CIBC Asset Management Inc Buys New Stake in Popular, Inc. (NASDAQ:BPOP)

CIBC Asset Management Inc purchased a new position in shares of Popular, Inc. (NASDAQ:BPOP) in the third quarter, Holdings Channel reports. The fund purchased 2,127 shares of the bank’s stock, valued at approximately $213,000.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Harbor Capital Advisors Inc. grew its position in Popular by 249.1% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 32,845 shares of the bank’s stock valued at $2,904,000 after buying an additional 23,436 shares in the last quarter. Algert Global LLC lifted its stake in shares of Popular by 10.4% in the 2nd quarter. Algert Global LLC now owns 88,379 shares of the bank’s stock worth $7,815,000 after acquiring an additional 8,317 shares during the period. TCW Group Inc. boosted its holdings in shares of Popular by 70.7% in the second quarter. TCW Group Inc. now owns 82,321 shares of the bank’s stock valued at $7,280,000 after acquiring an additional 34,107 shares in the last quarter. Atria Investments Inc acquired a new position in shares of Popular during the first quarter valued at approximately $1,104,000. Finally, Acadian Asset Management LLC bought a new stake in Popular during the second quarter worth approximately $2,283,000. Institutional investors own 87.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on BPOP shares. Royal Bank of Canada lowered their price target on Popular from $108.00 to $96.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. Wells Fargo & Company lowered their target price on Popular from $105.00 to $98.00 and set an “equal weight” rating on the stock in a report on Thursday, October 24th. Piper Sandler cut their price target on shares of Popular from $112.00 to $100.00 and set an “overweight” rating for the company in a report on Thursday, October 24th. Finally, Barclays lowered their price objective on shares of Popular from $117.00 to $104.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $104.88.

Insider Buying and Selling at Popular

In related news, VP Adorno Denissa Rodriguez sold 1,825 shares of Popular stock in a transaction on 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 owns 3,332 shares of the company’s stock, valued at approximately $325,569.72. This trade represents a 35.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Beatriz Castellvi sold 3,500 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $99.16, for a total value of $347,060.00. Following the completion of 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 disclosure for this sale can be found here. Company insiders own 2.09% of the company’s stock.

Popular Price Performance

BPOP stock opened at $98.96 on Friday. The firm has a market capitalization of $7.06 billion, a P/E ratio of 13.43, a P/E/G ratio of 0.74 and a beta of 0.79. Popular, Inc. has a 52-week low of $71.08 and a 52-week high of $105.01. The company’s 50 day simple moving average is $96.49 and its 200-day simple moving average is $94.24.

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

Popular Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 6th will be given a dividend of $0.70 per share. The ex-dividend date is Friday, December 6th. This is a positive change from Popular’s previous quarterly dividend of $0.62. This represents a $2.80 dividend on an annualized basis and a yield of 2.83%. Popular’s dividend payout ratio (DPR) is presently 38.04%.

About Popular

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.