Envestnet Asset Management Inc. Has $6.84 Million Position in Popular, Inc. (NASDAQ:BPOP)

Envestnet Asset Management Inc. raised its stake in shares of Popular, Inc. (NASDAQ:BPOP) by 2.9% during the second quarter, Holdings Channel reports. The firm owned 77,291 shares of the bank’s stock after buying an additional 2,159 shares during the period. Envestnet Asset Management Inc.’s holdings in Popular were worth $6,835,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Wedmont Private Capital boosted its stake in Popular by 6.7% in the 1st quarter. Wedmont Private Capital now owns 2,729 shares of the bank’s stock valued at $237,000 after buying an additional 171 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Popular by 16.8% during the 2nd quarter. GAMMA Investing LLC now owns 1,259 shares of the bank’s stock valued at $111,000 after purchasing an additional 181 shares during the last quarter. Envestnet Portfolio Solutions Inc. boosted its position in Popular by 7.3% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 3,040 shares of the bank’s stock valued at $268,000 after buying an additional 208 shares in the last quarter. Panagora Asset Management Inc. grew its stake in Popular by 11.9% during the second quarter. Panagora Asset Management Inc. now owns 3,031 shares of the bank’s stock worth $268,000 after buying an additional 322 shares during the last quarter. Finally, Arizona State Retirement System raised its stake in shares of Popular by 2.0% in the second quarter. Arizona State Retirement System now owns 20,227 shares of the bank’s stock valued at $1,789,000 after acquiring an additional 397 shares during the last quarter. 87.27% of the stock is currently owned by institutional investors.

Popular Price Performance

Shares of NASDAQ:BPOP opened at $98.58 on Friday. The stock has a market cap of $7.12 billion, a price-to-earnings ratio of 14.63, a P/E/G ratio of 0.68 and a beta of 0.78. The company has a 50 day moving average of $98.84 and a 200-day moving average of $91.42. Popular, Inc. has a one year low of $59.27 and a one year high of $105.01.

Popular (NASDAQ:BPOP) last released its earnings results on Wednesday, July 24th. The bank reported $2.46 EPS for the quarter, topping analysts’ consensus estimates of $2.08 by $0.38. The firm 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 previous year, the business earned $2.10 EPS. Equities research analysts anticipate that Popular, Inc. will post 8.86 earnings per share for the current year.

Popular Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a $0.62 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.48 dividend on an annualized basis and a yield of 2.52%. Popular’s dividend payout ratio is presently 36.80%.

Insider Activity at Popular

In related news, EVP Camille Burckhart sold 5,917 shares of the stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $97.60, for a total value of $577,499.20. Following the sale, the executive vice president now directly owns 29,922 shares in the company, valued at approximately $2,920,387.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.09% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms recently commented on BPOP. Piper Sandler assumed coverage on Popular in a research report on Monday, August 26th. They set an “overweight” rating and a $112.00 price target on the stock. Barclays increased their target price on Popular from $115.00 to $117.00 and gave the stock an “overweight” rating in a report on Friday. Royal Bank of Canada lifted their price target on Popular from $90.00 to $108.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $120.00 price objective (up previously from $110.00) on shares of Popular in a research report on Thursday, July 25th. Finally, Hovde Group boosted their target price on shares of Popular from $113.00 to $123.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $106.22.

About Popular

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.