Bank of New York Mellon Corp Purchases 569 Shares of Copa Holdings, S.A. (NYSE:CPA)

Bank of New York Mellon Corp lifted its position in shares of Copa Holdings, S.A. (NYSE:CPA) by 15.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,336 shares of the transportation company’s stock after purchasing an additional 569 shares during the period. Bank of New York Mellon Corp’s holdings in Copa were worth $413,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Raymond James Financial Services Advisors Inc. increased its holdings in Copa by 17.9% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 107,124 shares of the transportation company’s stock worth $10,196,000 after buying an additional 16,238 shares during the last quarter. Raymond James & Associates increased its holdings in Copa by 61.4% during the second quarter. Raymond James & Associates now owns 294,710 shares of the transportation company’s stock worth $28,050,000 after buying an additional 112,143 shares during the last quarter. Coronation Fund Managers Ltd. increased its holdings in Copa by 60.3% during the second quarter. Coronation Fund Managers Ltd. now owns 4,430 shares of the transportation company’s stock worth $422,000 after buying an additional 1,667 shares during the last quarter. Deltec Asset Management LLC increased its holdings in Copa by 1.7% during the second quarter. Deltec Asset Management LLC now owns 118,013 shares of the transportation company’s stock worth $11,232,000 after buying an additional 1,942 shares during the last quarter. Finally, Hexagon Capital Partners LLC increased its holdings in Copa by 14.9% during the second quarter. Hexagon Capital Partners LLC now owns 892 shares of the transportation company’s stock worth $85,000 after buying an additional 116 shares during the last quarter. 70.09% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. StockNews.com downgraded shares of Copa from a “buy” rating to a “hold” rating in a report on Wednesday, June 19th. JPMorgan Chase & Co. reduced their target price on shares of Copa from $180.00 to $175.00 and set an “overweight” rating for the company in a research note on Thursday, August 29th. TD Cowen reduced their target price on shares of Copa from $145.00 to $130.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Copa from $145.00 to $130.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Finally, Evercore ISI reduced their target price on shares of Copa from $165.00 to $150.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Copa currently has a consensus rating of “Buy” and a consensus price target of $148.83.

Copa Price Performance

Shares of NYSE:CPA opened at $92.74 on Wednesday. The company has a 50 day moving average of $89.37 and a 200 day moving average of $95.99. The stock has a market cap of $3.66 billion, a P/E ratio of 6.67, a P/E/G ratio of 0.55 and a beta of 1.48. Copa Holdings, S.A. has a 12 month low of $78.12 and a 12 month high of $114.00. The company has a current ratio of 0.98, a quick ratio of 0.89 and a debt-to-equity ratio of 0.56.

Copa (NYSE:CPA) last issued its quarterly earnings data on Wednesday, August 7th. The transportation company reported $2.88 EPS for the quarter, beating the consensus estimate of $2.77 by $0.11. The company had revenue of $819.40 million during the quarter, compared to analysts’ expectations of $838.13 million. Copa had a net margin of 19.31% and a return on equity of 30.81%. Copa’s revenue for the quarter was up 1.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.92 earnings per share. As a group, sell-side analysts forecast that Copa Holdings, S.A. will post 14.53 EPS for the current fiscal year.

Copa Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Friday, August 30th were paid a dividend of $1.61 per share. The ex-dividend date was Friday, August 30th. This represents a $6.44 annualized dividend and a yield of 6.94%. Copa’s dividend payout ratio is currently 46.33%.

Copa Profile

Copa Holdings, SA, through its subsidiaries, provides airline passenger and cargo services. The company offers approximately 327 daily scheduled flights to 78 destinations in 32 countries in North, Central, and South America, as well as the Caribbean from its Panama City hub. As of December 31, 2022, it operated a fleet of 97 aircraft comprising 67 Boeing 737-800 Next Generation aircraft, 9 Boeing 737-700 Next Generation aircraft, 1 Boeing 737-800 Boeing Converted Freighter, and 20 737-MAX aircraft.