AQR Capital Management LLC Has $75.13 Million Stock Position in Popular, Inc. (NASDAQ:BPOP)

AQR Capital Management LLC increased its position in Popular, Inc. (NASDAQ:BPOP) by 23.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 859,794 shares of the bank’s stock after buying an additional 164,270 shares during the period. AQR Capital Management LLC owned 1.19% of Popular worth $75,129,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the company. Caxton Associates LP bought a new position in shares of Popular in the 2nd quarter worth $219,000. Xponance Inc. lifted its stake in shares of Popular by 22.6% in the second quarter. Xponance Inc. now owns 3,130 shares of the bank’s stock valued at $277,000 after buying an additional 576 shares in the last quarter. Magnetar Financial LLC acquired a new position in shares of Popular during the second quarter valued at about $309,000. Ensign Peak Advisors Inc grew its holdings in shares of Popular by 7.1% during the second quarter. Ensign Peak Advisors Inc now owns 35,606 shares of the bank’s stock valued at $3,149,000 after buying an additional 2,355 shares during the last quarter. Finally, Sei Investments Co. increased its position in shares of Popular by 7.7% during the second quarter. Sei Investments Co. now owns 304,483 shares of the bank’s stock worth $26,925,000 after acquiring an additional 21,844 shares in the last quarter. 87.27% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Popular

In related news, EVP Camille Burckhart sold 5,917 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $97.60, for a total value of $577,499.20. Following the transaction, the executive vice president now owns 29,922 shares in the company, valued at $2,920,387.20. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.09% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

BPOP has been the topic of several recent research reports. Piper Sandler initiated coverage on shares of Popular in a research report on Monday, August 26th. They issued an “overweight” rating and a $112.00 price target on the stock. Barclays lifted their target price on Popular from $115.00 to $117.00 and gave the company an “overweight” rating in a research report on Friday. Hovde Group upped their price target on Popular from $113.00 to $123.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Royal Bank of Canada raised their price objective on Popular from $90.00 to $108.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $120.00 target price (up previously from $110.00) on shares of Popular in a research note on Thursday, July 25th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $106.22.

Popular Price Performance

Shares of NASDAQ:BPOP opened at $98.58 on Friday. Popular, Inc. has a 1 year low of $59.27 and a 1 year high of $105.01. The company has a market capitalization of $7.12 billion, a PE ratio of 14.63, a price-to-earnings-growth ratio of 0.68 and a beta of 0.78. The business has a fifty day moving average price of $98.85 and a two-hundred day moving average price of $91.32.

Popular (NASDAQ:BPOP) last posted its quarterly earnings results on Wednesday, July 24th. The bank reported $2.46 earnings per share for the quarter, beating the consensus estimate of $2.08 by $0.38. The company had revenue of $1.09 billion during the quarter, compared to analyst estimates of $751.57 million. Popular had a net margin of 12.20% and a return on equity of 11.73%. During the same quarter in the prior year, the business earned $2.10 earnings per share. Sell-side analysts anticipate that Popular, Inc. will post 8.86 earnings per share for the current year.

Popular Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be paid a dividend of $0.62 per share. The ex-dividend date is Friday, September 13th. This represents a $2.48 annualized dividend and a dividend yield of 2.52%. Popular’s payout ratio is currently 36.80%.

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.