Principal Financial Group Inc. increased its position in Popular, Inc. (NASDAQ:BPOP - Free Report) by 7.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,054,849 shares of the bank's stock after buying an additional 71,782 shares during the quarter. Principal Financial Group Inc. owned 1.46% of Popular worth $105,769,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also bought and sold shares of BPOP. QRG Capital Management Inc. boosted its stake in shares of Popular by 9.8% in the 3rd quarter. QRG Capital Management Inc. now owns 4,535 shares of the bank's stock valued at $455,000 after purchasing an additional 405 shares in the last quarter. Cannon Global Investment Management LLC purchased a new stake in Popular during the third quarter valued at about $421,000. Emerald Advisers LLC grew its stake in shares of Popular by 30.3% during the third quarter. Emerald Advisers LLC now owns 164,982 shares of the bank's stock valued at $16,543,000 after buying an additional 38,409 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of Popular by 40.0% in the third quarter. Van ECK Associates Corp now owns 40,870 shares of the bank's stock worth $4,098,000 after buying an additional 11,678 shares during the period. Finally, Harbor Capital Advisors Inc. increased its holdings in shares of Popular by 124.6% in the third quarter. Harbor Capital Advisors Inc. now owns 73,775 shares of the bank's stock worth $7,397,000 after buying an additional 40,930 shares during the period. Hedge funds and other institutional investors own 87.27% of the company's stock.
Several research firms recently issued reports on BPOP. Hovde Group raised their price target on Popular from $113.00 to $123.00 and gave the stock an "outperform" rating in a research report on Thursday, July 25th. Royal Bank of Canada cut their target price on shares of Popular from $108.00 to $96.00 and set an "outperform" rating on the stock in a 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 for the company in a report on Thursday, October 24th. Barclays cut their price target 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. Finally, Piper Sandler cut their target price on Popular from $112.00 to $100.00 and set an "overweight" rating on the stock in a research note on Thursday, October 24th. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $104.88.
Read Our Latest Stock Analysis on BPOP
NASDAQ:BPOP opened at $94.33 on Friday. The firm's 50-day moving average price is $96.78 and its 200-day moving average price is $93.65. The company has a market capitalization of $6.82 billion, a PE ratio of 12.82, a P/E/G ratio of 0.63 and a beta of 0.79. Popular, Inc. has a 1-year low of $66.72 and a 1-year high of $105.01.
Popular (NASDAQ:BPOP - Get Free Report) last announced its earnings results on Wednesday, October 23rd. The bank reported $2.16 earnings per share for the quarter, missing analysts' consensus estimates of $2.33 by ($0.17). Popular had a net margin of 12.36% and a return on equity of 11.65%. The business had revenue of $736.56 million for the quarter, compared to the consensus estimate of $766.62 million. During the same period in the prior year, the business posted $1.90 EPS. Popular's revenue for the quarter was up 6.2% on a year-over-year basis. Equities analysts anticipate that Popular, Inc. will post 8.46 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were issued a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 2.63%. The ex-dividend date of this dividend was Friday, September 13th. Popular's dividend payout ratio (DPR) is 33.70%.
In other news, EVP Beatriz Castellvi sold 3,500 shares of Popular 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 owns 25,115 shares of the company's stock, valued at $2,490,403.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Adorno Denissa Rodriguez sold 1,825 shares of the business's stock in a transaction that occurred on 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 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Beatriz Castellvi sold 3,500 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $99.16, for a total transaction of $347,060.00. Following the transaction, the executive vice president now owns 25,115 shares in the company, valued at approximately $2,490,403.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 11,242 shares of company stock valued at $1,102,880. Insiders own 2.13% of the company's stock.
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.
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