Popular, Inc. (NASDAQ:BPOP) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company lowered its stake in shares of Popular, Inc. (NASDAQ:BPOP) by 7.1% during the third quarter, Holdings Channel reports. The firm owned 400,823 shares of the bank’s stock after selling 30,772 shares during the period. The Manufacturers Life Insurance Company’s holdings in Popular were worth $40,191,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Financial Management Professionals Inc. acquired a new stake in Popular during the third quarter worth approximately $29,000. Capital Performance Advisors LLP acquired a new position in shares of Popular in the 3rd quarter valued at $35,000. Mather Group LLC. acquired a new position in shares of Popular in the 2nd quarter valued at $44,000. Meeder Asset Management Inc. acquired a new position in shares of Popular in the 2nd quarter valued at $48,000. Finally, GAMMA Investing LLC increased its holdings in shares of Popular by 16.8% in the 2nd quarter. GAMMA Investing LLC now owns 1,259 shares of the bank’s stock valued at $111,000 after acquiring an additional 181 shares during the period. Institutional investors and hedge funds own 87.27% of the company’s stock.

Insider Buying and Selling

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 value of $347,060.00. Following the completion of the transaction, the executive vice president now owns 25,115 shares of the company’s stock, valued at approximately $2,490,403.40. The trade was a 12.23 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Adorno Denissa Rodriguez sold 1,825 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were 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 directly owns 3,332 shares of the company’s stock, valued at $325,569.72. The trade was a 35.39 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.09% of the company’s stock.

Analyst Ratings Changes

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

Popular Stock Performance

Shares of NASDAQ BPOP opened at $99.72 on Friday. The firm has a market capitalization of $7.11 billion, a P/E ratio of 13.55, a PEG ratio of 0.80 and a beta of 0.79. Popular, Inc. has a one year low of $71.23 and a one year high of $105.01. The company’s fifty day moving average is $96.57 and its two-hundred day moving average is $94.60.

Popular (NASDAQ:BPOP) last released its quarterly earnings data 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 return on equity of 11.35% and a net margin of 12.36%. The business had revenue of $736.56 million during the quarter, compared to analysts’ expectations of $766.62 million. During the same quarter in the prior year, the firm earned $1.90 earnings per share. Popular’s quarterly revenue was up 6.2% on a year-over-year basis. On average, sell-side analysts forecast that Popular, Inc. will post 8.46 earnings per share for the current fiscal year.

Popular Increases Dividend

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

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.