Infrastructure Capital Advisors LLC Acquires Shares of 2,340 Popular, Inc. (NASDAQ:BPOP)

Infrastructure Capital Advisors LLC acquired a new stake in Popular, Inc. (NASDAQ:BPOP) in the third quarter, Holdings Channel reports. The institutional investor acquired 2,340 shares of the bank’s stock, valued at approximately $235,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BPOP. Financial Management Professionals Inc. purchased a new stake in shares of Popular during the third quarter worth about $29,000. Capital Performance Advisors LLP purchased a new stake in shares of Popular during the third quarter worth about $35,000. Brooklyn Investment Group purchased a new stake in shares of Popular during the third quarter worth about $47,000. Mather Group LLC. purchased a new stake in shares of Popular during the second quarter worth about $44,000. Finally, Meeder Asset Management Inc. purchased a new stake in shares of Popular during the second quarter worth about $48,000. Hedge funds and other institutional investors own 87.27% of the company’s stock.

Insider Buying and Selling at Popular

In other news, EVP Beatriz Castellvi sold 3,500 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $99.16, for a total value 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. This represents a 12.23 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Adorno Denissa Rodriguez sold 1,825 shares of the company’s stock in a transaction that occurred 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 transaction, the vice president now owns 3,332 shares in the company, valued at approximately $325,569.72. This represents a 35.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.09% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

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

Popular Price Performance

NASDAQ:BPOP opened at $99.72 on Friday. The firm has a market capitalization of $7.11 billion, a price-to-earnings ratio of 13.55, a PEG ratio of 0.80 and a beta of 0.79. The company’s 50-day moving average is $96.57 and its two-hundred day moving average is $94.60. Popular, Inc. has a 1-year low of $71.23 and a 1-year high of $105.01.

Popular (NASDAQ:BPOP) last posted its earnings results on Wednesday, October 23rd. The bank reported $2.16 earnings per share for the quarter, missing the consensus estimate of $2.33 by ($0.17). The firm had revenue of $736.56 million during 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%. The business’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.90 earnings per share. As a group, equities analysts anticipate that Popular, Inc. will post 8.46 earnings per share for the current fiscal year.

Popular Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 6th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.81%. This is a positive change from Popular’s previous quarterly dividend of $0.62. The ex-dividend date is Friday, December 6th. Popular’s payout ratio is presently 38.04%.

Popular Company 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.