of Popular stock in a transaction that occurred on Friday, January 30th. The shares were sold at an average price of $132.50, for a total transaction of $312,700.00. Following the completion of the sale, the director directly owned 57,449 shares in the company, valued at approximately $7,611,992.50. This trade represents a 3.95% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Alejandro M. Sanchez sold 1,451 shares of the company’s stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $140.85, for a total value of $204,373.35. Following the completion of the sale, the director owned 3,415 shares in the company, valued at approximately $481,002.75. This represents a 29.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.23% of the stock is currently owned by insiders.

Popular 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.