JPMorgan Chase & Co. Has $41.59 Million Stock Position in Popular, Inc. (NASDAQ:BPOP)

JPMorgan Chase & Co. lessened its stake in shares of Popular, Inc. (NASDAQ:BPOP) by 1.1% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 414,781 shares of the bank’s stock after selling 4,643 shares during the period. JPMorgan Chase & Co.’s holdings in Popular were worth $41,590,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. TCW Group Inc. raised its holdings in Popular by 15.2% in the 3rd quarter. TCW Group Inc. now owns 94,815 shares of the bank’s stock valued at $9,507,000 after buying an additional 12,494 shares during the last quarter. Algert Global LLC lifted its holdings in shares of Popular by 10.4% during the second quarter. Algert Global LLC now owns 88,379 shares of the bank’s stock worth $7,815,000 after purchasing an additional 8,317 shares during the period. Acadian Asset Management LLC acquired a new stake in Popular in the second quarter valued at $2,283,000. AQR Capital Management LLC increased its holdings in Popular by 23.6% in the second quarter. AQR Capital Management LLC now owns 859,794 shares of the bank’s stock valued at $75,129,000 after purchasing an additional 164,270 shares during the period. Finally, Principal Financial Group Inc. raised its position in Popular by 7.3% during the 3rd quarter. Principal Financial Group Inc. now owns 1,054,849 shares of the bank’s stock worth $105,769,000 after purchasing an additional 71,782 shares during the last quarter. 87.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BPOP has been the subject of several recent research reports. Royal Bank of Canada decreased their price target on Popular from $108.00 to $96.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. Keefe, Bruyette & Woods increased their price objective on shares of Popular from $103.00 to $116.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Barclays boosted their target price on shares of Popular from $110.00 to $115.00 and gave the company an “overweight” rating in a report on Friday, December 20th. Wells Fargo & Company raised their target price on Popular from $90.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 3rd. Finally, Piper Sandler dropped their price target on Popular from $112.00 to $100.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Popular presently has an average rating of “Moderate Buy” and an average target price of $108.25.

Popular Stock Up 1.6 %

NASDAQ BPOP opened at $94.28 on Monday. Popular, Inc. has a 52 week low of $79.01 and a 52 week high of $105.01. The business has a 50 day moving average price of $95.51 and a 200-day moving average price of $96.03. The company has a market cap of $6.72 billion, a price-to-earnings ratio of 12.81, a P/E/G ratio of 0.76 and a beta of 0.81.

Popular (NASDAQ:BPOP) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $2.16 EPS for the quarter, missing analysts’ consensus estimates of $2.33 by ($0.17). Popular had a net margin of 12.36% and a return on equity of 11.35%. The business had revenue of $736.56 million for the quarter, compared to the consensus estimate of $766.62 million. During the same quarter last year, the firm posted $1.90 EPS. The business’s revenue for the quarter was up 6.2% compared to the same quarter last year. On average, equities research analysts anticipate that Popular, Inc. will post 8.46 earnings per share for the current year.

Popular Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 6th were given a $0.70 dividend. This is a boost from Popular’s previous quarterly dividend of $0.62. The ex-dividend date was Friday, December 6th. This represents a $2.80 annualized dividend and a yield of 2.97%. Popular’s dividend payout ratio (DPR) is presently 38.04%.

Insiders Place Their Bets

In related news, EVP Beatriz Castellvi sold 3,500 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $99.16, for a total transaction of $347,060.00. Following the transaction, the executive vice president now directly owns 25,115 shares in the company, valued at approximately $2,490,403.40. The trade was a 12.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Adorno Denissa Rodriguez sold 1,825 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $97.71, for a total transaction of $178,320.75. Following the completion of the sale, the vice president now directly owns 3,332 shares of the company’s stock, valued at $325,569.72. The trade was a 35.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.09% of the company’s stock.

Popular Profile

Popular, Inc, through its subsidiaries, provides various retail, mortgage, and commercial banking products and services in Puerto Rico, the United States, and the British Virgin Islands. The company provides savings, NOW, money market, and other interest-bearing demand accounts; non-interest bearing demand deposits; and certificates of deposit.