JPMorgan Chase & Co. Sells 4,643 Shares of Popular, Inc. (NASDAQ:BPOP)

JPMorgan Chase & Co. cut its position in Popular, Inc. (NASDAQ:BPOP) by 1.1% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 414,781 shares of the bank’s stock after selling 4,643 shares during the period. JPMorgan Chase & Co. owned about 0.58% of Popular worth $41,590,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Massachusetts Financial Services Co. MA lifted its holdings in shares of Popular by 52.2% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 835,311 shares of the bank’s stock valued at $73,867,000 after purchasing an additional 286,450 shares in the last quarter. Los Angeles Capital Management LLC raised its holdings in Popular by 235.5% during the 3rd quarter. Los Angeles Capital Management LLC now owns 332,093 shares of the bank’s stock worth $33,299,000 after buying an additional 233,119 shares during the period. AQR Capital Management LLC lifted its stake 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 buying an additional 164,270 shares in the last quarter. American Century Companies Inc. lifted its stake in Popular by 10.3% in the second quarter. American Century Companies Inc. now owns 1,218,828 shares of the bank’s stock valued at $107,781,000 after buying an additional 113,838 shares in the last quarter. Finally, Soros Fund Management LLC acquired a new position in shares of Popular in the third quarter valued at approximately $9,115,000. 87.27% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Popular Trading Up 1.6 %

NASDAQ:BPOP opened at $94.28 on Monday. The stock has a 50 day simple moving average of $95.51 and a 200 day simple moving average of $96.03. The stock has a market cap of $6.72 billion, a P/E ratio of 12.81, a PEG ratio of 0.76 and a beta of 0.81. Popular, Inc. has a 1-year low of $79.01 and a 1-year high of $105.01.

Popular (NASDAQ:BPOP) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $2.16 EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $766.62 million. During the same quarter last year, the company posted $1.90 earnings per share. The company’s revenue was up 6.2% on a year-over-year basis. As a group, sell-side analysts forecast that Popular, Inc. will post 8.46 EPS for the current year.

Popular Increases Dividend

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

Insiders Place Their Bets

In related news, EVP Beatriz Castellvi sold 3,500 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $99.16, for a total transaction of $347,060.00. Following the completion of the sale, the executive vice president now directly owns 25,115 shares in the company, valued at $2,490,403.40. This represents a 12.23 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Adorno Denissa Rodriguez sold 1,825 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $97.71, for a total value of $178,320.75. Following the completion of the sale, the vice president now directly owns 3,332 shares in the company, valued at $325,569.72. This trade represents 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.